Canola futures continued their march upward today, with prices nearing highs not seen since last summer.
The July canola contract in Winnipeg closed the day at $524 per tonne, up $6.00 per tonne.
New crop canola also had a positive day. The November futures contract gained $5.10 per tonne to finish at $529.10.
Canola futures dipped below $450 per tonne in late winter but have jumped approximately $75 a tonne since March, a rise of more than 16 percent.
The sustained gains for canola have run parallel to a three month rally in soybeans.
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Soy hit a two year high this morning, closing at $11.7775 per bu. The July contract was up nearly 50 cents at one point in the day but finished 36.5 cents higher.
• Soybeans traded at more than $14 a bu. in the spring of 2014 but prices dove over the summer and fell below $10 per bu. by October 2014.
• In early March, soy futures were around $9 per bu. but have gained more than 20 percent over the last 12 weeks.
Hot weather in the U.S. Midwest was a key factor in today’s rally. Temperatures of 34 to 37 C are forecast for Iowa over the next week, potentially damaging immature soy crops.
U.S. weather concerns may provide short-term strength for soybeans, but worries over Argentina’s soy production is also a factor. April rains soaked Argentina’s soy growing regions, provoking uncertainty about the size of the South American crop.
Demand for soybeans remains strong, as the U.S. Department of Agriculture reported several export shipments to China in early June.
Corn had a quiet day compared to soy. The July contract in Chicago gained 3.5 cents per bu. to close at $4.3125.
Wheat futures also finished higher, gaining 10.5 cents and ending the day at $5.165 per bu. in Chicago. New crop wheat closed at $5.4825 per bu., up 10.25 cents.
Contact robert.arnason@producer.com
Canola Jul 2016 (updated 2:20PM(CST) on 6/8/2016) 524.00 +6.00 +1.16%
Canola Nov 2016 (updated 2:20PM(CST) on 6/8/2016) 529.10 +5.10 +0.97%
Canola Jan 2017 (updated 2:20PM(CST) on 6/8/2016) 532.40 +5.00 +0.95%
Canola Mar 2017 (updated 2:20PM(CST) on 6/8/2016) 533.80 +4.90 +0.93%
Canola May 2017 (updated 2:20PM(CST) on 6/8/2016) 534.80 +4.90 +0.92%
Milling Wheat Jul 2016 241.00 unch 0.00%
Milling Wheat Oct 2016 239.00 unch 0.00%
Durum Wheat Jul 2016 302.00 unch 0.00%
Durum Wheat Oct 2016 296.00 unch 0.00%
Barley Jul 2016 171.50 unch 0.00%
Barley Oct 2016 171.50 unch 0.00%
Soybeans Jul 2016 1177.75 +36.50 +3.20%
Soybeans Aug 2016 1173.00 +34.75 +3.05%
Soybeans Sep 2016 1159.25 +32.75 +2.91%
Soybeans Nov 2016 1150.25 +33.50 +3.00%
Soybeans Jan 2017 1145.00 +31.25 +2.81%
Soybeans Mar 2017 1108.25 +20.75 +1.91%
Soybean Meal Jul 2016 417.10 +9.30 +2.28%
Soybean Meal Aug 2016 410.40 +9.30 +2.32%
Soybean Meal Sep 2016 407.20 +10.10 +2.54%
Soybean Oil Jul 2016 32.89 +0.60 +1.86%
Soybean Oil Aug 2016 33.02 +0.60 +1.85%
Soybean Oil Sep 2016 33.15 +0.59 +1.81%
Corn Jul 2016 431.25 +3.50 +0.82%
Corn Sep 2016 434.75 +4.25 +0.99%
Corn Dec 2016 437.00 +3.75 +0.87%
Corn Mar 2017 441.25 +2.50 +0.57%
Corn May 2017 444.00 +2.50 +0.57%
Oats Jul 2016 205.75 +9.25 +4.71%
Oats Sep 2016 218.00 +8.50 +4.06%
Oats Dec 2016 228.75 +6.50 +2.92%
Oats Mar 2017 237.50 +5.50 +2.37%
Oats May 2017 237.50 +5.50 +2.37%
Wheat Jul 2016 519.50 +10.50 +2.06%
Wheat Sep 2016 530.50 +11.25 +2.17%
Wheat Dec 2016 548.25 +10.25 +1.91%
Wheat Mar 2017 566.00 +10.00 +1.80%
Wheat May 2017 576.75 +10.00 +1.76%
Spring Wheat Jul 2016 555.50 +9.25 +1.69%
Spring Wheat Sep 2016 564.50 +9.50 +1.71%
Spring Wheat Dec 2016 579.50 +9.50 +1.67%
Spring Wheat Mar 2017 593.25 +9.50 +1.63%
Spring Wheat May 2017 599.75 +8.25 +1.39%
Hard Red Weat Jul 2016 492.75 +7.75 +1.60%
Hard Red Weat Sep 2016 509.25 +8.25 +1.65%
Hard Red Weat Dec 2016 533.50 +8.25 +1.57%
Hard Red Weat Mar 2017 549.75 +7.75 +1.43%
Hard Red Weat May 2017 559.50 +7.75 +1.40%
Live Cattle (P) Jun 2016 123.02 +1.80 +1.48%
Live Cattle (P) Aug 2016 118.72 +2.72 +2.34%
Live Cattle (P) Oct 2016 117.88 +2.38 +2.06%
Feeder Cattle (P) Aug 2016 147.37 +1.92 +1.32%
Feeder Cattle (P) Sep 2016 145.38 +1.85 +1.29%
Feeder Cattle (P) Oct 2016 143.52 +1.72 +1.21%
Lean Hogs (P) Jun 2016 82.05 +0.20 +0.24%
Lean Hogs (P) Jul 2016 87.02 +0.74 +0.86%
Lean Hogs (P) Aug 2016 87.32 +1.15 +1.33%
Canadian Dollar Jun 2016 0.7874 +0.0039 +0.50%
