Canola posts meager gain

Tuesday was a solidly up day in North America’s corn and soybeans futures markets, a big change from recent days of big losses or meager gains. However, canola didn’t go along for most of the ride, eking out only a tiny gain on the day, most due to the strength of the loonie.

The grains markets often becomes very quiet on days before U.S. Department of Agriculture reports as traders pull back until the new numbers are out, but the rises in contracts Tuesday was seen by some more as a rebound from oversold conditions than any proof of a turn in the market.

Read Also

Canada lifts several import tariffs on U.S. goods as talks continue

Starting September 1, Canada will adjust its tariffs on agricultural products, consumer goods and machinery, Prime Minister Mark Carney announced at a press conference in Ottawa on Friday.

Also, traders were believed to be booking profits from successful short positions rather than establishing new positions.

Expectations are muted for the USDA supply and demand report Wednesday since the recent USDA stocks report scooped most of its potential to surprise. Most traders are interested in where the USDA pegs ending stocks, but few believe another shocker is in store.

The weak U.S. dollar took away much impetus from canola Tuesday, so its slight gain was actually a sign of relative strength.

Weather continues to play a vexing role in the grains markets. Moisture for much of the Midwest and winter wheat zone is generally a positive and relieves drought fears, but cold temperatures are threatening the survival of large areas of winter wheat, plus delaying seeding of crops in all areas.

Generally world stock markets had gains Tuesday.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2013    619.30    +1.10    +0.18%

Canola Jul 2013    606.00    +1.50    +0.25%

Canola Nov 2013    557.10    +0.80    +0.14%

Canola Jan 2014    558.20    +2.00    +0.36%

Canola Mar 2014    552.00    +2.00    +0.36%

Milling Wheat May 2013    292.00    unch    0.00%

Milling Wheat Jul 2013    294.00    unch    0.00%

Milling Wheat Oct 2013    294.00    unch    0.00%

Durum Wheat May 2013    310.80    unch    0.00%

Durum Wheat Jul 2013    313.80    unch    0.00%

Durum Wheat Oct 2013    299.10    unch    0.00%

Barley May 2013    243.50    unch    0.00%

Barley Jul 2013    244.00    unch    0.00%

Barley Oct 2013    244.00    unch    0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans May 2013    1395.5    +17.5    +1.27%

Soybeans Jul 2013    1371.25    +13.25    +0.98%

Soybeans Aug 2013    1339.5    +10.25    +0.77%

Soybeans Sep 2013    1280.5    +10    +0.79%

Soybeans Nov 2013    1241.75    +9.5    +0.77%

Soybeans Jan 2014    1247.75    +9.5    +0.77%

Soybean Meal May 2013    394.8    +1.5    +0.38%

Soybean Meal Jul 2013    394.3    +1.3    +0.33%

Soybean Meal Aug 2013    383.3    +1.3    +0.34%

Soybean Oil May 2013    49.98    +0.46    +0.93%

Soybean Oil Jul 2013    50.18    +0.42    +0.84%

Soybean Oil Aug 2013    50.19    +0.42    +0.84%

Corn May 2013    644.25    +10.75    +1.70%

Corn Jul 2013    627.5    +8    +1.29%

Corn Sep 2013    562.25    +11    +2.00%

Corn Dec 2013    540.25    +8.25    +1.55%

Corn Mar 2014    550.25    +7.75    +1.43%

Oats May 2013    367.5    +3.75    +1.03%

Oats Jul 2013    361    +5    +1.40%

Oats Sep 2013    353    +3    +0.86%

Oats Dec 2013    348.75    +1.75    +0.50%

Oats Mar 2014    347.5    +1.75    +0.51%

Wheat May 2013    708.75    -3.75    -0.53%

Wheat Jul 2013    714    -3.5    -0.49%

Wheat Sep 2013    721.25    -4    -0.55%

Wheat Dec 2013    734.5    -3.5    -0.47%

Wheat Mar 2014    747.25    -2.75    -0.37%

Minneapolis

Spring Wheat May 2013    799.75    unch    0.00%

Spring Wheat Jul 2013    798.75    +1.25    +0.16%

Spring Wheat Sep 2013    798.75    +1.75    +0.22%

Spring Wheat Dec 2013    806.75    +0.25    +0.03%

Spring Wheat Mar 2014    820.25    +3.5    +0.43%

Kansas City

KCBT Red Wheat May 2013    746.5    +1.5    +0.20%

KCBT Red Wheat Jul 2013    754    +2    +0.27%

KCBT Red Wheat Sep 2013    766.5    +3.5    +0.46%

KCBT Red Wheat Dec 2013    781.5    +2.75    +0.35%

KCBT Red Wheat Mar 2014    793.25    +3    +0.38%

Light crude oil nearby futures in New York rose 84 cents at $94.20 US per barrel.

The Canadian dollar at noon was 98.41 cents US, up from 98.06 cents the previous trading day. The U.S. dollar at noon was $1.0162 Cdn.

---

Newsletter Sign Up - Receive free Western Producer newsletters

Breaking ag news stories and commodities markets snapshots delivered daily right to your inbox!

Your Email(Required)

Your Postal Code(Required)

Consent

I consent to receiving emails from Glacier FarmMedia, its affiliates and divisions and third parties, containing agriculture news, updates and promotions. I can unsubscribe at any time

Comments

This field is for validation purposes and should be left unchanged.

Δ