Canola rises with strength from soybeans

Canola futures closed about one percent high, supported by two percent increases in soybean futures.

The CWB/Cereals North America crop tour of Western Canada began today. Conditions in western Manitoba are exceptionally variable in development, ranging from just starting to flower to others starting to set pods.

Turn to Producer.com this afternoon for a wrap up of the day’s tours of Manitoba, Alberta and Saskatchewan.

Reporters are tweeting from the tour at the hashtag #croptour14

The following is Reuters’ wrap of today’s U.S. markets.

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U.S. grains: Corn, soybeans tick higher ahead of USDA report

Chicago | Reuters – Chicago corn and soybeans futures rose on Thursday as traders squared positions before a government crop…

U.S. corn and soybean futures rose on Monday with both markets supported by strengthening demand and isolated dryness in some areas that could hamper development of the crops in the Midwest.

Wheat futures were lower but trimmed losses in the wake of an announcement from the U.S. Department of Agriculture showing a wheat sale to Nigeria and a soybean sale to top importer China.

Soybean futures jumped as much as two percent following disappointing weekend rains in southwest Iowa and around the U.S. Great Lakes region, according to the Commodity Weather Group.

“The dryness has developed too late for major impact to pollinating corn, but some minor soy losses are possible to pod-setting soy in drier sections,” the firm said in a note to clients.

Condition ratings for corn and soy dropped for the first time in a month, surprising the market, which expected steady ratings.

After the market closed, the USDA reported soybeans were rated 71 percent good to excellent as of July 27, a two percentage point decline from a week earlier. Good-to-excellent ratings for corn fell one percentage point to 75 percent.

The USDA said early on Monday that exporters sold 486,000 tonnes of soybeans to China in the tenth announcement this month of a daily sale of 100,000 or more tonnes required by law.

The government also said Nigeria bought 101,000 tonnes of wheat — 61,000 tonnes of hard red winter wheat and the rest soft red winter wheat.

“We’re building some weather premium back into the market ahead of a critical month for beans,” said Brian Basting, an analyst at grains advisory service Advance Trading in Bloomington, Illinois.

“We’ve had some big purchases, but that’s taking a back seat to crop size. The top soil is drying out.”

Wheat prices remained anchored by favourable crop prospects in the Black Sea region.

Russia, one of the world’s key wheat exporters via the Black Sea, is likely to harvest 57.5 million tonnes of wheat in 2014, IKAR, a leading agriculture consultancy, said in a note.

“The forecast was upgraded (from a previously expected 56.3 million tonnes) thanks to higher yields in several regions,” Dmitry Rylko, the head of IKAR, added.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2014 447.10 +4.60 +1.04%

Canola Jan 2015 451.10 +5.10 +1.14%

Canola Mar 2015 451.70 +4.90 +1.10%

Canola May 2015 448.20 +5.00 +1.13%

Canola Jul 2015 444.10 +5.00 +1.14%

Milling Wheat Oct 2014 190.00 -2.00 -1.04%

Milling Wheat Dec 2014 195.00 -2.00 -1.02%

Milling Wheat Mar 2015 196.00 -2.00 -1.01%

Durum Wheat Oct 2014 250.00 unch 0.00%

Durum Wheat Dec 2014 256.00 unch 0.00%

Durum Wheat Mar 2015 257.00 unch 0.00%

Barley Oct 2014 137.50 unch 0.00%

Barley Dec 2014 139.50 unch 0.00%

Barley Mar 2015 140.50 unch 0.00%

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

Chicago

Soybeans Aug 2014 1236.5 +24.25 +2.00%

Soybeans Sep 2014 1137 +23.25 +2.09%

Soybeans Nov 2014 1107.75 +24.25 +2.24%

Soybeans Jan 2015 1114.25 +24 +2.20%

Soybeans Mar 2015 1120 +23.75 +2.17%

Soybeans May 2015 1125.25 +23.25 +2.11%

Soybean Meal Aug 2014 402.8 +4.8 +1.21%

Soybean Meal Sep 2014 375.2 +5.4 +1.46%

Soybean Meal Oct 2014 360.2 +6.7 +1.90%

Soybean Oil Aug 2014 36.52 +0.43 +1.19%

Soybean Oil Sep 2014 36.6 +0.42 +1.16%

Soybean Oil Oct 2014 36.62 +0.45 +1.24%

Corn Sep 2014 367.75 +4.75 +1.31%

Corn Dec 2014 376.75 +5 +1.34%

Corn Mar 2015 388.5 +5.25 +1.37%

Corn May 2015 396.5 +5.5 +1.41%

Corn Jul 2015 403.5 +5.25 +1.32%

Oats Sep 2014 366.5 +18.5 +5.32%

Oats Dec 2014 337.5 +5 +1.50%

Oats Mar 2015 322.25 +3 +0.94%

Oats May 2015 316 +2.75 +0.88%

Oats Jul 2015 314 +2.5 +0.80%

Wheat Sep 2014 534.75 -3.25 -0.60%

Wheat Dec 2014 557.75 -2 -0.36%

Wheat Mar 2015 580.25 -1.25 -0.21%

Wheat May 2015 594.75 -1.5 -0.25%

Wheat Jul 2015 606 -2.25 -0.37%

Minneapolis

Spring Wheat Sep 2014 621.25 -6.5 -1.04%

Spring Wheat Dec 2014 630.75 -4.25 -0.67%

Spring Wheat Mar 2015 642.75 -3.75 -0.58%

Spring Wheat May 2015 650 -4.25 -0.65%

Spring Wheat Jul 2015 656.75 -4.75 -0.72%

Kansas City

KC HRW Wheat Sep 2014 625.5 -5.75 -0.91%

KC HRW Wheat Dec 2014 640.25 -5 -0.77%

KC HRW Wheat Mar 2015 647.5 -5.5 -0.84%

KC HRW Wheat May 2015 652 -6.25 -0.95%

KC HRW Wheat Jul 2015 644.25 -6.25 -0.96%

Light crude oil nearby futures in New York dropped 42 cents at $101.67 US per barrel.

The Canadian dollar at noon was 92.58 cents US, up from 92.47 cents the previous trading day. The U.S. dollar at noon was $1.0801 Cdn.

The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed down 9.82 points, or 0.06 percent, at 15,445.22.

The Dow Jones industrial average rose 22.02 points or 0.13 percent, to end at 16,982.59.

The S&P 500 .SPX inched up just 0.57 of a point or 0.03 percent to finish at 1,978.91.

The Nasdaq Composite slipped 4.66 points or 0.10 percent, to close at 4,444.91.

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