Canola posts seventh decline in eight sessions

Canola fell Thursday on generally good growing conditions and pressure from falling soybeans.

Areas of the northern Prairies that had little moisture this spring are getting strong accumulations late this week.

Speculative and commodity fund investors are selling long positions. Farmers have picked up their grain deliveries now that seeding is winding down.

Saskatchewan Agriculture today said 96 percent of the crop has been seeded.

The ICE Futures Canada previous day best basis bid quote was almost $25 over the July contract.

Soybeans and corn also fell on generally good growing conditions in the Midwest and carry over pressure from Wednesday’s USDA report, which did not alter it forecast for U.S. seeded acreage.

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USDA releases its seeded acreage survey June 28.

U.S. crop size will depend a lot on July weather as it always does. The good moisture early in the growing season will lead to limited root development and that could hurt if the tap turns off next month.

Goldman Sachs lowered its three-, six- and 12-month price forecasts for CBOT soybeans to $11 per bushel and recommended taking a short position in CBOT soybeans as well as corn, citing expectations global inventories to rise, Reuters reported.

Wheat rose late in the session, recapturing some of the ground lost in the past two days on ideas the lower prices will trigger new sales, perhaps to China. Minneapolis wheat was already well supported by concerns that North Dakota wheat acres will be smaller than expected.

Large parts of Kansas have seen very hot weather in the high 30s and low 40s C and strong winds in recent days pushing the hard red winter wheat crop to maturity.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 2013 596.50 -6.00 -1.00%

Canola Nov 2013 551.00 -5.80 -1.04%

Canola Jan 2014 553.20 -5.80 -1.04%

Canola Mar 2014 549.70 -5.60 -1.01%

Canola May 2014 545.70 -5.60 -1.02%

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 1510.25 -30.5 -1.98%

Soybeans Aug 2013 1426.75 -18.5 -1.28%

Soybeans Sep 2013 1341.5 -17.25 -1.27%

Soybeans Nov 2013 1300.5 -13.75 -1.05%

Soybeans Jan 2014 1306.75 -13.75 -1.04%

Soybeans Mar 2014 1307 -13.75 -1.04%

Soybean Meal Jul 2013 452.6 -8.8 -1.91%

Soybean Meal Aug 2013 424.6 -5 -1.16%

Soybean Meal Sep 2013 405.5 -4.9 -1.19%

Soybean Oil Jul 2013 47.84 -0.27 -0.56%

Soybean Oil Aug 2013 47.81 -0.26 -0.54%

Soybean Oil Sep 2013 47.65 -0.25 -0.52%

Corn Jul 2013 643.5 -7.25 -1.11%

Corn Sep 2013 570.5 -4.5 -0.78%

Corn Dec 2013 535.25 -2.25 -0.42%

Corn Mar 2014 546.5 -1.75 -0.32%

Corn May 2014 554 -1.25 -0.23%

Oats Jul 2013 408.25 +5 +1.24%

Oats Sep 2013 392 +1.75 +0.45%

Oats Dec 2013 384.5 +2 +0.52%

Oats Mar 2014 387 +1.25 +0.32%

Oats May 2014 389.25 +1.25 +0.32%

Wheat Jul 2013 685.5 +2.5 +0.37%

Wheat Sep 2013 693.75 +2.75 +0.40%

Wheat Dec 2013 706.75 +1.5 +0.21%

Wheat Mar 2014 720.75 +1.75 +0.24%

Wheat May 2014 731 +1.75 +0.24%

Minneapolis

Spring Wheat Jul 2013 812 +5.75 +0.71%

Spring Wheat Sep 2013 795 +5 +0.63%

Spring Wheat Dec 2013 802 +4.75 +0.60%

Spring Wheat Mar 2014 815.25 +5.25 +0.65%

Spring Wheat May 2014 821.5 +5.25 +0.64%

Kansas City

KCBT Red Wheat Jul 2013 718.5 +2 +0.28%

KCBT Red Wheat Sep 2013 723.75 +3 +0.42%

KCBT Red Wheat Dec 2013 741.5 +2.75 +0.37%

KCBT Red Wheat Mar 2014 754.5 +3.25 +0.43%

KCBT Red Wheat May 2014 763 +3.5 +0.46%

Light crude oil nearby futures in New York rose 81 cents at $96.69 US per barrel.

The Canadian dollar at noon was 98.33 cents US, up from 98.02 cents the previous trading day. The U.S. dollar at noon was $1.017 Cdn.

U.S. stocks got a lift after data showed retail sales rose more than expected in May and first-time applications for jobless benefits fell last week, suggesting resilience in the U.S. economy.

The Toronto Stock Exchange’s S&P/TSX composite index ended the day up 167.24 points, or 1.38 percent, at 12,277.13.

The Dow Jones industrial average was up 181.70 points, or 1.21 percent, at 15,176.93.

The Standard & Poor’s 500 Index was up 23.90 points, or 1.48 percent, at 1,636.42.

The Nasdaq Composite Index was up 45.73 points, or 1.34 percent, at 3,445.16.