A lack of farmer availability to get remaining canola inventories to the crushers and a steady demand pushed prices up by the end of Tuesday’s trading.
However that trade was thinner overall than in previous weeks, say traders.
November canola was up $1.80 per tonne to $506.80. Soybeans also supported higher canola with modest gains in Chicago as technical buyer underwrote that market. Palm oil and rapeseed was also higher on global markets.
Wheat and corn were both under pressure in US markets, as the reality of large global supplies combined with technical sales to push futures contracts to new lows for the period.
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Winter wheat on the CBOT was off 6 ¼ cents to US$4.30 ¾ per bushel, about 1.5 percent decline over yesterday for the December futures market. Spring wheat on Minneapolis was off 13 ½ cents, down to US$6.41 ¾.
Russian crops are expected to set a record and if that region can manage to get it market, that too will be undermining prices. Reuters reports that Egypt may be rejecting a boatload of Romanian wheat due to the presence of poppy seeds in the grain.
The Farm Journal’s annual Midwest Crop Tour is in full swing and it found below average corn yields in Indiana, while showing better than average fields in Nebraska. It also has found average to below average soybean pod counts across the American Midwest.
That didn’t help corn, as it fell 2 ½ cents to US$3.60 1/2, nearing the August 31, 2016 low of US$3.58 ½. China keeps on supporting soybeans with purchases of U.S. inventory. Beans were up slightly to US$9.38.
The Canadian dollar was worth 79.61 US cents today.
Light crude oil nearby futures in New York were up 27 cents US$47.64 per barrel.
In the afternoon, the Canadian dollar was trading around US79.56 cents, steady from 79.56 cents the previous trading day. The U.S. dollar was C$1.2569.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 506.80s +1.80 +0.36%
Canola Jan 18 511.70s +2.30 +0.45%
Canola Mar 18 514.60s +2.40 +0.47%
Canola May 18 515.30s +2.00 +0.39%
Canola Jul 18 515.70s +1.60 +0.31%
Milling Wheat Oct 17 247.00s -5.00 -1.98%
Milling Wheat Dec 17 250.00s -5.00 -1.96%
Milling Wheat Mar 18 257.00s -4.00 -1.53%
Durum Wheat Oct 17 312.00s -9.00 -2.80%
Durum Wheat Dec 17 313.00s -9.00 -2.80%
Durum Wheat Mar 18 295.00s -11.00 -3.59%
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 17 933-6s +1-2 +0.13%
Soybeans Nov 17 937-4s +1-2 +0.13%
Soybeans Jan 18 945-6s +1-2 +0.13%
Soybeans Mar 18 954-0s +1-0 +0.10%
Soybeans May 18 961-4s +0-6 +0.08%
Soybean Meal Sep 17 295.3s -0.5 -0.17%
Soybean Meal Oct 17 296.8s -0.5 -0.17%
Soybean Meal Dec 17 298.7s -0.3 -0.10%
Soybean Oil Sep 17 34.06s +0.26 +0.77%
Soybean Oil Oct 17 34.19s +0.26 +0.77%
Corn Sep 17 346-0s -3-0 -0.86%
Corn Dec 17 360-0s -3-0 -0.83%
Corn Mar 18 372-4s -2-6 -0.73%
Corn May 18 378-6s -2-6 -0.72%
Corn Jul 18 385-0s -2-4 -0.65%
Oats Sep 17 239-0s -4-6 -1.95%
Oats Dec 17 245-4s -4-6 -1.90%
Oats Mar 18 248-4s -3-4 -1.39%
Oats May 18 250-4s -4-0 -1.57%
Wheat Sep 17 402-2s -7-2 -1.77%
Wheat Dec 17 429-0s -8-0 -1.83%
Wheat Mar 18 452-6s -7-4 -1.63%
Wheat May 18 467-6s -6-6 -1.42%
Wheat Jul 18 481-4s -6-6 -1.38%
Minneapolis
Spring Wheat Sep 17 641-0s -14-0 -2.14%
Spring Wheat Dec 17 656-2s -12-6 -1.91%
Spring Wheat Mar 18 659-4s -10-0 -1.49%
Spring Wheat May 18 653-0s -7-6 -1.17%
Kansas City
Hard Red Wheat Sep 17 399-0s -8-6 -2.15%
Hard Red Wheat Dec 17 427-0s -8-6 -2.01%
Hard Red Wheat Mar 18 445-4s -8-6 -1.93%
Hard Red Wheat May 18 459-6s -8-2 -1.76%
Hard Red Wheat Jul 18 477-6s -8-2 -1.70%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Aug 17 106.725s +0.725 +0.68%
Live Cattle Oct 17 107.725s +1.875 +1.77%
Live Cattle Dec 17 110.075s +2.025 +1.87%
Feeder Cattle Aug 17 142.075s +2.275 +1.63%
Feeder Cattle Sep 17 142.050s +2.900 +2.08%
Feeder Cattle Oct 17 142.275s +2.775 +1.99%
Lean Hogs Oct 17 63.875s -0.800 -1.24%
Lean Hogs Dec 17 59.050s -0.800 -1.34%
Lean Hogs Feb 18 63.750s -0.875 -1.35%
