New crop canola closed a little lower Tuesday, pressured by Statistics Canada’s confirmation of large canola seeded acreage.
In a survey, farmers told StatsCan they would seed 19.7 million acres of the oilseed, within the range of pre report private forecasts but up from the March seeding intentions report when the number was 19.1 million. The area is down eight percent from last year’s record area.
Losses were limited by the fact some fields in Western Canada are suffering from excessive rainfall.
Soybeans provided support. They rose on slow seeding in the U.S. and worries about tight old crop stocks. But soy oil fell. The soybean crushing pace, strong for this time of year, is driven mostly by meal demand. Oil supply is more than adequate.
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Private analyst Oil World said global vegetable oil production in 2013-14 will likely exceed demand. Production of sunflower and soybean oil will likely increase and demand from biodiesel users will likely decrease. It forecast that vegetable oil stocks at the end of 2013-14 would increase 2.5 percent to 24.2 million tonnes.
Tight oilseed meal stocks could also be ameliorated. Oil World expects 2013-14 year end stocks of oil meal to rise to 10.1 million tonnes from 9.43 million this year.
Old crop corn edged higher but new crop was lower on generally good growing conditions in the U.S. Midwest.
Wheat was under pressure from the advance of the U.S. winter wheat crop harvest.
Reuters reported that while farmers in central parts of Kansas were enjoying better-than-average yields, farmers in western Kansas were reaping poor yields because of drought and freeze damage, according to a report by the Kansas Wheat Commission and the Kansas Association of Wheat Growers.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013 608.00 +1.60 +0.26%
Canola Nov 2013 554.40 -3.30 -0.59%
Canola Jan 2014 559.00 -2.60 -0.46%
Canola Mar 2014 557.70 -2.30 -0.41%
Canola May 2014 555.00 -2.50 -0.45%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Milling Wheat Dec 2013 294.00 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Durum Wheat Dec 2013 299.40 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2013 1525.25 +13.25 +0.88%
Soybeans Aug 2013 1429.25 +8 +0.56%
Soybeans Sep 2013 1323.5 +6.75 +0.51%
Soybeans Nov 2013 1278.5 +5 +0.39%
Soybeans Jan 2014 1281.75 +5 +0.39%
Soybeans Mar 2014 1278.75 +2.25 +0.18%
Soybean Meal Jul 2013 458.8 +7.8 +1.73%
Soybean Meal Aug 2013 428.1 +5.5 +1.30%
Soybean Meal Sep 2013 404.5 +5.5 +1.38%
Soybean Oil Jul 2013 47.14 -0.41 -0.86%
Soybean Oil Aug 2013 47.13 -0.41 -0.86%
Soybean Oil Sep 2013 46.78 -0.38 -0.81%
Corn Jul 2013 656.75 +3.5 +0.54%
Corn Sep 2013 576.5 -2.5 -0.43%
Corn Dec 2013 544.5 -2 -0.37%
Corn Mar 2014 555 -2 -0.36%
Corn May 2014 562 -2.25 -0.40%
Oats Jul 2013 387.25 -5 -1.27%
Oats Sep 2013 375.5 -7.25 -1.89%
Oats Dec 2013 371.75 -4.5 -1.20%
Oats Mar 2014 374.75 -4.5 -1.19%
Oats May 2014 377 -4.5 -1.18%
Wheat Jul 2013 675.75 -3.25 -0.48%
Wheat Sep 2013 685 -2.75 -0.40%
Wheat Dec 2013 699.5 -2.5 -0.36%
Wheat Mar 2014 713.75 -2.5 -0.35%
Wheat May 2014 722.75 -2.5 -0.34%
Minneapolis
Spring Wheat Jul 2013 809.25 -2 -0.25%
Spring Wheat Sep 2013 782.25 -3 -0.38%
Spring Wheat Dec 2013 791 -2.75 -0.35%
Spring Wheat Mar 2014 804.25 -3.75 -0.46%
Spring Wheat May 2014 810.75 -3.25 -0.40%
Kansas City
KCBT Red Wheat Jul 2013 704.25 -11 -1.54%
KCBT Red Wheat Sep 2013 713.25 -5.75 -0.80%
KCBT Red Wheat Dec 2013 732 -5 -0.68%
KCBT Red Wheat Mar 2014 746.25 -4.25 -0.57%
KCBT Red Wheat May 2014 754.25 -0.25 -0.03%
Light crude oil nearby futures in New York rose 14 cents at $95.32 US per barrel.
The Canadian dollar at noon was 95.12 cents US, up from 94.95 cents the previous trading day. The U.S. dollar at noon was $1.0513 Cdn.
The TSX composite closed up 168.56 points or 1.42 percent to close at 12,005.42.
Stock markets had a great day, lifted by stronger than expected U.S. economic data regarding demand for durable manufactured goods, housing prices and consumer sentiment. Also investors are beginning to think that the declines since the U.S. Federal Reserve’s comments last week were over done and that there is a while yet before monetary tightening.
The Dow rose 100.75 points or 069 percent to 14,760.31, the S&P 500 rose 14.94 points or 0.95 percent to 1,588.03 and the Nasdaq rose 27.13 points or 0.82 percent to 3,347.89.
