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: Soybean futures hit one-month high on U.S.-China trade hopes
Chicago Board of Trade soybean futures hit their highest level in a month on Monday on renewed optimism over U.S.-China trade talks after U.S. President Donald Trump said he believed Beijing would agree to a soybean trade deal and will buy U.S. soy again.
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 2013Â Â Â Â Â Â 614.60Â Â Â Â Â Â -0.60Â Â Â Â Â Â -0.10%
Canola Nov 2013Â Â Â Â Â Â 542.60Â Â Â Â Â Â -0.60Â Â Â Â Â Â -0.11%
Canola Jan 2014Â Â Â Â Â Â 547.50Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.18%
Canola Mar 2014Â Â Â Â Â Â 549.40Â Â Â Â Â Â -0.70Â Â Â Â Â Â -0.13%
Canola May 2014Â Â Â Â Â Â 546.10Â Â Â Â Â Â -2.40Â Â Â Â Â Â -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 2013Â Â Â Â Â Â 1613.25Â Â Â Â Â Â +4Â Â Â Â Â Â +0.25%
Soybeans Aug 2013Â Â Â Â Â Â 1468.25Â Â Â Â Â Â +12.75Â Â Â Â Â Â +0.88%
Soybeans Sep 2013Â Â Â Â Â Â 1322.5Â Â Â Â Â Â +22.25Â Â Â Â Â Â +1.71%
Soybeans Nov 2013Â Â Â Â Â Â 1276.25Â Â Â Â Â Â +24Â Â Â Â Â Â +1.92%
Soybeans Jan 2014Â Â Â Â Â Â 1281.5Â Â Â Â Â Â +24Â Â Â Â Â Â +1.91%
Soybeans Mar 2014Â Â Â Â Â Â 1281Â Â Â Â Â Â +22.25Â Â Â Â Â Â +1.77%
Soybean Meal Jul 2013Â Â Â Â Â Â 520.8Â Â Â Â Â Â +9.7Â Â Â Â Â Â +1.90%
Soybean Meal Aug 2013Â Â Â Â Â Â 448.9Â Â Â Â Â Â +6.8Â Â Â Â Â Â +1.54%
Soybean Meal Sep 2013Â Â Â Â Â Â 409.1Â Â Â Â Â Â +11.4Â Â Â Â Â Â +2.87%
Soybean Oil Jul 2013Â Â Â Â Â Â 47.08Â Â Â Â Â Â +0.07Â Â Â Â Â Â +0.15%
Soybean Oil Aug 2013Â Â Â Â Â Â 47.02Â Â Â Â Â Â +0.06Â Â Â Â Â Â +0.13%
Soybean Oil Sep 2013Â Â Â Â Â Â 46.64Â Â Â Â Â Â +0.04Â Â Â Â Â Â +0.09%
Corn Jul 2013Â Â Â Â Â Â 704Â Â Â Â Â Â +12.25Â Â Â Â Â Â +1.77%
Corn Sep 2013Â Â Â Â Â Â 551.75Â Â Â Â Â Â +18.5Â Â Â Â Â Â +3.47%
Corn Dec 2013Â Â Â Â Â Â 521.75Â Â Â Â Â Â +21.25Â Â Â Â Â Â +4.25%
Corn Mar 2014Â Â Â Â Â Â 533.5Â Â Â Â Â Â +21.25Â Â Â Â Â Â +4.15%
Corn May 2014Â Â Â Â Â Â 541Â Â Â Â Â Â +21.25Â Â Â Â Â Â +4.09%
Oats Jul 2013Â Â Â Â Â Â 398Â Â Â Â Â Â +2Â Â Â Â Â Â +0.51%
Oats Sep 2013Â Â Â Â Â Â 361Â Â Â Â Â Â +4Â Â Â Â Â Â +1.12%
Oats Dec 2013Â Â Â Â Â Â 350Â Â Â Â Â Â +5Â Â Â Â Â Â +1.45%
Oats Mar 2014Â Â Â Â Â Â 355.75Â Â Â Â Â Â +5.5Â Â Â Â Â Â +1.57%
Oats May 2014Â Â Â Â Â Â 361.5Â Â Â Â Â Â +5.5Â Â Â Â Â Â +1.54%
Wheat Jul 2013Â Â Â Â Â Â 675.5Â Â Â Â Â Â +15.5Â Â Â Â Â Â +2.35%
Wheat Sep 2013Â Â Â Â Â Â 677.5Â Â Â Â Â Â +14.5Â Â Â Â Â Â +2.19%
Wheat Dec 2013Â Â Â Â Â Â 690.5Â Â Â Â Â Â +15.75Â Â Â Â Â Â +2.33%
Wheat Mar 2014Â Â Â Â Â Â 703Â Â Â Â Â Â +16.25Â Â Â Â Â Â +2.37%
Wheat May 2014Â Â Â Â Â Â 707.5Â Â Â Â Â Â +15.25Â Â Â Â Â Â +2.20%
Minneapolis
Spring Wheat Jul 2013Â Â Â Â Â Â 798Â Â Â Â Â Â +25Â Â Â Â Â Â +3.23%
Spring Wheat Sep 2013Â Â Â Â Â Â 768.75Â Â Â Â Â Â +7.75Â Â Â Â Â Â +1.02%
Spring Wheat Dec 2013Â Â Â Â Â Â 779Â Â Â Â Â Â +8.25Â Â Â Â Â Â +1.07%
Spring Wheat Mar 2014Â Â Â Â Â Â 793.75Â Â Â Â Â Â +8.5Â Â Â Â Â Â +1.08%
Spring Wheat May 2014Â Â Â Â Â Â 801Â Â Â Â Â Â +8Â Â Â Â Â Â +1.01%
Kansas City
KCBT Red Wheat Jul 2013Â Â Â Â Â Â 706.75Â Â Â Â Â Â +15.5Â Â Â Â Â Â +2.24%
KCBT Red Wheat Sep 2013Â Â Â Â Â Â 703.75Â Â Â Â Â Â +14.75Â Â Â Â Â Â +2.14%
KCBT Red Wheat Dec 2013Â Â Â Â Â Â 723Â Â Â Â Â Â +14.25Â Â Â Â Â Â +2.01%
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 735.75Â Â Â Â Â Â +14.25Â Â Â Â Â Â +1.98%
KCBT Red Wheat May 2014Â Â Â Â Â Â 742.25Â Â Â Â Â Â +14.5Â Â Â Â Â Â +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.
