Canola futures set a contract low on Tuesday but strengthened later and closed little changed.
November fell as low as $429.10 per tonne, below its previous contract low of $431.50 set back in the first half of February.
Crop prices remained under pressure on thoughts that near ideal weather in the U.S. Midwest will generate record yields of corn and soybeans.
Improved weather in Western Canada is helping crops catch up to average development.
Crops in the western half of the Prairies are generally in average shape while the eastern part of the region continues to recover from the excess rain problems of the spring and early summer.
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We’ll get a better handle on the Canadian crop next week when the CWB crop tour surveys fields in all three Prairie provinces.
The Western Producer will cover this tour extensively with postings on Twitter and Producer.com as well as the wrap up in the newspaper.
The U.S. Wheat Quality Council tour of spring wheat crop in the U.S. began today.
The tour covered southeastern North Dakota and found the potential for above average production.
The USDA’s weekly national crop rating report put the U.S. spring wheat crop at 70 percent good to excellent, the same as last week. The rating for the spring wheat crop in North Dakota was 82 percent good to excellent.
Minneapolis spring wheat December fell about one percent today.
The national rating for the U.S. corn crop was 76 percent good to excellent, steady with last week and soy was at 73 percent good to excellent, up one percentage point from last week. .
Corn futures fell about one percent to the lowest level in four years.
New crop soybeans fell about 1.3 percent on the good crop condition and favourable weather. Old crop rose on recent U.S. export deals.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 433.40 -0.50 -0.12%
Canola Jan 2015 437.20 unch 0.00%
Canola Mar 2015 437.70 +0.60 +0.14%
Canola May 2015 433.70 +0.60 +0.14%
Canola Jul 2015 429.40 +0.90 +0.21%
Milling Wheat Oct 2014 191.00 +5.00 +2.69%
Milling Wheat Dec 2014 194.00 +3.00 +1.57%
Milling Wheat Mar 2015 200.00 -3.00 -1.48%
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 1184 +8.25 +0.70%
Soybeans Sep 2014 1085 -6.5 -0.60%
Soybeans Nov 2014 1057.75 -13.75 -1.28%
Soybeans Jan 2015 1065.75 -14 -1.30%
Soybeans Mar 2015 1073.75 -13.75 -1.26%
Soybeans May 2015 1081.75 -13.5 -1.23%
Soybean Meal Aug 2014 381.8 +1.1 +0.29%
Soybean Meal Sep 2014 358.4 -1.7 -0.47%
Soybean Meal Oct 2014 345.3 -4.4 -1.26%
Soybean Oil Aug 2014 35.93 -0.21 -0.58%
Soybean Oil Sep 2014 35.99 -0.22 -0.61%
Soybean Oil Oct 2014 35.93 -0.24 -0.66%
Corn Sep 2014 360.25 -3.75 -1.03%
Corn Dec 2014 368.25 -3.75 -1.01%
Corn Mar 2015 380.25 -3.5 -0.91%
Corn May 2015 388.5 -3.75 -0.96%
Corn Jul 2015 396 -3.75 -0.94%
Oats Sep 2014 330 -1.75 -0.53%
Oats Dec 2014 324 -1 -0.31%
Oats Mar 2015 316.75 -2.25 -0.71%
Oats May 2015 307.75 -3.5 -1.12%
Oats Jul 2015 310 -4.5 -1.43%
Wheat Sep 2014 524.5 -5.5 -1.04%
Wheat Dec 2014 548.75 -5.5 -0.99%
Wheat Mar 2015 572.5 -4.75 -0.82%
Wheat May 2015 588.25 -4.25 -0.72%
Wheat Jul 2015 601.5 -4.25 -0.70%
Minneapolis
Spring Wheat Sep 2014 618.75 -4.5 -0.72%
Spring Wheat Dec 2014 627.75 -6 -0.95%
Spring Wheat Mar 2015 641.5 -5.25 -0.81%
Spring Wheat May 2015 649.5 -5.5 -0.84%
Spring Wheat Jul 2015 657.25 -6 -0.90%
Kansas City
KC HRW Wheat Sep 2014 621.25 -6.75 -1.07%
KC HRW Wheat Dec 2014 632.75 -7 -1.09%
KC HRW Wheat Mar 2015 640.75 -6.75 -1.04%
KC HRW Wheat May 2015 646.25 -7 -1.07%
KC HRW Wheat Jul 2015 635.75 -5 -0.78%
Light crude oil nearby futures in New York dropped 17 cents at $104.42 US per barrel.
The Canadian dollar at noon was 93.07 cents US, down from 93.14 cents the previous trading day. The U.S. dollar at noon was $1.0745 Cdn.
Canadian National reported slightly better than expected earnings and revenue in its quarterly report. Earnings were $847 million, up 18 percent from $717 million in the same quarter last year.
The company also raised its profit outlook for the rest of the year.
CN shares rose, as did Canadian Pacific Railway, which last week issued its own better-than-expected profit picture.
That helped lift the Toronto Stock Exchange’s S&P/TSX composite index, which closed up 65.14 points, or 0.43 percent, at 15,315.13.
Strong quarterly profit reports for cable company Comcast, Chipotle and other companies lifted U.S. markets. Sales of previously owned U.S. homes climbed in June to an eight-month high.
The Dow Jones industrial average rose 61.81 points or 0.36 percent, to finish at 17,113.54.
The S&P 500 gained 9.90 points or 0.50 percent, to end at 1,983.54.
