Canola rose Thursday, supported by rising soybeans.
Soybeans rose on developing worries about hot, dry weather in the southern Midwest.
Canola also had support from ideas that the recent slide was overdone and by the recent rain that delayed seeding and perhaps reduced the number of acres that can been seeded in eastern Saskatchewan due to excessive soil moisture.
Of course the same rain will get seeded crop off to a good start once warm weather returns. Light frost is expected in some areas of central Saskatchewan and southern Alberta early Friday morning.
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Pulse Weekly: Talk arises of India ending duty-free period
With harvest underway across the Canadian Prairies rumblings has been felt from the other side of the world, specifically in regards yellow peas. There have been recent media reports stating the Indian government is under growing domestic pressure to end its duty-free period on yellow pea imports.
Good seeding progress was made in Saskatchewan before the recent rain with farmers planting 64 percent of their crops as of May 21, up from the five-year average of 44 percent.
Saskatchewan Agriculture said 75 percent of crop is seeded in the southwest, 68 percent in the southeast, 67 percent in northwest, 50 percent in east-central, 65 percent in west-central and 66 percent in the northeast.
Alberta and Manitoba are nearing completion of their seeding campaigns.
July canola closed at $601.40, up $3.00.
November closed at $558.60, up $5.20
Corn fell Thursday on lower than expected weekly exports.
Oats fell hard.
• The Buenos Aires Grains Exchange on Thursday cut its soy crop estimate to 39.9 million tonnes from 41 million tonnes previously. It cut its corn estimate to 19.3 million tonnes from 19.8 million.
• The wheat market is watching to see how much rain actually falls in Russia, where dry weather had been hurting yield prospects.
• The International Grains Council sees global wheat stocks falling 15 million tonnes to a four-year low of 191 million by the end of 2012-13 with the crop outlook dimming in the European Union, Russia and Morocco. It cut world wheat production in 2012-13 by five million tonnes to 671 million.
• U.S. economic reports out today show the slow improvement in the American economy continues to creep along. The number of Americans filing new claims for jobless benefits dipped last week and factory activity grew but at a slower pace in May.
• The CWB today released its May 2012 Pool Return Outlook for the 2011-12 crop year. Wheat values range from unchanged to up $2 per tonne from last month’s PRO, depending on class, grade and protein level. Durum and malting barley values have not changed.
Winnipeg settlement price (per tonne)
Canola Jul 12 $601.40, up $3.00 +0.50%
Canola Nov 12 $558.60, up $5.20 +0.94%
Canola Jan 13 $563.90, up $6.10 +1.09%
Canola Mar 13 $567.60, up $6.80 +1.21%
Western Barley Jul 12 $237.00 unchanged
Western Barley Oct 12 $210.00 unchanged
Milling Wheat Oct 12 $262.70 unchanged
Milling Wheat Dec 12 $270.00 unchanged
Milling Wheat Mar 13 279.00 unchanged
Durum Wheat Oct 12 $275.60 unchanged
Durum Wheat Dec 12 $280.10 unchanged
Durum Wheat Mar 13 286.70 unchanged
Barley Oct 12 $182.00, down $2.00 -1.09%
Barley Dec 12 $185.00, down $3.00 -1.60%
Barley Mar 13 $188.00, down $3.00 -1.57%
Chicago (per bushel)
Soybeans Jul 12 $13.76, up 13.5 cents +0.99%
Soybeans Aug 12 $13.5625, up 13.75 +1.02%
Soybeans Nov 12 $12.7625, up 18.5 +1.47%
Corn Jul 12 $5.785, down 25.0 -4.14%
Corn Sep 12 $5.1825, down 10.75 -2.03%
Corn Dec 12 $5.15, down 8.0 -1.53%
Oats Jul 12 $3.05, down 20.0 -6.15%
Oats Sep 12 $3.09, down 20.0 -6.08%
Oats Dec 12 $3.155, down 20.0 -5.96%
Minneapolis (per bushel)
Spring Wheat Jul 12 $7.7525, unchanged
Spring Wheat Sep 12 $7.735, up 0.75 cents +0.10%
Spring Wheat Dec 12 $7.805, up 1.75 +0.22%
Spring Wheat Mar 13 $7.8575, unchanged
Light crude oil in New York rose 76 cents to close at $90.66 per barrel. Crude gained when talks between Iran and the West over the former’s nuclear program hit a snag.
The Bank of Canada dollar noon rate was 97.32 cents US, unchanged from the previous trading day.
The U.S. dollar was 1.0275 Cdn.
In early unofficial tallies:
The Toronto Stock Exchange’s S&P/TSX composite index closed up 1.27 points, or 0.01 percent, at 11,566.07.
The Dow Jones industrial average was up 33.60 points, or 0.27 percent, at 12,529.75.
The Standard & Poor’s 500 Index was up 1.82 points, or 0.14 percent, at 1,320.68.
The Nasdaq Composite Index was down 10.74 points, or 0.38 percent, at 2,839.38.
