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 2014Â Â Â Â Â Â 433.40Â Â Â Â Â Â -0.50Â Â Â Â Â Â -0.12%
Canola Jan 2015      437.20      unch      0.00%
Canola Mar 2015Â Â Â Â Â Â 437.70Â Â Â Â Â Â +0.60Â Â Â Â Â Â +0.14%
Canola May 2015Â Â Â Â Â Â 433.70Â Â Â Â Â Â +0.60Â Â Â Â Â Â +0.14%
Canola Jul 2015Â Â Â Â Â Â 429.40Â Â Â Â Â Â +0.90Â Â Â Â Â Â +0.21%
Milling Wheat Oct 2014Â Â Â Â Â Â 191.00Â Â Â Â Â Â +5.00Â Â Â Â Â Â +2.69%
Milling Wheat Dec 2014Â Â Â Â Â Â 194.00Â Â Â Â Â Â +3.00Â Â Â Â Â Â +1.57%
Milling Wheat Mar 2015Â Â Â Â Â Â 200.00Â Â Â Â Â Â -3.00Â Â Â Â Â Â -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 2014Â Â Â Â Â Â 1184Â Â Â Â Â Â +8.25Â Â Â Â Â Â +0.70%
Soybeans Sep 2014Â Â Â Â Â Â 1085Â Â Â Â Â Â -6.5Â Â Â Â Â Â -0.60%
Soybeans Nov 2014Â Â Â Â Â Â 1057.75Â Â Â Â Â Â -13.75Â Â Â Â Â Â -1.28%
Soybeans Jan 2015Â Â Â Â Â Â 1065.75Â Â Â Â Â Â -14Â Â Â Â Â Â -1.30%
Soybeans Mar 2015Â Â Â Â Â Â 1073.75Â Â Â Â Â Â -13.75Â Â Â Â Â Â -1.26%
Soybeans May 2015Â Â Â Â Â Â 1081.75Â Â Â Â Â Â -13.5Â Â Â Â Â Â -1.23%
Soybean Meal Aug 2014Â Â Â Â Â Â 381.8Â Â Â Â Â Â +1.1Â Â Â Â Â Â +0.29%
Soybean Meal Sep 2014Â Â Â Â Â Â 358.4Â Â Â Â Â Â -1.7Â Â Â Â Â Â -0.47%
Soybean Meal Oct 2014Â Â Â Â Â Â 345.3Â Â Â Â Â Â -4.4Â Â Â Â Â Â -1.26%
Soybean Oil Aug 2014Â Â Â Â Â Â 35.93Â Â Â Â Â Â -0.21Â Â Â Â Â Â -0.58%
Soybean Oil Sep 2014Â Â Â Â Â Â 35.99Â Â Â Â Â Â -0.22Â Â Â Â Â Â -0.61%
Soybean Oil Oct 2014Â Â Â Â Â Â 35.93Â Â Â Â Â Â -0.24Â Â Â Â Â Â -0.66%
Corn Sep 2014Â Â Â Â Â Â 360.25Â Â Â Â Â Â -3.75Â Â Â Â Â Â -1.03%
Corn Dec 2014Â Â Â Â Â Â 368.25Â Â Â Â Â Â -3.75Â Â Â Â Â Â -1.01%
Corn Mar 2015Â Â Â Â Â Â 380.25Â Â Â Â Â Â -3.5Â Â Â Â Â Â -0.91%
Corn May 2015Â Â Â Â Â Â 388.5Â Â Â Â Â Â -3.75Â Â Â Â Â Â -0.96%
Corn Jul 2015Â Â Â Â Â Â 396Â Â Â Â Â Â -3.75Â Â Â Â Â Â -0.94%
Oats Sep 2014Â Â Â Â Â Â 330Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.53%
Oats Dec 2014Â Â Â Â Â Â 324Â Â Â Â Â Â -1Â Â Â Â Â Â -0.31%
Oats Mar 2015Â Â Â Â Â Â 316.75Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.71%
Oats May 2015Â Â Â Â Â Â 307.75Â Â Â Â Â Â -3.5Â Â Â Â Â Â -1.12%
Oats Jul 2015Â Â Â Â Â Â 310Â Â Â Â Â Â -4.5Â Â Â Â Â Â -1.43%
Wheat Sep 2014Â Â Â Â Â Â 524.5Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.04%
Wheat Dec 2014Â Â Â Â Â Â 548.75Â Â Â Â Â Â -5.5Â Â Â Â Â Â -0.99%
Wheat Mar 2015Â Â Â Â Â Â 572.5Â Â Â Â Â Â -4.75Â Â Â Â Â Â -0.82%
Wheat May 2015Â Â Â Â Â Â 588.25Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.72%
Wheat Jul 2015Â Â Â Â Â Â 601.5Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.70%
Minneapolis
Spring Wheat Sep 2014Â Â Â Â Â Â 618.75Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.72%
Spring Wheat Dec 2014Â Â Â Â Â Â 627.75Â Â Â Â Â Â -6Â Â Â Â Â Â -0.95%
Spring Wheat Mar 2015Â Â Â Â Â Â 641.5Â Â Â Â Â Â -5.25Â Â Â Â Â Â -0.81%
Spring Wheat May 2015Â Â Â Â Â Â 649.5Â Â Â Â Â Â -5.5Â Â Â Â Â Â -0.84%
Spring Wheat Jul 2015Â Â Â Â Â Â 657.25Â Â Â Â Â Â -6Â Â Â Â Â Â -0.90%
Kansas City
KC HRW Wheat Sep 2014Â Â Â Â Â Â 621.25Â Â Â Â Â Â -6.75Â Â Â Â Â Â -1.07%
KC HRW Wheat Dec 2014Â Â Â Â Â Â 632.75Â Â Â Â Â Â -7Â Â Â Â Â Â -1.09%
KC HRW Wheat Mar 2015Â Â Â Â Â Â 640.75Â Â Â Â Â Â -6.75Â Â Â Â Â Â -1.04%
KC HRW Wheat May 2015Â Â Â Â Â Â 646.25Â Â Â Â Â Â -7Â Â Â Â Â Â -1.07%
KC HRW Wheat Jul 2015Â Â Â Â Â Â 635.75Â Â Â Â Â Â -5Â Â Â Â Â Â -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.
