Grains and oilseed futures rose Thursday ahead of Friday morning’s USDA supply and demand reports that will update the department’s assessment of drought damage to U.S. crops.
Check Producermobile.com and Producer.com for updates Friday morning.
The reports will also give the department’s take on drought damage to crops in the Black Sea exporting region.
The U.S. yield and production assesments carry a lot of weight because they are the first ones this year based on actual field scouting.
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Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
Canola and corn rose a little less than one percent, spring wheat climbed about 1.5 percent and November soybeans soared almost four percent. Soybeans enjoyed additional support from new Chinese buying.
USDA said exporters reported sales of 165,000 tonnes of U.S. soybeans to China for delivery in 2012-13 and traders said China might have bought up to 500,000 tonnes of U.S. soybeans for September through December shipment.
Basis levels on soy at the Gulf of Mexico jumped to a three-year peak as exporters scrambled for nearby supplies.
Chicago December corn hit a record high during the day topping the previous record of $8.2875 set by the spot September contract three weeks ago.
Gains in canola were limited by the rapidly approaching harvest and the strong Canadian dollar, which remained above par.
November canola closed at $609.10, up $6.
•Saskatchewan Agriculture said today 28 percent of the winter wheat, 23 percent of fall rye, six percent of peas, three percent of lentils and one percent of mustard has been combined. Two percent of canola and five percent of the mustard has been swathed.
• The U.S. Drought Monitor map released today http://droughtmonitor.unl.edu/ shows the situation is worsening.
The area under extreme drought in Iowa soared to about 69 percent from 31 percent a week ago.
Extreme drought expanded to 94 percent of Missouri and more than 81 percent of Illinois.
• India’s monsoon rains are improving but the accumulated rain total is still down 17 percent from normal so far this year. They were down only one percent in the week ending Aug. 8 and were down four percent the week before.
Worst-hit states have been Punjab and Haryana in the north, Gujarat and Maharashtra in the west and Karnataka in the south.
• ICE Futures Canada today de-listed its western barley futures and options contracts effective immediately.
There has had no trade activity in more than three months in the contract. We will remove western barley from our listing tomorrow.
ICE launched a new barley contract in January. It will continue to trade.
Winnipeg (per tonne)
Canola Nov 12 $609.10, up $6.00 +0.99%
Canola Jan 13 $612.80, up $5.30 +0.87%
Canola Mar 13 $614.30, up $4.80 +0.79%
Canola May 13 $610.20, up $4.90 +0.81%
Western Barley Oct 12 $265.00, unchanged
Western Barley Dec 12 $270.00, unchanged
Milling Wheat Oct 12 $303.80, up 2.90 +0.96%
Milling Wheat Dec 12 $309.40, up 2.90 +0.95%
Milling Wheat Mar 13 $319.40, up 2.90 +0.92%
Durum Wheat Oct 12 $309.00, unchanged
Durum Wheat Dec 12 $313.50, unchanged
Durum Wheat Mar 13 $320.10, unchanged
Barley Oct 12 $264.50, unchanged
Barley Dec 12 $269.50, unchanged
Barley Mar 13 $272.50, unchanged
Chicago (per bushel)
Soybeans (P) Aug 12 $16.945, up 64.5 +3.96%
Soybeans (P) Sep 12 $16.5475, up 54.75 +3.42%
Soybeans (P) Nov 12 $16.3125, up 50.0 +3.16%
Soybeans (P) Jan 13 $16.1675, up 42.75 +2.72%
Corn (P) Sep 12 $8.1825, up 7.5 +0.93%
Corn (P) Dec 12 $8.2375, up 7.25 +0.89%
Corn (P) Mar 13 $8.2375, up 10.25 +1.26%
Oats (P) Sep 12 $3.895, up 13.75 +3.66%
Oats (P) Dec 12 $3.855, up 8.25 +2.19%
Oats (P) Mar 13 $3.82, up 4.5 +1.19%
Minneapolis (per bushel)
Spring Wheat Sep 12 $9.59, up 13.75 +1.45%
Spring Wheat Dec 12 $9.6825, up 15.75 +1.65%
Spring Wheat Mar 13 $9.7675, up 14.0 +1.45%
Spring Wheat May 13 $9.785, up 17.5 +1.82%
The noon Bank of Canada rate for the Canadian dollar was $1.0077 US, up from 1.0053 the day before.
The U.S. dollar was 99.24 Cdn.
In early tallies:
Toronto Stock Exchange S&P/TSX composite index rose 77.09 points, or 0.65 percent, at 11,858.13.
The Dow Jones industrial average fell 10.45 points, or 0.08 percent, to 13,165.19.
The Standard & Poor’s 500 Index edged up 0.58 of a point, or 0.04 percent, to 1,402.80.
The Nasdaq Composite Index rose 7.39 points, or 0.25 percent, to close at 3,018.64.
