Canola edges higher again, markets ponder Statscan report

Canola futures closed a little higher on Tuesday, the day when Statistics Canada estimated the crop at 18.4 million tonnes, 400,000 tonnes less than what most traders expected.

Also, rising soy oil and palm oil provided support for canola.

Minneapolis spring wheat barely changed even as Statscan estimated the all wheat crop at 31.73 million tonnes, about a million more than what the trade expected.

Statscan pegged the durum crop at 7.76 million tonnes. The average of trade expectations was 7.2 million.

Barley, peas and lentils all came in close to what the trade expected but the oats number, at 3.15 million tonnes, was a little higher than the 2.9 million tonnes that was the mid point of the trade’s expectations.

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Still, the Chicago oats contract for December jumped more than five percent and the March contract was up almost 2-½ percent.

March corn closed up 1-¼ cents a bushel.

Malaysian palm oil futures hit their highest level in 4 ½ years on Tuesday, reversing losses earlier in the day, after data showed that output fell at the start of the month.

Light crude oil nearby futures in New York were down 86 cents to US$50.93 per barrel.

The Canadian dollar at noon was US75.30 cents, down from 75.35 cents the previous trading day. The U.S. dollar at noon was C$1.3281.

The TSX composite rose 30.63 points or 0.2 percent to close at 15,125.80.

The Dow Jones industrial average rose 35.54 points, or 0.18 percent, to 19,251.78, the S&P 500 gained 7.52 points, or 0.34 percent, to 2,212.23 and the Nasdaq Composite added 24.11 points, or 0.45 percent, to 5,333.00.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2017 528.70 +1.40 +0.27%

Canola Mar 2017 534.70 +1.50 +0.28%

Canola May 2017 540.10 +2.40 +0.45%

Canola Jul 2017 541.20 +3.40 +0.63%

Canola Nov 2017 508.40 -0.70 -0.14%

Milling Wheat Dec 2016 233.00 -1.00 -0.43%

Milling Wheat Mar 2017 238.00 unch 0.00%

Milling Wheat May 2017 241.00 -1.00 -0.41%

Durum Wheat Dec 2016 315.00 unch 0.00%

Durum Wheat Mar 2017 323.00 unch 0.00%

Durum Wheat May 2017 326.00 unch 0.00%

Barley Dec 2016 138.00 unch 0.00%

Barley Mar 2017 142.00 unch 0.00%

Barley May 2017 144.00 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Jan 2017 1047.75 +4.25 +0.41%

Soybeans Mar 2017 1057.75 +4.50 +0.43%

Soybeans May 2017 1064.75 +5.00 +0.47%

Soybeans Jul 2017 1069.75 +5.25 +0.49%

Soybeans Aug 2017 1065.50 +5.00 +0.47%

Soybeans Sep 2017 1045.00 +4.25 +0.41%

Soybean Meal Dec 2016 320.20 +2.50 +0.79%

Soybean Meal Jan 2017 321.90 +2.40 +0.75%

Soybean Meal Mar 2017 325.10 +2.60 +0.81%

Soybean Oil Dec 2016 37.62 +0.13 +0.35%

Soybean Oil Jan 2017 37.82 +0.15 +0.40%

Soybean Oil Mar 2017 38.10 +0.16 +0.42%

Corn Dec 2016 351.00 +1.50 +0.43%

Corn Mar 2017 360.50 +1.25 +0.35%

Corn May 2017 367.25 +1.00 +0.27%

Corn Jul 2017 374.25 +0.75 +0.20%

Corn Sep 2017 381.00 +0.25 +0.07%

Oats Dec 2016 209.50 +10.25 +5.14%

Oats Mar 2017 218.50 +5.25 +2.46%

Oats May 2017 223.00 +5.50 +2.53%

Oats Jul 2017 227.50 +8.50 +3.88%

Oats Sep 2017 232.75 +8.50 +3.79%

Wheat Dec 2016 389.50 +0.25 +0.06%

Wheat Mar 2017 406.75 -1.50 -0.37%

Wheat May 2017 419.25 -1.00 -0.24%

Wheat Jul 2017 432.25 -0.75 -0.17%

Wheat Sep 2017 446.50 -1.25 -0.28%

Minneapolis

Spring Wheat Dec 2016 538.75 +1.25 +0.23%

Spring Wheat Mar 2017 534.00 -0.75 -0.14%

Spring Wheat May 2017 537.50 -0.75 -0.14%

Spring Wheat Jul 2017 541.25 unch 0.00%

Spring Wheat Sep 2017 548.00 -0.25 -0.05%

Kansas City

Hard Red Wheat Dec 2016 387.00 -3.25 -0.83%

Hard Red Wheat Mar 2017 405.00 -3.50 -0.86%

Hard Red Wheat May 2017 416.75 -3.75 -0.89%

Hard Red Wheat Jul 2017 429.00 -3.50 -0.81%

Hard Red Wheat Sep 2017 444.00 -3.50 -0.78%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Dec 2016 109.85 +2.02 +1.87%

Live Cattle (P) Feb 2017 111.05 +2.08 +1.91%

Live Cattle (P) Apr 2017 111.02 +2.05 +1.88%

Feeder Cattle (P) Jan 2017 126.85 +2.52 +2.03%

Feeder Cattle (P) Mar 2017 123.77 +2.40 +1.98%

Feeder Cattle (P) Apr 2017 123.45 +2.38 +1.97%

Lean Hogs (P) Dec 2016 53.37 +1.87 +3.63%

Lean Hogs (P) Feb 2017 57.48 +2.68 +4.89%

Lean Hogs (P) Apr 2017 63.62 +2.50 +4.09%

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