Canola futures closed a little lower on Tuesday, weighed down by a stronger loonie and reports of larger canola production in Europe and Ukraine.
Earlier in the day it had been a little higher.
Except for areas that have had hail or too much rain, Prairie crops are developing well. Hotter weather begins tomorrow and Thursday is expected to have highs in the low 30s in many areas, causing heat stress. Next week temperatures will be in the upper 20s to low 30s, according to the Weather Network.
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U.S. grains: Soy futures top one-week high, US crop outlook limits gains
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
U.S. crop markets were significantly stronger today, mostly due to hot and dry weather in southern and western portions of the U.S. Midwest. The dry heat is expected to last at least two weeks. Corn is approaching its critical tasseling period when yield is established.
News from across the Atlantic weighed on canola. Analyst Oil World forecast Ukraine’s canola crop to reach or exceed two million tonnes, up from 1.3 million last year when the crop suffered from frost damage.
Harvest of the winter-sown crop has begun early.
Oil world also estimated the European Union canola crop at 20.4 million tonnes, up from 19.72 million forecast in June.
Oil World said good weather in many regions is making up for poor crop in Britain and France.
Oil World estimated Canada’s canola crop at 14.5 to 15 million tonnes, about in keeping with expectations.
USDA releases its monthly supply and demand report on July 11.
An average of analysts’ estimates in a Reuters poll pegged 2012-13 U.S. corn ending stocks at 725 million bushels, a 16-year low and below the USDA’s forecast in June for 769 million.
The average of analysts’ estimates for U.S. 2013-14 ending corn stocks was 1.898 billion bu., down from the June forecast for 1.949 billion but still at an eight-year high.
The same Reuters poll pegged 2012-13 soybean U.S. ending stocks at 121 million bu., down from 125 million in the June report.
It pegged 2013-14 ending stocks at 266 million, up slightly from 265 million in June.
The U.S. winter wheat crop was 57 percent harvested as of July 7, up from 43 percent a week earlier, said USDA.
Now that they are past the midway mark, farmers might slow their off-the-combine deliveries, taking pressure off the market.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013 614.60 -0.60 -0.10%
Canola Nov 2013 542.60 -0.60 -0.11%
Canola Jan 2014 547.50 -1.00 -0.18%
Canola Mar 2014 549.40 -0.70 -0.13%
Canola May 2014 546.10 -2.40 -0.44%
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 1613.25 +4 +0.25%
Soybeans Aug 2013 1468.25 +12.75 +0.88%
Soybeans Sep 2013 1322.5 +22.25 +1.71%
Soybeans Nov 2013 1276.25 +24 +1.92%
Soybeans Jan 2014 1281.5 +24 +1.91%
Soybeans Mar 2014 1281 +22.25 +1.77%
Soybean Meal Jul 2013 520.8 +9.7 +1.90%
Soybean Meal Aug 2013 448.9 +6.8 +1.54%
Soybean Meal Sep 2013 409.1 +11.4 +2.87%
Soybean Oil Jul 2013 47.08 +0.07 +0.15%
Soybean Oil Aug 2013 47.02 +0.06 +0.13%
Soybean Oil Sep 2013 46.64 +0.04 +0.09%
Corn Jul 2013 704 +12.25 +1.77%
Corn Sep 2013 551.75 +18.5 +3.47%
Corn Dec 2013 521.75 +21.25 +4.25%
Corn Mar 2014 533.5 +21.25 +4.15%
Corn May 2014 541 +21.25 +4.09%
Oats Jul 2013 398 +2 +0.51%
Oats Sep 2013 361 +4 +1.12%
Oats Dec 2013 350 +5 +1.45%
Oats Mar 2014 355.75 +5.5 +1.57%
Oats May 2014 361.5 +5.5 +1.54%
Wheat Jul 2013 675.5 +15.5 +2.35%
Wheat Sep 2013 677.5 +14.5 +2.19%
Wheat Dec 2013 690.5 +15.75 +2.33%
Wheat Mar 2014 703 +16.25 +2.37%
Wheat May 2014 707.5 +15.25 +2.20%
Minneapolis
Spring Wheat Jul 2013 798 +25 +3.23%
Spring Wheat Sep 2013 768.75 +7.75 +1.02%
Spring Wheat Dec 2013 779 +8.25 +1.07%
Spring Wheat Mar 2014 793.75 +8.5 +1.08%
Spring Wheat May 2014 801 +8 +1.01%
Kansas City
KCBT Red Wheat Jul 2013 706.75 +15.5 +2.24%
KCBT Red Wheat Sep 2013 703.75 +14.75 +2.14%
KCBT Red Wheat Dec 2013 723 +14.25 +2.01%
KCBT Red Wheat Mar 2014 735.75 +14.25 +1.98%
KCBT Red Wheat May 2014 742.25 +14.5 +1.99%
Light crude oil nearby futures in New York rose 39 cents at $103.53 US per barrel.
The Canadian dollar at noon was 94.97 cents US, up from 94.55 cents the previous trading day. The U.S. dollar at noon was $1.0530.
In late trade, U.S. stocks were generally higher on expectations that corporate second quarter profit reports might come in better than expected.
The Toronto Stock Exchange composite was also higher on rising bullion prices that lifted gold company shares.
