Canola futures were little changed on Tuesday even as soybeans surged higher.
The seven day forecast for the Canadian Prairies remains dry and the cool weather today should give way to warmer temperatures tomorrow and the rest of the week.
Soybeans rose on dry weather in the U.S. Midwest that could prevent the crop from reaching its full potential. Also a new soybean purchase by China underlined the good pace of export demand for American beans.
Soy meal closed higher, but soy oil finished lower after being higher in the morning.
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Corn closed a few cents per bushel higher.
The two winter wheat crops also edged higher, but Minneapolis spring wheat was down again by a few cents.
EU RAPESEED
European forecaster Strategie Grains reduced its rapeseed crop forecast by 260,000 tonnes to 21.65 million because of poorer than expected results in Germany. That is still up 6.7 percent over last year’s poor crop.
CANADIAN CROP STOCKS
Statistics Canada will release its estimate of year end crop stocks on Wednesday.
A Reuters trade survey showed that on average traders expect year end canola stocks at 1.5 million tonnes, down 26 percent from last year and the smallest in four years.
All wheat stocks were expected to come in at six million tonnes, on average, up from 5.2 million last year.
The midpoint of the Reuters survey for durum stocks was 1.9 million tonnes, up from 1.1 million last year.
Weather forecasters are keeping a close eye on a powerfull Category 5 Hurricane Irma that is headed toward the the Caribbean and southern United States.
UKRAINE
Ukraine forecaster UkrAgroConsult rised it overall grain havest to 63.2 million from 61.7 million a month ago.
Of that, wheat production will be 26 million tonnes up one million from last month and about equal to last year.
Grain exports are forecast at just over 42 million tonnes up 3.4 from last month. Of that 16-17 million tonnes will be wheat.
It is very dry now in Ukraine but fall seeding is underway.
US CROP CONDITION
After the close the USDA’s weekly crop condition report dropped the corn good to excellent rating one percentage point to 61 percent.
The soybean good to excellent was unchanged at 61 percent.
Harvest of the spring wheat crop was 89 percent complete, ahead of the five year average of 78 percent.
OUTSIDE MARKETS
The Canadian dollar edged higher against its U.S. counterpart as oil prices rose thanks to the reopening of Texas gulf oil refineries.
Investors weighed prospects of a Bank of Canada interest rate hike on Wednesday. The strength of the Canadian economy has increased the chance of the hike this week, but the majority feeling in the market is the bank will wait until October.
American stock indexes fell on worries about increased tensions with North Korea.
The Toronto Stocks Exchange composite index closed down 101.45 points or 0.67 percent at 15,090.15.
The Dow Jones Industrial Average fell 234.45 points, or 1.07 percent, to 21,753.11, the S&P 500 ost 18.62 points, or 0.75 percent, to 2,457.93 and the Nasdaq Composite dropped 59.76 points, or 0.93 percent, to 6,375.57.
Light crude oil nearby futures in New York were up $1.37 at US$48.66 per barrel.
In the afternoon, the Canadian dollar was trading around US80.76 cents, up from 80.71 cents the previous trading day. The U.S. dollar was C$1.2382.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 497.20s -0.10 -0.02%
Canola Jan 18 504.00s +0.20 +0.04%
Canola Mar 18 510.70s +0.50 +0.10%
Canola May 18 513.50s +0.80 +0.16%
Canola Jul 18 514.00s +0.20 +0.04%
Milling Wheat Oct 17 232.00s unch unch
Milling Wheat Dec 17 236.00s unch unch
Milling Wheat Mar 18 244.00s -1.00 -0.41%
Durum Wheat Oct 17 293.00s -2.00 -0.68%
Durum Wheat Dec 17 296.00s -1.00 -0.34%
Durum Wheat Mar 18 300.00s +1.00 +0.33%
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 Sep 17 960-4s +18-4 +1.96%
Soybeans Nov 17 968-4s +19-0 +2.00%
Soybeans Jan 18 978-2s +19-0 +1.98%
Soybeans Mar 18 987-4s +19-0 +1.96%
Soybeans May 18 996-2s +18-6 +1.92%
Soybean Meal Sep 17 302.8s +9.6 +3.27%
Soybean Meal Oct 17 304.8s +9.3 +3.15%
Soybean Meal Dec 17 308.0s +9.2 +3.08%
Soybean Oil Sep 17 35.10s -0.21 -0.59%
Soybean Oil Oct 17 35.19s -0.23 -0.65%
Soybean Oil Dec 17 35.44s -0.23 -0.64%
Corn Sep 17 344-2s +4-2 +1.25%
Corn Dec 17 358-4s +3-2 +0.91%
Corn Mar 18 371-0s +3-2 +0.88%
Corn May 18 378-4s +3-2 +0.87%
Corn Jul 18 385-0s +3-2 +0.85%
Oats Sep 17 218-4s -5-0 -2.24%
Oats Dec 17 231-2s -5-0 -2.12%
Oats Mar 18 239-0s -4-0 -1.65%
Oats May 18 237-6s -3-0 -1.25%
Oats Jul 18 241-2s +4-4 +1.90%
Wheat Sep 17 430-4s +10-0 +2.38%
Wheat Dec 17 443-0s +4-2 +0.97%
Wheat Mar 18 463-2s +3-2 +0.71%
Wheat May 18 475-2s +2-2 +0.48%
Wheat Jul 18 487-2s +1-4 +0.31%
Minneapolis
Spring Wheat Sep 17 609-6s -2-2 -0.37%
Spring Wheat Dec 17 629-0s -2-6 -0.44%
Spring Wheat Mar 18 640-0s -3-0 -0.47%
Spring Wheat May 18 638-6s -2-6 -0.43%
Spring Wheat Jul 18 633-6s -4-0 -0.63%
Kansas City
Hard Red Wheat Sep 17 419-4s +7-0 +1.70%
Hard Red Wheat Dec 17 445-0s +6-2 +1.42%
Hard Red Wheat Mar 18 462-4s +6-2 +1.37%
Hard Red Wheat May 18 476-2s +6-2 +1.33%
Hard Red Wheat Jul 18 492-6s +5-6 +1.18%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 17 104.425s -0.725 -0.69%
Live Cattle Dec 17 109.375s -0.100 -0.09%
Live Cattle Feb 18 113.175s +0.250 +0.22%
Feeder Cattle Sep 17 142.050s -0.675 -0.47%
Feeder Cattle Oct 17 142.500s -1.050 -0.73%
Feeder Cattle Nov 17 142.950s -1.000 -0.69%
Lean Hogs Oct 17 63.750s +2.300 +3.74%
Lean Hogs Dec 17 60.175s +2.125 +3.66%
Lean Hogs Feb 18 64.550s +1.825 +2.91%
