Canola futures rose Thursday, with the price rising to ration tight supplies and encourage farmers to unlock bin doors.
The delays in Canadian seeding might push harvest back, meaning buyers might have to rely on old crop supplies longer than expected.
May canola closed at $634.90 up $8.40. November closed at $560.20, up $1.70.
Much warmer weather is expected for the Prairies next week.
New crop futures rose more modestly as analysts speculate that the slow start to seeding might push some U.S. corn acres into faster maturing soybeans.
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U.S. grains: Soy futures top one-week high, US crop outlook limits gains
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
Soybeans rose on new delays in Brazil’s soybean export campaign leading to expectation that buyers will continue to turn to the U.S. for some supply.
Wheat was supported by good weekly U.S. exports and concerns that temperatures of about -4C Wednesday and Thursday morning might have cause additional damage to hard red winter wheat in the U.S.
Corn fell on profit taking and unwinding of bull spreads, where traders bought nearby contracts and sold new crop contracts. Reuters reports that some traders reversed that position on Thursday.
The area affected by severe drought in the U.S. continues to contract thanks to spring rain and snowstorms. The top grain state of Iowa last week recorded its wettest week since June 2010 as almost three inches of precipitation fell.
Cold wet weather is delaying seeding of China’s corn crop.
Bloomberg news quotes research firm Shanghai JC Intelligence Co. saying that feed demand from China’s poultry industry may slump 20 percent in the second quarter from a year earlier after an outbreak of bird flu.
Poultry-product sales have dropped almost 70 percent since the end of March as government asked its citizens to avoid contact with live animals, Bloomberg said.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2013 634.90 +8.40 +1.34%
Canola Jul 2013 620.60 +6.50 +1.06%
Canola Nov 2013 560.20 +1.70 +0.30%
Canola Jan 2014 560.10 +2.00 +0.36%
Canola Mar 2014 555.10 +2.30 +0.42%
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 194.00 -10.00 -4.90%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2013 1430.5 +8.25 +0.58%
Soybeans Jul 2013 1390 +10 +0.72%
Soybeans Aug 2013 1339 +7.25 +0.54%
Soybeans Sep 2013 1268.25 +6.25 +0.50%
Soybeans Nov 2013 1223.5 +5.5 +0.45%
Soybeans Jan 2014 1231 +5.5 +0.45%
Soybean Meal May 2013 411 +3.7 +0.91%
Soybean Meal Jul 2013 403.1 +3.8 +0.95%
Soybean Meal Aug 2013 382.4 +1.6 +0.42%
Soybean Oil May 2013 49.66 +0.27 +0.55%
Soybean Oil Jul 2013 49.66 +0.22 +0.44%
Soybean Oil Aug 2013 49.52 +0.17 +0.34%
Corn May 2013 644.5 -16 -2.42%
Corn Jul 2013 629.75 -11.5 -1.79%
Corn Sep 2013 566.75 -7.25 -1.26%
Corn Dec 2013 541.25 -6.0 -1.10%
Corn Mar 2014 551.75 -5.5 -0.99%
Oats May 2013 388.5 +2 +0.52%
Oats Jul 2013 379.25 +1.25 +0.33%
Oats Sep 2013 369.25 unch 0.00%
Oats Dec 2013 365.5 unch 0.00%
Oats Mar 2014 370 +2.75 +0.75%
Chicago soft red winter
Wheat May 2013 702.75 -1.0 -0.14%
Wheat Jul 2013 706.75 -0.5 -0.07%
Wheat Sep 2013 713.75 unch 0.00%
Wheat Dec 2013 727.5 unch 0.00%
Wheat Mar 2014 740.5 -0.5 -0.07%
Minneapolis hard red winter
Spring Wheat May 2013 817.75 +9.5 +1.18%
Spring Wheat Jul 2013 802.25 +3.5 +0.44%
Spring Wheat Sep 2013 795.75 +1.25 +0.16%
Spring Wheat Dec 2013 804 +1.25 +0.16%
Spring Wheat Mar 2014 817.75 +1.5 +0.18%
Kansas City hard red winter
KCBT Red Wheat May 2013 743.75 +1.75 +0.24%
KCBT Red Wheat Jul 2013 749 +1.5 +0.20%
KCBT Red Wheat Sep 2013 760.75 +1.75 +0.23%
KCBT Red Wheat Dec 2013 777.75 +2.5 +0.32%
KCBT Red Wheat Mar 2014 790.75 +2.5 +0.32%
Light crude oil nearby futures in New York rose $1.05 at $87.73 US per barrel.
The Bank of Canada noon rate for the loonie was 97.51 cents U.S., up slightly from 97.45 on Wednesday. The U.S. buck was $1.0255 Cdn.
In early tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 49.40 points or 0.41 percent at 11,996.69
The Dow Jones industrial average slid 81.37 points, or 0.56 percent, to end at 14,537.22.
The Standard & Poor’s 500 Index dropped 10.39 points, or 0.67 percent, to finish at 1,541.62.
The Nasdaq Composite Index lost 38.31 points, or 1.20 percent, to close at 3,166.36.
