Canola futures rally, close above $470 again

Canola and most most other crop futures closed modestly higher on Tuesday.

May canola climbed back above $470 per tonne, closing at $473 after touching $475 earlier in the day.

Markets were on edge following a terrorist attack in Belgium.

Rain in Brazil was slowing harvest.

Wheat was supported by concern about damage from last weekend’s freezing temperatures in Kansas and Oklahoma and the potential for another cold episode on March 26.

However, state crop condition reports for winter wheat issued on Monday showed the crop in Kansas and Oklahoma was still in good shape.

The effects of the freeze might not show up until next week’s condition report. Kansas producers are also worried about lack of rain.

This link from Kansas State University extension agronomy discusses the impact of the recent freezing weather.

Generally, there was little new price-moving news in crop markets today.

The USDA will release its prospective planting report on March 31.

Light crude oil nearby futures in New York were down seven cents to US$41.45 per barrel.

The Canadian dollar at noon was US76.62 cents, up from 76.52 cents the previous trading day. The U.S. dollar at noon was C$1.3051.

(Monday’s report had an error in the Canadian dollar value)

The TSX composite closed at 13,496.49, down 67.60 points or 0.5 percent.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2016 473.00 +3.60 +0.77%

Canola Jul 2016 477.60 +3.50 +0.74%

Canola Nov 2016 480.50 +1.10 +0.23%

Canola Jan 2017 484.20 +0.80 +0.17%

Canola Mar 2017 486.70 +0.70 +0.14%

Milling Wheat May 2016 234.00 +4.00 +1.74%

Milling Wheat Jul 2016 234.00 +4.00 +1.74%

Milling Wheat Oct 2016 232.00 +5.00 +2.20%

Durum Wheat May 2016 296.00 -1.00 -0.34%

Durum Wheat Jul 2016 287.00 -1.00 -0.35%

Durum Wheat Oct 2016 282.00 -1.00 -0.35%

Barley May 2016 176.00 unch 0.00%

Barley Jul 2016 178.00 -2.00 -1.11%

Barley Oct 2016 178.00 -2.00 -1.11%

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

Chicago

Soybeans May 2016 910.25 +8.25 +0.91%

Soybeans Jul 2016 917 +8.75 +0.96%

Soybeans Aug 2016 919 +8.5 +0.93%

Soybeans Sep 2016 918.75 +8.25 +0.91%

Soybeans Nov 2016 921.5 +8 +0.88%

Soybeans Jan 2017 925.25 +7.75 +0.84%

Soybean Meal May 2016 271 +2.2 +0.82%

Soybean Meal Jul 2016 273.7 +2.3 +0.85%

Soybean Meal Aug 2016 274.7 +2.3 +0.84%

Soybean Oil May 2016 33.93 +0.35 +1.04%

Soybean Oil Jul 2016 34.15 +0.33 +0.98%

Soybean Oil Aug 2016 34.24 +0.34 +1.00%

Corn May 2016 370 +0.5 +0.14%

Corn Jul 2016 374.75 +0.5 +0.13%

Corn Sep 2016 379.75 +0.5 +0.13%

Corn Dec 2016 387.75 unch 0.00%

Corn Mar 2017 396.75 +0.5 +0.13%

Oats May 2016 190.25 -0.5 -0.26%

Oats Jul 2016 200.25 -0.25 -0.12%

Oats Sep 2016 206.75 -0.25 -0.12%

Oats Dec 2016 215 unch 0.00%

Oats Mar 2017 219.5 unch 0.00%

Wheat May 2016 466.75 +0.25 +0.05%

Wheat Jul 2016 474.5 +1 +0.21%

Wheat Sep 2016 484.5 +1 +0.21%

Wheat Dec 2016 498.75 +1.5 +0.30%

Wheat Mar 2017 512.25 +2.25 +0.44%

Minneapolis

Spring Wheat May 2016 514.75 +2.25 +0.44%

Spring Wheat Jul 2016 522.25 +2 +0.38%

Spring Wheat Sep 2016 532 +2.25 +0.42%

Spring Wheat Dec 2016 546 +2 +0.37%

Spring Wheat Mar 2017 560.25 +2.25 +0.40%

Kansas City

Hard Red Wheat May 2016 476.75 +2 +0.42%

Hard Red Wheat Jul 2016 487.75 +2.25 +0.46%

Hard Red Wheat Sep 2016 501.5 +2.25 +0.45%

Hard Red Wheat Dec 2016 520.75 +1.75 +0.34%

Hard Red Wheat Mar 2017 532.5 +1.75 +0.33%

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