Canola gains for second day while US crop futures fall

The good weather in the U.S. Midwest and prospects for record corn and soybean harvests kept major U.S. crop markets on a down trend Tuesday but canola futures rose on concern about flooding and excess moisture in the eastern Prairies.

Meanwhile, excessively dry conditions are stressing crops in northwestern Alberta.

There are also concerns about the slow crop development, which will push harvest back into the period when the threat of frost is greater.

Because canola prices have held up better than soybeans, the gap between the two has narrowed.

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July soybeans fell 2.6 percent Tuesday and November was down 0.87 percent. November canola gained 0.7 percent.

Corn futures fell on the good Midwest weather. According to USDA crop ratings, corn is in the best shape for this time of year in 15 years.

Chicago wheat was little changed but Kansas and Minneapolis were lower. The U.S. spring wheat crop was rated 70 percent good to excellent.

European wheat futures edged up from a five-month low set Monday. Rain fell today and was in the weekend forecast and that could hurt wheat quality and delay harvest in France and Germany where wheat is ripening.

Traders are also positioning ahead of the USDA’s monthly supply and demand report due Friday.

A Reuters poll said the average of traders’ forecasts for U.S. crops are as follows:

Corn

Production 13.945 billion bushels (13.925 billion last year)

Yield 166.104 bu. per acre (158.8 bu/ac last year)

Soybeans

Production 3.774 billion bu. (3.289 billion last year)

Yield 45.138 bu/ac (43.30 bu/ac last year)

Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 2014 481.70 +3.20 +0.67%

Canola Nov 2014 462.60 +3.20 +0.70%

Canola Jan 2015 464.20 +3.30 +0.72%

Canola Mar 2015 462.70 +2.20 +0.48%

Canola May 2015 458.40 +1.10 +0.24%

Milling Wheat Jul 2014 187.00 -2.00 -1.06%

Milling Wheat Oct 2014 187.00 -2.00 -1.06%

Milling Wheat Dec 2014 193.00 -1.00 -0.52%

Durum Wheat Jul 2014 239.00 unch 0.00%

Durum Wheat Oct 2014 235.10 +5.10 +2.22%

Durum Wheat Dec 2014 241.10 +9.10 +3.92%

Barley Jul 2014 125.00 unch 0.00%

Barley Oct 2014 132.50 unch 0.00%

Barley Dec 2014 134.50 unch 0.00%

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

Chicago

Soybeans Jul 2014 1329.75 -33.25 -2.44%

Soybeans Aug 2014 1248.5 -24.75 -1.94%

Soybeans Sep 2014 1140.75 -9.5 -0.83%

Soybeans Nov 2014 1116.25 -9.25 -0.82%

Soybeans Jan 2015 1125 -9.5 -0.84%

Soybeans Mar 2015 1134 -9.25 -0.81%

Soybean Meal Jul 2014 437.3 -6.4 -1.44%

Soybean Meal Aug 2014 401.9 -6.8 -1.66%

Soybean Meal Sep 2014 374.5 -4.6 -1.21%

Soybean Oil Jul 2014 37.8 -0.56 -1.46%

Soybean Oil Aug 2014 37.88 -0.55 -1.43%

Soybean Oil Sep 2014 37.94 -0.56 -1.45%

Corn Jul 2014 408.25 -1 -0.24%

Corn Sep 2014 398.25 -2.25 -0.56%

Corn Dec 2014 404.25 -2 -0.49%

Corn Mar 2015 415.75 -2 -0.48%

Corn May 2015 423.75 -1.75 -0.41%

Oats Jul 2014 390 +9 +2.36%

Oats Sep 2014 350 +4 +1.16%

Oats Dec 2014 340.5 +1.75 +0.52%

Oats Mar 2015 329.5 +0.5 +0.15%

Oats May 2015 321.25 +0.5 +0.16%

Wheat Jul 2014 545.25 +0.25 +0.05%

Wheat Sep 2014 556.25 -0.5 -0.09%

Wheat Dec 2014 580.25 -0.25 -0.04%

Wheat Mar 2015 602.75 -0.5 -0.08%

Wheat May 2015 618.25 -0.25 -0.04%

Minneapolis

Spring Wheat Jul 2014 652 -5 -0.76%

Spring Wheat Sep 2014 657 -4.75 -0.72%

Spring Wheat Dec 2014 667 -4 -0.60%

Spring Wheat Mar 2015 679.75 -3.25 -0.48%

Spring Wheat May 2015 687.25 -3.75 -0.54%

Kansas City

KC HRW Wheat Jul 2014 675 -3.5 -0.52%

KC HRW Wheat Sep 2014 664.25 -5.5 -0.82%

KC HRW Wheat Dec 2014 674.75 -5.25 -0.77%

KC HRW Wheat Mar 2015 681.5 -5.25 -0.76%

KC HRW Wheat May 2015 684.25 -4.75 -0.69%

Light crude oil nearby futures in New York dropped 13 cents at $103.40 US per barrel.

The Canadian dollar at noon was 93.69 cents US, down from 93.79 cents the previous trading day. The U.S. dollar at noon was $1.0674 Cdn.

Investors were cautious on Tuesday, as a long list of companies is about to release quarterly financial reports. Indexes are at record highs and investors are concerned about the potential for a correction.

In unofficial tallies —

The Toronto Stock Exchange composite was down 35.75 points or 0.24 percent at 15,137.18.

The Dow Jones industrial average fell 117.59 points or 0.69 percent, to finish at 16,906.62.

The S&P 500 slid 13.88 points or 0.70 percent, to close at 1,963.77.

The Nasdaq Composite dropped 60.07 points or 1.35 percent, to finish at 4,391.46.