Canola prices edge higher in broad rally

It was a positive day across most crop markets with canola up a fraction of a percent and corn gaining more than one percent.

There was market talk of improved export demand for canola and slow farmer selling. Also wind and rain on the long weekend, particularly in southeastern Saskatchewan might have caused harvest problems.

Gains were limited by ample carry in stocks of canola and ideas that South America will plant more acres to soybeans this fall.

Traders were balancing their holdings in advance of the U.S. Department of Agriculture’s monthly supply and demand report due on Friday.

Traders expect the government will likely cut its forecast for U.S. corn and soybean production.

Reuters said farmers were harvesting the earliest maturing fields in parts of the southern and central Midwestern crop belt, and corn yields were slightly lower than last year’s record returns in parts of Indiana and Illinois, traders said.

However, harvest has not yet started in much of the top growing state of Iowa, while overall bigger yields this year in the western half of the Midwest were seen offsetting smaller yields in states such as Indiana and Ohio, Reuters said.

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Light crude oil nearby futures in New York were up $1.77 to US$45.92 per barrel.

The Canadian dollar at noon was US75.65 cents, up from 75.63 cents the previous trading day. The U.S. dollar at noon was C$1.3219.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2015 466.90 +1.80 +0.39%

Canola Jan 2016 470.30 +1.40 +0.30%

Canola Mar 2016 473.50 +0.80 +0.17%

Canola May 2016 474.30 +1.30 +0.27%

Canola Jul 2016 473.80 +0.90 +0.19%

Milling Wheat Oct 2015 224.00 +1.00 +0.45%

Milling Wheat Dec 2015 224.00 +1.00 +0.45%

Milling Wheat Mar 2016 228.00 +1.00 +0.44%

Durum Wheat Oct 2015 335.00 unch 0.00%

Durum Wheat Dec 2015 335.00 unch 0.00%

Durum Wheat Mar 2016 340.00 unch 0.00%

Barley Oct 2015 184.00 unch 0.00%

Barley Dec 2015 184.00 unch 0.00%

Barley Mar 2016 186.00 unch 0.00%

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

Chicago

Soybeans Sep 2015 884.5 +1.75 +0.20%

Soybeans Nov 2015 874 +1.75 +0.20%

Soybeans Jan 2016 877.5 +1.5 +0.17%

Soybeans Mar 2016 879.5 +1 +0.11%

Soybeans May 2016 881.25 +0.75 +0.09%

Soybeans Jul 2016 885.25 +1 +0.11%

Soybean Meal Sep 2015 311.4 -1.1 -0.35%

Soybean Meal Oct 2015 308 -1.7 -0.55%

Soybean Meal Dec 2015 306.7 -1.6 -0.52%

Soybean Oil Sep 2015 26.87 +0.27 +1.02%

Soybean Oil Oct 2015 26.95 +0.27 +1.01%

Soybean Oil Dec 2015 27.17 +0.27 +1.00%

Corn Sep 2015 361.75 +5.25 +1.47%

Corn Dec 2015 374.25 +5.25 +1.42%

Corn Mar 2016 385.5 +5.25 +1.38%

Corn May 2016 392.5 +5 +1.29%

Corn Jul 2016 397.5 +5 +1.27%

Oats Sep 2015 238 -1.25 -0.52%

Oats Dec 2015 232 -1.25 -0.54%

Oats Mar 2016 233.25 +0.25 +0.11%

Oats May 2016 236 +1.5 +0.64%

Oats Jul 2016 237 +1.5 +0.64%

Wheat Sep 2015 468 +6 +1.30%

Wheat Dec 2015 478 +5.75 +1.22%

Wheat Mar 2016 486 +5.75 +1.20%

Wheat May 2016 491 +5.5 +1.13%

Wheat Jul 2016 495.5 +5.25 +1.07%

Minneapolis

Spring Wheat Sep 2015 491.25 +3 +0.61%

Spring Wheat Dec 2015 508.75 +3.5 +0.69%

Spring Wheat Mar 2016 523 +3 +0.58%

Spring Wheat May 2016 533 +2.25 +0.42%

Spring Wheat Jul 2016 543 +2 +0.37%

Kansas City

Hard Red Wheat Sep 2015 453.5 +5.25 +1.17%

Hard Red Wheat Dec 2015 477.5 +5 +1.06%

Hard Red Wheat Mar 2016 491 +4.75 +0.98%

Hard Red Wheat May 2016 500.75 +4.75 +0.96%

Hard Red Wheat Jul 2016 510.5 +5 +0.99%

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