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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U.S. grains: Soy futures top one-week high, US crop outlook limits gains
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
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 2013 626.20 +2.40 +0.38%
Canola Nov 2013 542.40 +4.40 +0.82%
Canola Jan 2014 544.30 +5.00 +0.93%
Canola Mar 2014 539.80 +5.00 +0.93%
Canola May 2014 534.40 +4.60 +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 2013 1414.75 -4.5 -0.32%
Soybeans Aug 2013 1346.25 +1.25 +0.09%
Soybeans Sep 2013 1268 +5 +0.40%
Soybeans Nov 2013 1214 +4.25 +0.35%
Soybeans Jan 2014 1221.75 +4.25 +0.35%
Soybeans Mar 2014 1227.75 +4.25 +0.35%
Soybean Meal Jul 2013 411.8 -3.3 -0.79%
Soybean Meal Aug 2013 388.6 unch 0.00%
Soybean Meal Sep 2013 363.6 +1.5 +0.41%
Soybean Oil Jul 2013 49.76 +0.15 +0.30%
Soybean Oil Aug 2013 49.51 +0.15 +0.30%
Soybean Oil Sep 2013 49.23 +0.15 +0.31%
Corn Jul 2013 652.5 -3 -0.46%
Corn Sep 2013 569.75 +1.25 +0.22%
Corn Dec 2013 538 -1.25 -0.23%
Corn Mar 2014 547.75 -1.5 -0.27%
Corn May 2014 555.5 -1.5 -0.27%
Oats Jul 2013 384.25 +2.25 +0.59%
Oats Sep 2013 369.25 +0.75 +0.20%
Oats Dec 2013 361.5 +1.75 +0.49%
Oats Mar 2014 365.5 -0.25 -0.07%
Oats May 2014 367.75 -0.25 -0.07%
Wheat Jul 2013 710.75 +1 +0.14%
Wheat Sep 2013 719.5 +1.5 +0.21%
Wheat Dec 2013 735.5 +0.5 +0.07%
Wheat Mar 2014 752.5 unch 0.00%
Wheat May 2014 758 unch 0.00%
Minneapolis
Spring Wheat Jul 2013 811.25 -1.25 -0.15%
Spring Wheat Sep 2013 806.5 -2 -0.25%
Spring Wheat Dec 2013 814.75 -2.25 -0.28%
Spring Wheat Mar 2014 826.5 -1.25 -0.15%
Spring Wheat May 2014 834.25 -1.25 -0.15%
Kansas City
KCBT Red Wheat Jul 2013 767 +0.5 +0.07%
KCBT Red Wheat Sep 2013 775 +0.25 +0.03%
KCBT Red Wheat Dec 2013 791.75 -1 -0.13%
KCBT Red Wheat Mar 2014 804.75 -1.75 -0.22%
KCBT Red Wheat May 2014 807.25 -1.25 -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.
