Improved moisture in dry areas of the Prairies and a drier forecast for the U.S. Midwest pressured futures prices lower for canola and other crops on Tuesday.
Rain hit a number of dry areas of western and southern Saskatchewan on Monday and the forecast calls for a good chance for more thunderstorms as the week progresses.
Meanwhile in the Midwest, where excess moisture has been a problem particularly in the eastern cornbelt, the outlook is for drier weather which should help crop development.
Wheat was pressured lower by the advancing winter wheat harvest in the U.S.
Read Also
Second Harvest redirecting surplus food to those in need
Second Harvest, billed as Canada’s largest food rescuer, was on hand at Ag in Motion in Langham, Saskatchewan, from July 15 to 17 to connect with farmers and raise awareness of their presence on the Prairies.
November canola closed at $525.70, down $6.30 per tonne.
Soybeans and soy oil also fell about one percent, but the decline was limited by a slight decline in the weekly U.S. crop rating with the crop now at 62 percent good to excellent, down from 63 percent the week before.
Soybeans were also underpinned by data this week showing that China imported 8.09 million tonnes of soybeans from all sources in June, the highest volume so far this year, as crushers increased purchases to take advantage of cheap South American supplies.
“(China) is also set to import large quantities of soybeans in July and August,” Commerzbank analyst Michaela Kuhl told Reuters.
Meanwhile, the buying agency for top wheat importer Egypt said it bought 235,000 tonnes of Russian and Romanian wheat.
U.S. wheat is as much as $50 per tonne more expensive than wheat shipped out of the Black Sea region.
Monday’s Alberta Canola Growers feed grain report said Lethbridge prices were as follows: feed barley $252-$255 per tonne, feed wheat $240-$245, feed peas $252-$255 and feed oats $184-$192.
Light crude oil nearby futures in New York were up 84 cents to US$53.04 per barrel.
Oil prices were initially lower on concerns a deal between Iran and six global powers would result in more supply, but turned higher after it became apparent sanctions on Tehran’s crude exports would not be removed immediately, Reuters reported
The Canadian dollar at noon was US78.44 cents, up from 78.36 cents the previous trading day. The U.S. dollar at noon was C$1.2748.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 66.18 points, or 0.46 percent, at 14,599.40.
The Dow Jones industrial average rose 75.9 points, or 0.42 percent, to 18,053.58, the S&P 500 gained 9.35 points, or 0.45 percent, to 2,108.95 and the Nasdaq Composite added 33.38 points, or 0.66 percent, to 5,104.89.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 525.70 -6.30 -1.18%
Canola Jan 2016 525.60 -6.30 -1.18%
Canola Mar 2016 522.60 -6.40 -1.21%
Canola May 2016 517.60 -6.40 -1.22%
Canola Jul 2016 511.60 -6.40 -1.24%
Milling Wheat Oct 2015 240.00 -2.00 -0.83%
Milling Wheat Dec 2015 240.00 -2.00 -0.83%
Milling Wheat Mar 2016 243.00 -2.00 -0.82%
Durum Wheat Oct 2015 298.00 unch 0.00%
Durum Wheat Dec 2015 303.00 unch 0.00%
Durum Wheat Mar 2016 305.00 unch 0.00%
Barley Oct 2015 218.40 unch 0.00%
Barley Dec 2015 220.40 unch 0.00%
Barley Mar 2016 222.40 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2015 1033.5 -4 -0.39%
Soybeans Sep 2015 1025.25 -4.25 -0.41%
Soybeans Nov 2015 1025 -3.5 -0.34%
Soybeans Jan 2016 1031.25 -3.25 -0.31%
Soybeans Mar 2016 1026 -2.5 -0.24%
Soybeans May 2016 1017.25 -2 -0.20%
Soybean Meal Aug 2015 357.2 +0.5 +0.14%
Soybean Meal Sep 2015 351.9 +0.1 +0.03%
Soybean Meal Oct 2015 348.4 +0.2 +0.06%
Soybean Oil Aug 2015 32.4 -0.34 -1.04%
Soybean Oil Sep 2015 32.48 -0.36 -1.10%
Soybean Oil Oct 2015 32.56 -0.38 -1.15%
Corn Sep 2015 428.25 -12.5 -2.84%
Corn Dec 2015 438.75 -13 -2.88%
Corn Mar 2016 449 -12.75 -2.76%
Corn May 2016 454 -12.75 -2.73%
Corn Jul 2016 457.5 -12.5 -2.66%
Oats Sep 2015 255.5 -0.75 -0.29%
Oats Dec 2015 268.5 +0.5 +0.19%
Oats Mar 2016 279.75 +1.5 +0.54%
Oats May 2016 282.5 +1.25 +0.44%
Oats Jul 2016 283.5 +1.25 +0.44%
Wheat Sep 2015 571 -4.75 -0.83%
Wheat Dec 2015 576.5 -5.5 -0.95%
Wheat Mar 2016 582.5 -5.25 -0.89%
Wheat May 2016 584.5 -4.5 -0.76%
Wheat Jul 2016 582.75 -4.5 -0.77%
Minneapolis
Spring Wheat Sep 2015 591.25 -6 -1.00%
Spring Wheat Dec 2015 606 -6.75 -1.10%
Spring Wheat Mar 2016 617.5 -6.5 -1.04%
Spring Wheat May 2016 625.25 -5.5 -0.87%
Spring Wheat Jul 2016 629 -6.25 -0.98%
Kansas City
Hard Red Wheat Sep 2015 561.25 -6 -1.06%
Hard Red Wheat Dec 2015 581.25 -6.25 -1.06%
Hard Red Wheat Mar 2016 595.25 -6.5 -1.08%
Hard Red Wheat May 2016 603.5 -6.5 -1.07%
Hard Red Wheat Jul 2016 608.75 -6.5 -1.06%
