Canola futues rose modestly on Tuesday supported by rising soybeans.
November canola closed at $480.10, up $2.
Due to staff training, the usual canola report is not available, but the following market report is from Reuters new service:
U.S. wheat futures rose on Tuesday amid speculation that a freeze in key growing areas of Argentina could hurt that country’s crop and turn global buyers to U.S. wheat, traders said.
KCBT hard red winter wheat and MGEX spring wheat led gains as those contracts price the high-protein offerings typically desired by overseas buyers.
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U.S. grains: Corn futures hit two-week low; soy slides, wheat steadies
U.S. corn futures hit a two-week low on Monday and soybeans also fell as market players continued to brace for large crops and forecasts called for milder, non-threatening weather in the Midwest production belt.
Some technical buying also lifted the wheat market, which traded lower for much of the session.
The benchmark Chicago Board of Trade December soft red winter wheat contract found support as it neared its 20-day moving average. The contract’s early declines put it within 1/4 cent of that key technical level.
Argentina’s wheat belt was hit by frost early on Tuesday that could damage 2013-14 yields, meteorologists said.
Analysts expect the U.S. Agriculture Department report on Monday to show U.S. wheat production at 2.108 billion bushels in 2013, down from 2.269 billion in 2012. USDA’s August report estimated the crop at 2.114 billion bushels.
U.S. wheat stocks as of September 1 were forecast at 1.913 billion bushels, down from 2.105 billion a year ago.
Bangladesh’s state grains buyer tendered to buy 50,000 tonnes of wheat for shipment in October or November.
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CORN
Chicago Board of Trade corn futures closed lower on Tuesday on seasonal harvest pressure and reports of better-than-expected yields in the early U.S. harvest, traders said.
Satisfactory weather is expected over the next couple of weeks for harvesting of the 2013 U.S. corn and soybean crops, an agricultural meteorologist said on Tuesday.
The USDA said late on Monday that 7 percent of the U.S. corn crop had been harvested, up from 4 percent a week ago and below the 16 percent five-year average.
Private exporters reported the sale of 180,000 tonnes of U.S. corn to Colombia for delivery during the current 2013/14 marketing year, the U.S. Department of Agriculture said on Tuesday.
Cash basis bids for corn fell sharply in the U.S. Midwest on Tuesday, pressured seasonally by the advancing harvest and subsequent pickup in truck deliveries, cash dealers said.
Basis bids for corn shipped by barge to the U.S. Gulf Coast were mostly steady to firm on Tuesday, underpinned by moderate demand and light grain movement following recent price declines, traders said.
SOYBEANS
CBOT soybean futures closed higher on Tuesday on concerns U.S. farmers may not harvest as many acres of soybeans than had been expected, traders said.
With the U.S. soybean harvest under way, commodity analysts remain unsure of just how many acres were planted with the oilseed last spring-necessary information in determining the crop size of the world’s largest producer.
USDA late on Monday said 50 percent of the U.S. soybean crop was in good to excellent condition, unchanged from a week ago, and said 47 percent of the crop was dropping leaves.
Satisfactory weather is expected over the next couple of weeks for harvesting of the 2013 U.S. corn and soybean crops, an agricultural meteorologist said on Tuesday.
Cash basis bids for corn fell sharply in the U.S. Midwest on Tuesday, pressured seasonally by the advancing harvest and subsequent pickup in truck deliveries, cash dealers said.
Basis bids for soybeans shipped by barge to the U.S. Gulf Coast were unchanged on Tuesday, cash dealers said.
Malaysian palm oil futures reversed early gains to end down on Tuesday amid forecasts that competing oilseed supplies would soon flood the market although a weak ringgit checked losses.
The November soybean contract is above all key moving averages with first major support at the 50-day moving average of $12.89-1/2. The nine-day relative strength index is at 39.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013 480.10 +2.00 +0.42%
Canola Jan 2014 489.80 +2.00 +0.41%
Canola Mar 2014 497.60 +1.90 +0.38%
Canola May 2014 504.10 +2.30 +0.46%
Canola Jul 2014 510.30 +2.70 +0.53%
Milling Wheat Oct 2013 229.00 +2.00 +0.88%
Milling Wheat Dec 2013 233.00 +1.00 +0.43%
Milling Wheat Mar 2014 240.00 +3.00 +1.27%
Durum Wheat Oct 2013 259.00 unch 0.00%
Durum Wheat Dec 2013 267.00 unch 0.00%
Durum Wheat Mar 2014 273.00 unch 0.00%
Barley Oct 2013 158.30 unch 0.00%
Barley Dec 2013 161.30 unch 0.00%
Barley Mar 2014 163.30 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2013 1312.5 +4.75 +0.36%
Soybeans Jan 2014 1314.75 +4.25 +0.32%
Soybeans Mar 2014 1298.5 +3.5 +0.27%
Soybeans May 2014 1279 +4 +0.31%
Soybeans Jul 2014 1271.5 +4 +0.32%
Soybeans Aug 2014 1257.25 +4.25 +0.34%
Soybean Meal Oct 2013 414.1 +3 +0.73%
Soybean Meal Dec 2013 412.3 +3.1 +0.76%
Soybean Meal Jan 2014 411.2 +2.6 +0.64%
Soybean Oil Oct 2013 41.84 -0.13 -0.31%
Soybean Oil Dec 2013 42.09 -0.15 -0.36%
Soybean Oil Jan 2014 42.37 -0.13 -0.31%
Corn Dec 2013 448.75 -4.5 -0.99%
Corn Mar 2014 461.5 -4.5 -0.97%
Corn May 2014 469.75 -4.5 -0.95%
Corn Jul 2014 476 -4.75 -0.99%
Corn Sep 2014 479 -6.25 -1.29%
Oats Dec 2013 310.5 +1 +0.32%
Oats Mar 2014 309.5 +0.75 +0.24%
Oats May 2014 309 unch 0.00%
Oats Jul 2014 304.25 +2 +0.66%
Oats Sep 2014 309.75 +1.5 +0.49%
Wheat Dec 2013 658.25 +4.75 +0.73%
Wheat Mar 2014 668.5 +4.5 +0.68%
Wheat May 2014 673.75 +3.75 +0.56%
Wheat Jul 2014 666.5 +3.5 +0.53%
Wheat Sep 2014 671.5 +3 +0.45%
Minneapolis
Spring Wheat Dec 2013 705 +6.25 +0.89%
Spring Wheat Mar 2014 714.75 +4.25 +0.60%
Spring Wheat May 2014 721.75 +3.75 +0.52%
Spring Wheat Jul 2014 727.5 +4.75 +0.66%
Spring Wheat Sep 2014 730 +3 +0.41%
Kansas City
KCBT Red Wheat Dec 2013 705 +7.25 +1.04%
KCBT Red Wheat Mar 2014 707.25 +5.5 +0.78%
KCBT Red Wheat May 2014 708 +3.75 +0.53%
KCBT Red Wheat Jul 2014 694 unch 0.00%
KCBT Red Wheat Sep 2014 703 +0.25 +0.04%
Light crude oil nearby futures in New York dropped 46 cents at $103.13 US per barrel.
The Canadian dollar at noon was 97.13 cents US, down from 97.25 cents the previous trading day. The U.S. dollar at noon was $1.0295 Cdn.
