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.
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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.
