Canola futures rose on Tuesday, supported by slightly stronger soy oil and a weaker loonie.
Support for canola also came from forecasts that show rain over much of the Prairies Saturday and Sunday, delaying seeding.
Corn was under pressure by expectation of rapid seeding progress in the Midwest, until rain hits that region later this week.
Otherwise, there was not a lot of market moving news.
Concerns are growing about dry weather in Russia and Ukraine. If the weather stays dry for another week, it will start hurting yield potential. So farm he head of analytical firm SovEcon is keeping his forecast for Russia’s grain crop at 83-89 million tonnes, up from last year’s 71 million. But continued hot dry weather will first hurt the spring crop and then if it lingers will hurt the larger winter crop.
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The U.S. corn crop could be the biggest ever. That’s terrible news for America’s farmers.
The USDA predicts a record corn crop for U.S. farmers, who question the agency’s accuracy amidst high debt and low crop prices.
Temperatures in grain producing areas around the Black Sea are hitting the high 20s to mid 30s C this week.
Eastern part of Australia received showers over the weekend to help alleviate dry conditions but after some additional rain this week it is expected to turn dry again.
It was an up day in equity markets, buoyed by signs of strengthening global economy, although perhaps not in China. The Dow and S&P 500 posted new record highs.
The equities rally is being helped by stimulus programs being implements by many of the central banks of the leading economies.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013Â Â Â Â Â Â 626.20Â Â Â Â Â Â +2.40Â Â Â Â Â Â +0.38%
Canola Nov 2013Â Â Â Â Â Â 542.40Â Â Â Â Â Â +4.40Â Â Â Â Â Â +0.82%
Canola Jan 2014Â Â Â Â Â Â 544.30Â Â Â Â Â Â +5.00Â Â Â Â Â Â +0.93%
Canola Mar 2014Â Â Â Â Â Â 539.80Â Â Â Â Â Â +5.00Â Â Â Â Â Â +0.93%
Canola May 2014Â Â Â Â Â Â 534.40Â Â Â Â Â Â +4.60Â Â Â Â Â Â +0.87%
Milling Wheat Jul 2013      294.00      unch      0.00%
Milling Wheat Oct 2013      294.00      unch      0.00%
Milling Wheat Dec 2013      294.00      unch      0.00%
Durum Wheat Jul 2013      301.90      unch      0.00%
Durum Wheat Oct 2013      294.90      unch      0.00%
Durum Wheat Dec 2013      299.40      unch      0.00%
Barley Jul 2013      244.00      unch      0.00%
Barley Oct 2013      194.00      unch      0.00%
Barley Dec 2013      199.00      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2013Â Â Â Â Â Â 1414.75Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.32%
Soybeans Aug 2013Â Â Â Â Â Â 1346.25Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.09%
Soybeans Sep 2013Â Â Â Â Â Â 1268Â Â Â Â Â Â +5Â Â Â Â Â Â +0.40%
Soybeans Nov 2013Â Â Â Â Â Â 1214Â Â Â Â Â Â +4.25Â Â Â Â Â Â +0.35%
Soybeans Jan 2014Â Â Â Â Â Â 1221.75Â Â Â Â Â Â +4.25Â Â Â Â Â Â +0.35%
Soybeans Mar 2014Â Â Â Â Â Â 1227.75Â Â Â Â Â Â +4.25Â Â Â Â Â Â +0.35%
Soybean Meal Jul 2013Â Â Â Â Â Â 411.8Â Â Â Â Â Â -3.3Â Â Â Â Â Â -0.79%
Soybean Meal Aug 2013      388.6      unch      0.00%
Soybean Meal Sep 2013Â Â Â Â Â Â 363.6Â Â Â Â Â Â +1.5Â Â Â Â Â Â +0.41%
Soybean Oil Jul 2013Â Â Â Â Â Â 49.76Â Â Â Â Â Â +0.15Â Â Â Â Â Â +0.30%
Soybean Oil Aug 2013Â Â Â Â Â Â 49.51Â Â Â Â Â Â +0.15Â Â Â Â Â Â +0.30%
Soybean Oil Sep 2013Â Â Â Â Â Â 49.23Â Â Â Â Â Â +0.15Â Â Â Â Â Â +0.31%
Corn Jul 2013Â Â Â Â Â Â 652.5Â Â Â Â Â Â -3Â Â Â Â Â Â -0.46%
Corn Sep 2013Â Â Â Â Â Â 569.75Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.22%
Corn Dec 2013Â Â Â Â Â Â 538Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.23%
Corn Mar 2014Â Â Â Â Â Â 547.75Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.27%
Corn May 2014Â Â Â Â Â Â 555.5Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.27%
Oats Jul 2013Â Â Â Â Â Â 384.25Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.59%
Oats Sep 2013Â Â Â Â Â Â 369.25Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.20%
Oats Dec 2013Â Â Â Â Â Â 361.5Â Â Â Â Â Â +1.75Â Â Â Â Â Â +0.49%
Oats Mar 2014Â Â Â Â Â Â 365.5Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.07%
Oats May 2014Â Â Â Â Â Â 367.75Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.07%
Wheat Jul 2013Â Â Â Â Â Â 710.75Â Â Â Â Â Â +1Â Â Â Â Â Â +0.14%
Wheat Sep 2013Â Â Â Â Â Â 719.5Â Â Â Â Â Â +1.5Â Â Â Â Â Â +0.21%
Wheat Dec 2013Â Â Â Â Â Â 735.5Â Â Â Â Â Â +0.5Â Â Â Â Â Â +0.07%
Wheat Mar 2014      752.5      unch      0.00%
Wheat May 2014      758      unch      0.00%
Minneapolis
Spring Wheat Jul 2013Â Â Â Â Â Â 811.25Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.15%
Spring Wheat Sep 2013Â Â Â Â Â Â 806.5Â Â Â Â Â Â -2Â Â Â Â Â Â -0.25%
Spring Wheat Dec 2013Â Â Â Â Â Â 814.75Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.28%
Spring Wheat Mar 2014Â Â Â Â Â Â 826.5Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.15%
Spring Wheat May 2014Â Â Â Â Â Â 834.25Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.15%
Kansas City
KCBT Red Wheat Jul 2013Â Â Â Â Â Â 767Â Â Â Â Â Â +0.5Â Â Â Â Â Â +0.07%
KCBT Red Wheat Sep 2013Â Â Â Â Â Â 775Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.03%
KCBT Red Wheat Dec 2013Â Â Â Â Â Â 791.75Â Â Â Â Â Â -1Â Â Â Â Â Â -0.13%
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 804.75Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.22%
KCBT Red Wheat May 2014Â Â Â Â Â Â 807.25Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.15%
Light crude oil nearby futures in New York down 96 cents at $94.21 US per barrel.
The Canadian dollar at noon was 98.54 cents US, down from 98.93 cents the previous trading day. The U.S. dollar at noon was $1.0148 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index rose 47.50 points, or 0.38 percent, to 12,577.05.
Dow Jones industrial average gained 123.57 points, or 0.82 percent, to a record 15,215.25 at the close.
The Standard & Poor’s 500 Index rose 16.57 points, or 1.01 percent, to end at a record 1,650.34.
The Nasdaq Composite Index climbed 23.82 points, or 0.69 percent, to 3,462.61, its highest close since November 2000.
