Canola rose strongly Monday, pulled along by soaring U.S. grain prices — with soybeans at a record high — as attention returned to the Midwest drought.
It is expected to be cooler in the Midwest this week, but significant rain is not in the forecast.
July canola closed at $688.00, up $9.70 or 1.43 percent
November closed at $628.00, up $9.70 or 1.57 percent.
Prices had been higher earlier in the day.
Parts of northern Alberta need moisture, particularly as temperatures are forecast in the high 20s to low 30s C this week. A pocket near Portage la Prairie, Man., is also dry.
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Elsewhere, conditions are generally good.
Chicago corn touched the 40 cents daily trading limit several times during the day.
July soybeans reached $16.795, the record high spot soybean price on continuous charts, before paring gains, while nearly all other months set contract highs.
The USDA this afternoon reported that only 40 percent of the U.S. corn crop was rated in good-to-excellent condition as of July 8, down eight percentage points from a week earlier and the worst in about 25 years. Traders had expected a drop to 42 percent. Last year at this time the number was 69 percent.
Half the corn crop is now silking.
Soybean good-to-excellent ratings fell to 40 percent, from 45 percent the previous week. That was in line with traders’ expectations.
The heat also got to the U.S. spring wheat crop, which fell to 66 percent good to excellent from 71 percent the week before. Last year it was at 73 percent.
Winnipeg (per tonne)
Canola Jul 12 $688.00, up $9.70 +1.43%
Canola Nov 12 $628.00, up $9.70 +1.57%
Canola Jan 13 $631.30, up $9.50 +1.53%
Canola Mar 13 $632.50, up $8.20 +1.31%
The best cash bid in the par region the previous day was $655.30, said ICE Futures Canada.
The 14-day relative strength index for November contract was 78.
Western Barley Jul 12 $237.00, unchanged
Western Barley Oct 12 $231.00, unchanged
Milling Wheat Oct 12 $300.50, up $3.00 +1.01%
Milling Wheat Dec 12 $308.00, up $3.00 +0.98%
Milling Wheat Mar 13 $318.00, up $3.00 +0.95%
Durum Wheat Oct 12 $309.50, up $3.00 +0.98%
Durum Wheat Dec 12 $314.00, up $3.00 +0.96%
Durum Wheat Mar 13 $320.60, up $3.00 +0.94%
Barley Oct 12 $246.00, up 20.00 +8.85%
Barley Dec 12 $248.70, up 20.00 +8.75%
Barley Mar 13 $251.70, up 20.00 +8.63%
Chicago (per bushel)
Soybeans (P) Jul 12 $16.65, up 45.25 +2.79%
Soybeans (P) Aug 12 $16.0675, up 39.5 +2.52%
Soybeans (P) Sep 12 $15.73, up 41.0 +2.68%
Soybeans (P) Nov 12 $15.4775, up 42.0 +2.79%
Corn (P) Jul 12 $7.7525, up 32.0 +4.31%
Corn (P) Dec 12 $7.30, up 37.0 +5.34%
Oats (P) Jul 12 $3.7475, up 23.25 +6.61%
Oats (P) Sep 12 $3.7775, up 16.0 +4.42%
Oats (P) Dec 12 $3.795, up 20.0 +5.56%
Minneapolis (per bushel)
Spring Wheat Jul 12 $9.14, up 0.25 +0.03%
Spring Wheat Sep 12 $9.2675, up 21.25 +2.35%
Spring Wheat Dec 12 $9.22, up 15.25 +1.68%
Spring Wheat Mar 13 $9.27, up 14.0 +1.53%
Nearby crude oil in New Yord closed at $85.99, up $1.54.
The Bank of Canada noon hour rate for the Canadian dollar was 97.92 cents US, down from 98.05 the4 previous trading day.
The U.S. dollar was $1.0212.
The Toronto Stock Exchange’s S&P/TSX composite index finished down 25.29 points, or 0.2 percent, at 11,634.67.
The Dow Jones industrial average ended down 36.18 points, or 0.28 percent, at 12,736.29.
The Standard & Poor’s 500 Index was down 2.22 points, or 0.16 percent, at 1,352.46.
The Nasdaq Composite Index was down 5.56 points, or 0.19 percent, at 2,931.77.
