Canola futures finished up today after trading lower in the morning because of weakness in the vegetable oil market.
The nearby July contract on the ICE Futures Canada in Winnipeg gained 90 cents to close at $518.00 per tonne.
Canola dropped early in the trading session, as soyoil prices in Chicago also declined. Soyoil futures closed the day 22 cents lower, but worries about heat in Alberta and waterlogged fields in Manitoba offered support for canola prices.
Parts of Manitoba received 50 to 100 millimetres of rain in late May and early June. Canola seedlings may be stressed by excess moisture.
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November canola futures closed even higher, gaining $1.40 per tonne to settle at $524.00 per tonne.
Soybeans dropped in early trading, thanks to profit taking, but finished the day on a high note.
• July soy contracts in Chicago gained three cents and rose to $11.4125 per bushel.
• November futures increased 11 cents, closing at $11.1675
Analysts said an expected decline in Argentina’s soybean exports continue to support prices. Heavy rain in April damaged Argentina’s soy crop, cutting into production.
Chicago wheat finished the day up slightly, gaining 1.5 cents to close at $5.09 per bushel. Flooding in France’s grain belt has resulted in concerns about wheat production in Western Europe. Reuters reported that heavy rains likely harmed the crop during flowering, and fusarium may further cut into yield potential.
The rain may benefit wheat crops in Germany and Poland, so analysts are still predicting a large harvest in Western Europe.
Corn had a quiet day, with nearby futures gaining half a cent to close at $4.2775 per bushel.
Many traders are waiting on the U.S. Department of Agriculture’s monthly supply and demand report, which will be issued Friday.
Light crude oil nearby futures in New York were up 67 cents to US$50.36 per barrel.
The Canadian dollar at noon was US78.19 cents, up from 77.78 cents the previous trading day. The U.S. dollar at noon was C$1.2789.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2016 518.00 +0.90 +0.17%
Canola Nov 2016 524.00 +1.40 +0.27%
Canola Jan 2017 527.40 +0.80 +0.15%
Canola Mar 2017 528.90 +1.30 +0.25%
Canola May 2017 529.90 +1.00 +0.19%
Milling Wheat Jul 2016 241.00 -2.00 -0.82%
Milling Wheat Oct 2016 239.00 -1.00 -0.42%
Milling Wheat Dec 2016 244.00 -1.00 -0.41%
Durum Wheat Jul 2016 302.00 unch 0.00%
Durum Wheat Oct 2016 296.00 unch 0.00%
Barley Jul 2016 171.50 unch 0.00%
Barley Oct 2016 171.50 unch 0.00%
Barley Dec 2016 171.50 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 2016 1141.25 +3 +0.26%
Soybeans Aug 2016 1138.25 +4.75 +0.42%
Soybeans Sep 2016 1126.5 +8.5 +0.76%
Soybeans Nov 2016 1116.75 +11 +0.99%
Soybeans Jan 2017 1113.75 +12 +1.09%
Soybeans Mar 2017 1087.5 +14 +1.30%
Soybean Meal Jul 2016 407.8 -3.9 -0.95%
Soybean Meal Aug 2016 401.1 unch 0.00%
Soybean Meal Sep 2016 397.1 +2.7 +0.68%
Soybean Oil Jul 2016 32.29 -0.22 -0.68%
Soybean Oil Aug 2016 32.42 -0.21 -0.64%
Soybean Oil Sep 2016 32.56 -0.2 -0.61%
Corn Jul 2016 427.75 +0.5 +0.12%
Corn Sep 2016 430.5 +1.5 +0.35%
Corn Dec 2016 433.25 +3.25 +0.76%
Corn Mar 2017 438.75 +3 +0.69%
Corn May 2017 441.5 +2.75 +0.63%
Oats Jul 2016 196.5 +2.75 +1.42%
Oats Sep 2016 209.5 +3 +1.45%
Oats Dec 2016 222.25 +2.75 +1.25%
Oats Mar 2017 232 +2.5 +1.09%
Oats May 2017 232 +2.5 +1.09%
Wheat Jul 2016 509 +1.5 +0.30%
Wheat Sep 2016 519.25 +1.5 +0.29%
Wheat Dec 2016 538 +2.5 +0.47%
Wheat Mar 2017 556 +2.75 +0.50%
Wheat May 2017 566.75 +2.75 +0.49%
Minneapolis
Spring Wheat Jul 2016 546.25 unch 0.00%
Spring Wheat Dec 2016 570 +1.25 +0.22%
Spring Wheat Mar 2017 583.75 +2 +0.34%
Spring Wheat May 2017 591.5 +1.75 +0.30%
Kansas City
Hard Red Wheat Jul 2016 485 +3.75 +0.78%
Hard Red Wheat Sep 2016 501 +3 +0.60%
Hard Red Wheat Dec 2016 525.25 +3.75 +0.72%
Hard Red Wheat Mar 2017 542 +4 +0.74%
Hard Red Wheat May 2017 551.75 +3.75 +0.68%
