Canola rises again on dry Argentina

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.

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%

 

 

 

 

 

 

 

 

 

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