Canola futures rose on Tuesday, supported by rising soybeans and thoughts that Monday’s decline was overdone.
Soybeans climbed on firm cash markets with U.S. exports still good due to congestion at Brazil’s ports.
Cold weather in Europe is delaying canola growth. Excess moisture in Britain and northern France already has caused problems for the crop. That lifted European rapeseed values. The cold is also delaying spring fieldwork.
On Monday China bought 300,000 tonnes of Australian canola for delivery April to June. It was the first purchase since the two countries worked out a protocol on blackleg similar to the one Canada has with China, allowing exports to crushers away from China’s rapeseed growing areas. The price was $680 per tonne, cheaper than Canadian product at $716. Canadian canola supply is expected to get extremely tight late in the crop year and the Chinese are looking for product to tie them over until new crop is available.
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May canola closed at $631.40, up $3.60. November closed at $560.00, up 10 cents.
Traders continue to position ahead of Thursday’s USDA reports on seeding and stocks.
The average estimate for March 1 soybean stocks among analysts surveyed by Reuters was 935 million bushels, a nine-year low, down from 1.374 billion bu. a year earlier.
The average analyst estimate as determined in a Reuters poll was for 78.394 million acres, which would surpass the previous record of 77.451 million set in 2009.
Analysts’ average estimate pegged U.S. corn stocks on March 1 at 5.013 billion bu., down from 6.023 billion a year ago and the tightest March 1 supply in 15 years.
Analysts’ average estimate pegged 2013 U.S. corn plantings at 97.252 million acres, up from 97.155 million last year and the biggest area in 77 years.
Wheat stocks are estimated at 1.177 billion bu., down from 1.199 billion last year at the same time.
Seeded acreage for winter wheat is projected at 41.789 million acres, down from 41.324 million last year.
Spring wheat is seen at 12.453 million acres (12,289 million last year) and durum at 2.118 million (2.123 last year).
Winnipeg ICE Futures Canada in dollars per tonne
Canola May 2013 631.40 +3.60 +0.57%
Canola Jul 2013 616.40 +0.90 +0.15%
Canola Nov 2013 560.00 +0.10 +0.02%
Canola Jan 2014 561.00 +0.10 +0.02%
Canola Mar 2014 558.00 +0.10 +0.02%
Milling Wheat May 2013 292.00 unch 0.00%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Durum Wheat May 2013 311.00 unch 0.00%
Durum Wheat Jul 2013 314.00 unch 0.00%
Durum Wheat Oct 2013 299.30 unch 0.00%
Barley May 2013 243.00 unch 0.00%
Barley Jul 2013 243.50 unch 0.00%
Barley Oct 2013 243.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2013 1447.75 +10.5 +0.73%
Soybeans Jul 2013 1426.5 +9 +0.63%
Soybeans Aug 2013 1382.25 +9.75 +0.71%
Soybeans Sep 2013 1312 +9.25 +0.71%
Soybeans Nov 2013 1276.5 +7.5 +0.59%
Soybeans Jan 2014 1281 +7.75 +0.61%
Soybean Meal May 2013 420.2 +2.4 +0.57%
Soybean Meal Jul 2013 415.5 +2.5 +0.61%
Soybean Meal Aug 2013 397.9 +2.4 +0.61%
Soybean Oil May 2013 50.82 +0.38 +0.75%
Soybean Oil Jul 2013 51.06 +0.36 +0.71%
Soybean Oil Aug 2013 50.97 +0.37 +0.73%
Corn May 2013 730.25 -3 -0.41%
Corn Jul 2013 712.25 -3 -0.42%
Corn Sep 2013 603.75 -1.25 -0.21%
Corn Dec 2013 571 -1 -0.17%
Corn Mar 2014 580.25 -1 -0.17%
Oats May 2013 399.75 -1.25 -0.31%
Oats Jul 2013 394.75 -5.5 -1.37%
Oats Sep 2013 373.75 unch 0.00%
Oats Dec 2013 365.75 -1.75 -0.48%
Oats Mar 2014 374.25 -1.75 -0.47%
Chicago soft red
Wheat May 2013 731.5 +4.25 +0.58%
Wheat Jul 2013 732.25 +3.25 +0.45%
Wheat Sep 2013 738.75 +3.25 +0.44%
Wheat Dec 2013 750.25 +2.75 +0.37%
Wheat Mar 2014 762 +2.25 +0.30%
Minneapolis hard red spring
Spring Wheat May 2013 810.5 +5.25 +0.65%
Spring Wheat Jul 2013 810.25 +5 +0.62%
Spring Wheat Sep 2013 809.75 +5.25 +0.65%
Spring Wheat Dec 2013 816.75 +5.5 +0.68%
Spring Wheat Mar 2014 830.25 +5.5 +0.67%
Kansas City hard red winter
KCBT Red Wheat May 2013 768.5 +9.5 +1.25%
KCBT Red Wheat Jul 2013 773.75 +9.5 +1.24%
KCBT Red Wheat Sep 2013 784.75 +8.75 +1.13%
KCBT Red Wheat Dec 2013 799 +7.75 +0.98%
KCBT Red Wheat Mar 2014 810.75 +7.75 +0.97%
Light crude oil nearby futures in New York rose $1.53 at $96.34 US per barrel.
The Canadian dollar at noon was 98.37 cents US, up from 97.87 cents the previous trading day. The U.S. dollar at noon was $1.0166 Cdn.
Wall Street advanced on separate reports that showed demand for long-lasting U.S. manufactured goods surged in February while U.S. single-family home prices started the year with the biggest annual increase since June 2006.
In early tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 25.67 points, or 0.20 percent, at 12,706.38.
Dow Jones industrial average was up 103.64 points, or 0.72 percent, at 14,551.39.
The Standard & Poor’s 500 Index was up 10.76 points, or 0.69 percent, at 1,562.45.
The Nasdaq Composite Index was up 13.22 points, or 0.41 percent, at 3,248.52.
