Canola futures edged higher Tuesday on a weaker Canadian dollar and continuing uncertainty about the size of crops in Canada and the United States.
The Alberta crop report said only 25 percent of the canola crop there is in good to excellent shape.
Soybeans also lent support to canola. The trade is positioning ahead of the U.S. Department of Agriculture report out Aug. 12.
There is some speculation that USDA will trim its soybean seeded area forecast to account for wet weather that prevented some seeding this spring.
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Oil prices climbed after a five percent drop Monday and commodity and markets were generally calmer after the previous day’s rout linked to concerns about a faltering Chinese economy.
Gains in soybeans were limited by the generally good condition of the U.S. crop.
The USDA on Monday pegged 63 percent of the soybean crop good to excellent, up from 62 percent a week ago but below 71 percent last year.
Corn futures edged higher after hitting a six week low on Monday. The USDA corn crop condition rating steadied at 70 percent good to excellent this week.
Wheat prices remained weighed down by ample supplies.
Russian wheat prices declined further last week as the harvest picked up pace after delays caused by heavy rain, analysts said on Monday.
SovEcon lifted its forecast of Russia grain crop by one million tonnes to 97 million tonnes. Of that, the wheat crop is forecast at 57.5 million, up 1.5 million from the company’s previous forecast.
The USDA’s forecast is 57 million
Argentina farmers are planting their 2015-16 wheat crop. Some private forecasters think the crop will reach only 10-10.5 million tonnes.
The USDA’s forecast is 11.5 million. ISDA pegged last year’s crop at 12.5 million.
Low prices and dry conditions are a concern as is the export quota system that limits shipments to ensure ample domestic supply.
The quotas resulted in a 3-3.5 million-tonne wheat surplus at the end of last season.
Light crude oil nearby futures in New York was up 57 cents to US$45.74 per barrel.
The Canadian dollar at noon was US76.19 cents, down from 76.65 cents the previous trading day. The U.S. dollar at noon was C$1.3125.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 22.61 points, or 0.16 percent, at 14,491.05.
The Dow Jones industrial average fell 0.27 percent to end at 17,550.69 and the S&P 500 lost 0.22 percent to 2,093.32. The Nasdaq Composite dropped 0.19 percent finish at 5,105.55.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 506.00 +4.00 +0.80%
Canola Jan 2016 503.20 +3.10 +0.62%
Canola Mar 2016 501.10 +3.10 +0.62%
Canola May 2016 496.90 +3.10 +0.63%
Canola Jul 2016 491.90 +3.10 +0.63%
Milling Wheat Oct 2015 212.00 -4.00 -1.85%
Milling Wheat Dec 2015 212.00 -4.00 -1.85%
Milling Wheat Mar 2016 216.00 -4.00 -1.82%
Durum Wheat Oct 2015 335.00 unch 0.00%
Durum Wheat Dec 2015 345.00 unch 0.00%
Durum Wheat Mar 2016 360.00 unch 0.00%
Barley Oct 2015 208.10 unch 0.00%
Barley Dec 2015 208.10 unch 0.00%
Barley Mar 2016 210.10 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Sep 2015 948.75 +3.75 +0.40%
Soybeans Nov 2015 942.25 +6.75 +0.72%
Soybeans Jan 2016 947.75 +6.75 +0.72%
Soybeans Mar 2016 945.25 +5.75 +0.61%
Soybeans May 2016 941.25 +4.5 +0.48%
Soybean Meal Aug 2015 350.7 -0.7 -0.20%
Soybean Meal Sep 2015 337.5 +1.2 +0.36%
Soybean Meal Oct 2015 328.4 +3.9 +1.20%
Soybean Oil Aug 2015 29.83 -0.02 -0.07%
Soybean Oil Sep 2015 29.95 -0.02 -0.07%
Soybean Oil Oct 2015 30.06 -0.02 -0.07%
Corn Sep 2015 368.75 +2.25 +0.61%
Corn Dec 2015 378.75 +2.25 +0.60%
Corn Mar 2016 389.75 +2.5 +0.65%
Corn May 2016 396 +2.5 +0.64%
Corn Jul 2016 401 +2 +0.50%
Oats Sep 2015 235.75 +1.5 +0.64%
Oats Dec 2015 246.25 +1 +0.41%
Oats Mar 2016 254.5 +1 +0.39%
Oats May 2016 259.25 +1 +0.39%
Oats Jul 2016 260.25 +1 +0.39%
Wheat Sep 2015 493.5 -5.5 -1.10%
Wheat Dec 2015 500.25 -4.75 -0.94%
Wheat Mar 2016 508 -4 -0.78%
Wheat May 2016 512.75 -3.5 -0.68%
Wheat Jul 2016 516.5 -2.25 -0.43%
Minneapolis
Spring Wheat Sep 2015 513.75 -3.25 -0.63%
Spring Wheat Dec 2015 531 -3.25 -0.61%
Spring Wheat Mar 2016 548 -4.25 -0.77%
Spring Wheat May 2016 559.75 -3.75 -0.67%
Kansas City
Hard Red Wheat Sep 2015 485 -4 -0.82%
Hard Red Wheat Dec 2015 505 -3.75 -0.74%
Hard Red Wheat Mar 2016 518.5 -4 -0.77%
Hard Red Wheat May 2016 528.5 -3.75 -0.70%
Hard Red Wheat Jul 2016 537.25 -3.5 -0.65%
