Wheat futures jump on dry weather, canola edges up

Dry and vulnerable U.S. winter wheat areas helped push wheat up over 13 cents per bushel on an otherwise unexciting day in the crop futures markets.

Winter wheat crops are coming out of dormancy after a dry winter, which left little protective snow cover.

Most crop futures were slightly lower on signs of export weakness, but with wheat the questions about the potential of the winter wheat crop trumped demand concerns.

Canola managed to eke out a small gain, rising $1.40 per tonne for May futures to $460.70, and up $1.30 to $456.60 for July.

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Malaysian palm oil futures fell slightly, but Paris canola prices rose slightly.

India has a poor rapeseed crop and encouraged speculation that vegetable oil imports will rise.

Oats rose slightly but was virtually flat.

Stock markets generally rose, with the Dow 30 surging over 200 points as investors relaxed about many of the things they had been worried about in recent days.

In market news that many would consider odd, Coca-Cola is reported by the Associated Press as having worked with nutrition and diet experts to promote Coke as a snack. The soft drink giant has promoted mini-cans of Coke as an alternative to the regular-sized cans, which in many dieticians and others eyes seem like obesity-in-a-can.

The company has worked with numerous “consultants,” some it has hired or paid, to improve the image of the quintessentially American beverage.

Light crude oil nearby futures in New York were down 96 cents to US$43.88 per barrel.

The Canadian dollar at noon was US78.34 cents, up from US78.11 cents the previous trading day. The U.S. dollar at noon was C$1.2765.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 131.26 points, or 0.89 percent, at 14,862.76.

The Dow Jones industrial average rose 228.11 points, or 1.29 percent, to 17,977.42, the S&P 500 gained 27.79 points, or 1.35 percent, to 2,081.19 and the Nasdaq Composite added 57.75 points, or 1.19 percent, to 4,929.51.

Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015    460.70    +1.40    +0.30%
Canola Jul 2015    456.60    +1.30    +0.29%
Canola Nov 2015    446.40    +1.50    +0.34%
Canola Jan 2016    447.50    +1.50    +0.34%
Canola Mar 2016    450.10    +1.50    +0.33%

Milling Wheat May 2015    242.00    +7.00    +2.98%
Milling Wheat Jul 2015    244.00    +6.00    +2.52%
Milling Wheat Oct 2015    247.00    +5.00    +2.07%

Durum Wheat May 2015    323.00    unch    0.00%
Durum Wheat Jul 2015    313.00    unch    0.00%
Durum Wheat Oct 2015    318.00    unch    0.00%

Barley May 2015    184.00    unch    0.00%

Barley Jul 2015    186.00    unch    0.00%
Barley Oct 2015    177.00    unch    0.00%

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

Chicago
Soybeans May 2015    969.25    -4.75    -0.49%
Soybeans Jul 2015    973.75    -4.25    -0.43%
Soybeans Aug 2015    972.5    -4    -0.41%
Soybeans Sep 2015    959.25    -3.5    -0.36%
Soybeans Nov 2015    951.5    -1.75    -0.18%
Soybeans Jan 2016    956.5    -1.5    -0.16%

Soybean Meal May 2015    323.7    -3.3    -1.01%
Soybean Meal Jul 2015    320.8    -2.9    -0.90%
Soybean Meal Aug 2015    319.2    -2.9    -0.90%

Soybean Oil May 2015    30.39    -0.1    -0.33%
Soybean Oil Jul 2015    30.58    -0.11    -0.36%
Soybean Oil Aug 2015    30.66    -0.1    -0.33%

Corn May 2015    379    -1.5    -0.39%
Corn Jul 2015    387    -1    -0.26%
Corn Sep 2015    394.75    -0.75    -0.19%
Corn Dec 2015    404.25    -0.5    -0.12%
Corn Mar 2016    413.75    unch    0.00%

Oats May 2015    278    +0.25    +0.09%
Oats Jul 2015    280.5    +1    +0.36%
Oats Sep 2015    282.75    unch    0.00%
Oats Dec 2015    280    unch    0.00%
Oats Mar 2016    285.25    -1.75    -0.61%

Wheat May 2015    514    +12    +2.39%
Wheat Jul 2015    516.5    +13.25    +2.63%
Wheat Sep 2015    526    +13.5    +2.63%
Wheat Dec 2015    539.25    +13.25    +2.52%
Wheat Mar 2016    551.75    +13.75    +2.56%

Minneapolis

Spring Wheat May 2015    581    +13.5    +2.38%
Spring Wheat Jul 2015    586.5    +14    +2.45%
Spring Wheat Sep 2015    594.25    +14    +2.41%
Spring Wheat Dec 2015    603.5    +13.25    +2.24%
Spring Wheat Mar 2016    614.5    +12.25    +2.03%

Kansas City
Hard Red Wheat May 2015    555    +15.75    +2.92%
Hard Red Wheat Jul 2015    559.75    +16    +2.94%
Hard Red Wheat Sep 2015    571.5    +16.25    +2.93%
Hard Red Wheat Dec 2015    587    +15.5    +2.71%
Hard Red Wheat Mar 2016    598.75    +14.75    +2.53%