It was a big green Monday for oilseeds, with canola and soybeans rising on concerns about forecast for hotter weather later in July in the Midwest.
“You’re starting to see the words ‘hot and dry’ pop up,” said broker Ken Ball of PI Financial in Winnipeg.
“We’ve already had one weather market. Maybe now the second one is just beginning.”
November Chicago soybean futures rose 24 cents per bushel and canola rose about 13 cents per bu.
“Canola was definitely just a follower,” said Ball.
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“It tagged along the U.S. market pretty precisely.”
Crop conditions across the U.S. and Western Canada are generally good, which many analysts have mentioned as the source of weakness for North American crop prices recently.
But July often has periods of heat and dry weather, so attention is once more turning to crop development and potential and some anxiety comes back into the outlook since mid-summer is a time when crops can rapidly deteriorate if conditions are bad.
A couple of influencial private forecasters issued 11- to 15-day forecasts for the western Midwest that were hotter and drier than the outlook in forecasts issued Friday.
A big sale of U.S. soft red wheat to China helped support wheat prices.
Recent rain in the eastern Midwest has slowed harvest of the soft red winter wheat crop and is causing quality problems.
Also, two prominent Russian analysts shaved their forecasts of that country’s wheat crop due to dry weather in the Volga region.
World stock and commodity markets were generally positive Monday. Stock markets rose, gold rose, oil stayed above $100 per barrel.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013 615.20 +7.50 +1.23%
Canola Nov 2013 543.20 +5.70 +1.06%
Canola Jan 2014 548.50 +5.50 +1.01%
Canola Mar 2014 550.10 +6.80 +1.25%
Canola May 2014 548.50 +1.10 +0.20%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Milling Wheat Dec 2013 294.00 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Durum Wheat Dec 2013 299.40 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2013 1609.25 +21.25 +1.34%
Soybeans Aug 2013 1455.5 +23.5 +1.64%
Soybeans Sep 2013 1300.25 +24 +1.88%
Soybeans Nov 2013 1252.25 +24 +1.95%
Soybeans Jan 2014 1257.5 +23.75 +1.93%
Soybeans Mar 2014 1258.75 +23.25 +1.88%
Soybean Meal Jul 2013 511.1 +22 +4.50%
Soybean Meal Aug 2013 442.1 +13.5 +3.15%
Soybean Meal Sep 2013 397.7 +11 +2.84%
Soybean Oil Jul 2013 47.01 -0.22 -0.47%
Soybean Oil Aug 2013 46.96 -0.18 -0.38%
Soybean Oil Sep 2013 46.6 -0.19 -0.41%
Corn Jul 2013 691.75 +7 +1.02%
Corn Sep 2013 533.25 +7.5 +1.43%
Corn Dec 2013 500.5 +9.25 +1.88%
Corn Mar 2014 512.25 +8.75 +1.74%
Corn May 2014 519.75 +8.5 +1.66%
Oats Jul 2013 396 -3.25 -0.81%
Oats Sep 2013 357 -3.25 -0.90%
Oats Dec 2013 345 -0.25 -0.07%
Oats Mar 2014 350.25 -0.25 -0.07%
Oats May 2014 356 unch 0.00%
Wheat Jul 2013 660 +4 +0.61%
Wheat Sep 2013 663 +3 +0.45%
Wheat Dec 2013 674.75 +4.25 +0.63%
Wheat Mar 2014 686.75 +3.5 +0.51%
Wheat May 2014 692.25 +3.75 +0.54%
Minneapolis
Spring Wheat Jul 2013 773 +11.75 +1.54%
Spring Wheat Sep 2013 761 -2.5 -0.33%
Spring Wheat Dec 2013 770.75 -1.25 -0.16%
Spring Wheat Mar 2014 785.25 -2.5 -0.32%
Spring Wheat May 2014 793 -2.25 -0.28%
Kansas City
KCBT Red Wheat Jul 2013 691.25 +14.75 +2.18%
KCBT Red Wheat Sep 2013 689 +3.25 +0.47%
KCBT Red Wheat Dec 2013 708.75 +2.5 +0.35%
KCBT Red Wheat Mar 2014 721.5 +1.25 +0.17%
KCBT Red Wheat May 2014 727.75 +0.25 +0.03%
Light crude oil nearby futures in New York dropped 8 cents at $103.14 US per barrel.
The Canadian dollar at noon was 94.55 cents US, down from 94.63 cents the previous trading day. The U.S. dollar at noon was $1.0576 Cdn.
