Canola futures lifted by crop market bargain buying

Bargain buying supported most crop futures Tuesday after prices in corn and wheat hit multi week lows.

The election of a majority Liberal government in Canada had little effect on markets

Canola bounced up and down in a narrow range from the Monday close and November finished the day up just 30 cents a tonne at $ 471.50.

January closed at $478.30, up $2.10 or 0.44 percent.

The Canadian dollar was slightly stronger. The Bank of Canada noon rate was US77.08 cents, up 0.0015 cent. The Toronto Stock Exchange composite was trading higher.

Soybeans were up a little more than 0.5 percent and December soy oil was up 1.85 percent, mostly on bargain buying.

Corn futures were up one percent but the rapid advance of the U.S. harvest limited gains. U.S. farms are limiting sales off the combine, preferring to store in the hope of higher prices down the road.

Wheat also gained after hitting a one-month low and on technical factors that indicated the contract was oversold.

Gains were held in check by ample supplies of wheat around the world.

The USDA said the U.S. winter wheat crop was 76 percent planted and 49 percent emerged as of Sunday, close to their respective five-year averages.

Needed rain is expected Thursday in western Texas, Oklahoma and Kansas, the heart of hard red winter wheat country.

Rain is forecast this week in dry areas of Ukraine and southern Russia.

Ukraine’s winter wheat acreage could shrink by more than 10 percent because of a severe drought, though recent rain may help weak crops to survive winter, the country’s agriculture minister said on Tuesday.

In Russia, farmers have delayed winter grain sowing due to dry weather in several regions, analysts and traders said.

Light crude oil nearby futures in New York were down 34 cents to US$45.55 per barrel.

The Canadian dollar at noon was US77.08 cents, up from 76.93 cents the previous trading day. The U.S. dollar at noon was C$1.2974.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2015 471.50 +0.30 +0.06%

Canola Jan 2016 478.30 +2.10 +0.44%

Canola Mar 2016 481.60 +2.70 +0.56%

Canola May 2016 482.00 +2.40 +0.50%

Canola Jul 2016 480.90 +1.70 +0.35%

Milling Wheat Dec 2015 226.00 +1.00 +0.44%

Milling Wheat Mar 2016 231.00 +1.00 +0.43%

Milling Wheat May 2016 235.00 +1.00 +0.43%

Durum Wheat Dec 2015 335.00 unch 0.00%

Durum Wheat Mar 2016 340.00 unch 0.00%

Durum Wheat May 2016 345.00 unch 0.00%

Barley Dec 2015 185.00 unch 0.00%

Barley Mar 2016 187.00 unch 0.00%

Barley May 2016 188.00 unch 0.00%

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

Chicago

Soybeans Nov 2015 896 +5 +0.56%

Soybeans Jan 2016 901 +5.5 +0.61%

Soybeans Mar 2016 904 +5.5 +0.61%

Soybeans May 2016 908 +5 +0.55%

Soybeans Jul 2016 913.25 +5 +0.55%

Soybeans Aug 2016 912.25 +4.5 +0.50%

Soybean Meal Dec 2015 309.5 -1.3 -0.42%

Soybean Meal Jan 2016 308.7 -0.9 -0.29%

Soybean Meal Mar 2016 306.4 -1.1 -0.36%

Soybean Oil Dec 2015 28.66 +0.52 +1.85%

Soybean Oil Jan 2016 28.96 +0.53 +1.86%

Soybean Oil Mar 2016 29.17 +0.51 +1.78%

Corn Dec 2015 376.75 +3.75 +1.01%

Corn Mar 2016 387.25 +3.5 +0.91%

Corn May 2016 393.5 +3 +0.77%

Corn Jul 2016 398 +2.25 +0.57%

Corn Sep 2016 396.25 +2.5 +0.63%

Oats Dec 2015 224.75 -2.25 -0.99%

Oats Mar 2016 227.5 -2 -0.87%

Oats May 2016 229 -2.25 -0.97%

Oats Jul 2016 232.75 -2.25 -0.96%

Oats Sep 2016 234.25 -3 -1.26%

Wheat Dec 2015 491.25 +5.5 +1.13%

Wheat Mar 2016 498.25 +5 +1.01%

Wheat May 2016 502.75 +5 +1.00%

Wheat Jul 2016 505.25 +4.25 +0.85%

Wheat Sep 2016 513.75 +4.5 +0.88%

Minneapolis

Spring Wheat Dec 2015 509 +5.25 +1.04%

Spring Wheat Mar 2016 523.25 +5.25 +1.01%

Spring Wheat May 2016 534 +4.25 +0.80%

Spring Wheat Jul 2016 544.25 +2.25 +0.42%

Spring Wheat Sep 2016 555.25 +1.75 +0.32%

Kansas City

Hard Red Wheat Dec 2015 476.5 +4.25 +0.90%

Hard Red Wheat Mar 2016 491.5 +4 +0.82%

Hard Red Wheat May 2016 501.5 +4 +0.80%

Hard Red Wheat Jul 2016 511.5 +3.75 +0.74%

Hard Red Wheat Sep 2016 525 +4 +0.77%

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