Canola futures rose Tuesday with continuing support from soybeans, that were lifted by concern about dry weather in Argentina.
January soybeans rose to close above US$10 a bushel for the first time since Oct. 16.
Traders in Canada were waiting in anticipation for Statistics Canada’s final crop report of the year issued tomorrow morning. Watch for coverage of the report at Produer.com.
ARGENTINA DRY
Argentina’s farmers are about half way through seeding their soybean crops but La Nina influenced dry weather is slowing the planting pace. Drynesss could also affect Argentina corn crop, but world corn stocks are much larger than soybean stocks and so it will take more to get a rally going in corn.
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Meanwhile, planting of the Brazilian soybean crop is nearing the finish line ahead of the normal time and crops in central and northern growing areas are in good shape.
It is getting dry in southern Brazil.
Australia’s weather office says the official La Nina threshold has been reached and it expects the system to last into March, but will likely be weak.
La Nina systems tend to deliver drier than normal conditions to Argentina and wetter than normal conditions to Australia.
There has been excessive rain recently in parts of eastern Australia, hurting the quality of wheat that is about to be harvested.
OUTSIDE MARKETS
Stock traders were trying to assess how American legislators from both sides of Congress were doing putting together their tax reform bills and the impacts that those tax changes will have on business.
Light crude oil nearby futures in New York were up 15 cents at US$57.62 per barrel.
In the afternoon, the Canadian dollar was trading around US78.77 cents, little changed from 78.79 cents the previous trading day. The U.S. dollar was C$1.2695.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 49.60 points, or 0.31 percent, at 15,919.43.
The Dow Jones Industrial Average lost 0.45 percent to end at 24,180.64 points, while the S&P 500 ended down 0.37 percent at 2,629.57. The Nasdaq Composite dropped 0.19 percent to 6,762.21.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 18 509.70s +2.30 +0.45%
Canola Mar 18 518.50s +2.10 +0.41%
Canola May 18 524.90s +2.60 +0.50%
Canola Jul 18 528.40s +3.00 +0.57%
Canola Nov 18 507.30s +2.00 +0.40%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Jan 18 1008-4s +10-0 +1.00%
Soybeans Mar 18 1020-4s +10-2 +1.01%
Soybeans May 18 1030-6s +9-6 +0.95%
Soybeans Jul 18 1038-6s +9-2 +0.90%
Soybeans Aug 18 1039-2s +9-0 +0.87%
Soybean Meal Dec 17 341.3s +5.9 +1.76%
Soybean Meal Jan 18 343.3s +5.8 +1.72%
Soybean Meal Mar 18 346.3s +5.7 +1.67%
Soybean Oil Dec 17 33.41s +0.05 +0.15%
Soybean Oil Jan 18 33.50s +0.06 +0.18%
Soybean Oil Mar 18 33.71s +0.05 +0.15%
Corn Dec 17 339-6s +0-2 +0.07%
Corn Mar 18 353-6s +0-2 +0.07%
Corn May 18 362-2s +0-2 +0.07%
Corn Jul 18 370-4s +0-4 +0.14%
Corn Sep 18 377-4s +0-4 +0.13%
Oats Dec 17 239-0s -2-2 -0.93%
Oats Mar 18 254-4s -2-4 -0.97%
Oats May 18 260-2s -2-0 -0.76%
Oats Jul 18 266-6s -2-4 -0.93%
Oats Sep 18 268-6s -2-4 -0.92%
Wheat Dec 17 406-0s -4-2 -1.04%
Wheat Mar 18 432-6s -2-4 -0.57%
Wheat May 18 445-0s -2-4 -0.56%
Wheat Jul 18 458-2s -2-4 -0.54%
Wheat Sep 18 472-2s -2-2 -0.47%
Minneapolis
Spring Wheat Dec 17 609-0s -5-0 -0.81%
Spring Wheat Mar 18 626-2s -2-6 -0.44%
Spring Wheat May 18 633-2s -2-6 -0.43%
Spring Wheat Jul 18 634-4s -2-2 -0.35%
Spring Wheat Sep 18 629-4s -0-6 -0.12%
Kansas City
Hard Red Wheat Dec 17 414-2s -5-6 -1.37%
Hard Red Wheat Mar 18 431-4s -2-4 -0.58%
Hard Red Wheat May 18 444-2s -2-6 -0.62%
Hard Red Wheat Jul 18 460-6s -3-0 -0.65%
Hard Red Wheat Sep 18 477-4s -3-2 -0.68%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 116.425s +0.050 +0.04%
Live Cattle Feb 18 120.525s -0.650 -0.54%
Live Cattle Apr 18 121.525s -0.875 -0.71%
Feeder Cattle Jan 18 147.825s -2.125 -1.42%
Feeder Cattle Mar 18 145.750s -2.000 -1.35%
Feeder Cattle Apr 18 146.400s -1.525 -1.03%
Lean Hogs Dec 17 64.275s -0.675 -1.04%
Lean Hogs Feb 18 70.500s -1.175 -1.64%
Lean Hogs Apr 18 74.325s -1.125 -1.49%
