Canola futures stalled out on Tuesday, giving back most of the modest gains it had made over the past week.
Canola futures are in a holding pattern generally. with the bearish effects of a record large crop offset by expectations of good demand.
Soybeans also dipped Tuesday with pressure coming from advancing harvest and expectations of good Midwest weather.
All U.S. crop markets were slightly lower.
U.S. soybean harvest was 10 percent complete as of Sunday, while 11 percent of U.S. corn has been harvested, according to the weekly USDA crop progress report late Monday.
Read Also
Agriculture, agri-food groups bid for spot in Carney’s economic agenda
A coalition of producer and agri-business groups is calling on Prime Minister Mark Carney to make Canadian agriculture part of his economic agenda.
The market is adjusting ahead of Friday’s USDA quarterly stocks report.
Soybeans have been supported recently by concerns about dry weather in central Brazil.
Forecasts today indicate that the driest areas could get welcome rain in the coming seven days.
PRAIRIE WEATHER
The outlook for the rest of this week is mostly dry with temperatures rising at times into the 20s C.
Temperatures drop again early next week with a system that is expected to bring significant rain to much of Alberta and western Saskatchewan and lesser amounts in the rest of Saskatchewan and Manitoba.
INDIA PULSES
India released its first official estimate of summer crop production.
It pegged pulse production at 8.71 million tonnes, slightly off the government’s target of 8.75 million.
It was down 7.5 percent from last year’s record large crop, but still the second largest ever.
One category of the summer pulse crop, tur or pigeon peas, is down 16.5 percent from last year, but it too would be the second largest tur crop ever.
India produced a huge pulse crop last year and it is expected to have a large carry over making for ample supply at least through the first half of the year and maybe beyond that.
Although nationwide the monsoon accumulated rains are only a little off of the forecast, the north central region is drier.
The winter pulse crop that will be planted in coming weeks tends to be about 50 percent larger than the summer crop.
The monsoon retreats at about this time every year, leaving the winter pulse crop mostly reliant on the moisture built up during the rainy season.
The large supply of pulses in India has lead to a slower than normal pace of pulse exports from Canada in the first seven weeks of the crop year.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 34 cents at US$51.88 per barrel.
In the afternoon, the Canadian dollar was trading around US80.97 cents, up from 80.83 cents the previous trading day. The U.S. dollar was C$1.2350.
The Toronto Stock Exchange’s S&P/TSX composite index finished down 42.11 points, or 0.3 per cent, at 15,474.12.
U.S. stock markets were little changed.
The Dow Jones Industrial Average fell 10.05 points, or 0.05 percent, to 22,286.04, the S&P 500 gained 0.23 points, or 0.01 percent, to 2,496.89 and the Nasdaq Composite added 9.57 points, or 0.15 percent, to 6,380.16.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 492.00s -3.30 -0.67%
Canola Jan 18 498.60s -3.20 -0.64%
Canola Mar 18 503.10s -3.50 -0.69%
Canola May 18 505.50s -3.80 -0.75%
Canola Jul 18 506.60s -3.80 -0.74%
Milling Wheat Oct 17 235.00s unch unch
Milling Wheat Dec 17 237.00s unch unch
Milling Wheat Mar 18 243.00s unch unch
Durum Wheat Oct 17 279.00s unch unch
Durum Wheat Dec 17 283.00s unch unch
Durum Wheat Mar 18 286.00s unch unch
Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Nov 17 963-4s -7-6 -0.80%
Soybeans Jan 18 974-0s -7-6 -0.79%
Soybeans Mar 18 983-4s -7-2 -0.73%
Soybeans May 18 992-0s -7-2 -0.73%
Soybeans Jul 18 999-4s -6-4 -0.65%
Soybean Meal Oct 17 308.8s -1.3 -0.42%
Soybean Meal Dec 17 313.1s -1.2 -0.38%
Soybean Meal Jan 18 315.3s -1.1 -0.35%
Soybean Oil Oct 17 33.23s -0.55 -1.63%
Soybean Oil Dec 17 33.45s -0.56 -1.65%
Soybean Oil Jan 18 33.62s -0.55 -1.61%
Corn Dec 17 352-2s -1-4 -0.42%
Corn Mar 18 365-2s -1-2 -0.34%
Corn May 18 373-6s -1-0 -0.27%
Corn Jul 18 381-0s -0-6 -0.20%
Corn Sep 18 387-6s -0-4 -0.13%
Oats Dec 17 250-2s -0-4 -0.20%
Oats Mar 18 254-6s -0-6 -0.29%
Oats May 18 253-6s -1-4 -0.59%
Oats Jul 18 249-6s -3-2 -1.28%
Oats Sep 18 249-6s -3-2 -1.28%
Wheat Dec 17 453-6s -0-2 -0.06%
Wheat Mar 18 473-4s -0-2 -0.05%
Wheat May 18 487-0s unch unch
Wheat Jul 18 498-4s +1-0 +0.20%
Wheat Sep 18 512-4s +0-6 +0.15%
Minneapolis
Spring Wheat Dec 17 646-0s -2-6 -0.42%
Spring Wheat Mar 18 658-6s -2-0 -0.30%
Spring Wheat May 18 661-6s -1-6 -0.26%
Spring Wheat Jul 18 659-2s -1-6 -0.26%
Spring Wheat Sep 18 643-6s -2-2 -0.35%
Kansas City
Hard Red Wheat Dec 17 452-2s -1-6 -0.39%
Hard Red Wheat Mar 18 470-0s -2-0 -0.42%
Hard Red Wheat May 18 483-0s -1-4 -0.31%
Hard Red Wheat Jul 18 500-0s -1-4 -0.30%
Hard Red Wheat Sep 18 518-4s -1-2 -0.24%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 17 108.275s -0.950 -0.87%
Live Cattle Dec 17 113.475s -0.950 -0.83%
Live Cattle Feb 18 117.275s +0.025 +0.02%
Feeder Cattle Sep 17 150.575s +0.100 +0.07%
Feeder Cattle Oct 17 150.650s -0.950 -0.63%
Feeder Cattle Nov 17 152.275s -0.850 -0.56%
Lean Hogs Oct 17 55.250s -1.075 -1.91%
Lean Hogs Dec 17 58.100s +0.675 +1.18%
Lean Hogs Feb 18 63.150s +0.550 +0.88%
