Canola futures crept higher on Thursday with support from a 1.6 percent increase in soybean futures.
Corn edged up but wheat was mostly lower.
Soybeans rose after the U.S. Department of Agriculture reported export sales of U.S. soybeans in the latest week at 1.6 million tonnes, topping a range of trade expectations for 1.0 million to 1.3 million tonnes, Reuters reported.
HARVEST WEATHER
It was a cloudy, cool day over most of the Prairies with showers in some parts of Alberta and southeastern Saskatchewan.
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Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
Rain on Tuesday-Wednesday was mostly in the Red Deer area and Saskatoon to Humboldt.
Rain is forecast for southern Manitoba Friday and Saturday.
The Saskatchewan crop report today said that that as of Sept. 11, 65 percent of all crops were in the bin and another 22 percent was swathed or ready to straight combine.
As for canola, 50 percent was combined in the province.
BRAZIL
The dry season is going on longer than normal and expectations are that this will slow early seeding of soybeans.
That could delay the start of harvest early next year and put back the seeding of the second corn crop.
ARGENTINA
Excessive rain is the problem in Argentina. The Buenos Aires Grains Exchange today said that continuing problems with heavy rain could in total reduce the wheat area by about 750,000 acres out of a total 13.2 million acres.
CHINA
The government intends to institute an ethanol requirement of 10 percent in gasoline by 2020. This would require a huge investment in ethanol production plants.
It would create surging demand for corn that would draw down the enormous surplus stocks estimated at 200 million tonnes. The government also wants some of the ethanol to come from cellulose to reduce the amount of stubble burning.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 59 cents at US$49.89 per barrel. At one point crude was above $50 a barrel, supported by report from the U.S. Energy Information Administration that forecast global energy consumption would grow by 28 percent to 2040.
In the afternoon, the Canadian dollar was trading around US82.17 cents, up from 82.10 cents the previous trading day. The U.S. dollar was C$1.2170.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 45.91 points, or 0.3 percent, at 15,172.72.
The Dow rose 0.2 percent to end at 22,203.48 points, the S&P 500 lost 0.11 percent to 2,495.62.
The Nasdaq Composite dropped 0.48 percent to 6,429.08.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 488.60s +1.50 +0.31%
Canola Jan 18 495.00s +1.20 +0.24%
Canola Mar 18 501.30s +1.00 +0.20%
Canola May 18 505.20s +1.10 +0.22%
Canola Jul 18 506.90s +1.30 +0.26%
Milling Wheat Oct 17 228.00s -4.00 -1.72%
Milling Wheat Dec 17 231.00s -4.00 -1.70%
Milling Wheat Mar 18 237.00s -3.00 -1.25%
Durum Wheat Oct 17 279.00s -2.00 -0.71%
Durum Wheat Dec 17 283.00s -2.00 -0.70%
Durum Wheat Mar 18 286.00s -3.00 -1.04%
Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Nov 17 976-0s +15-4 +1.61%
Soybeans Jan 18 986-0s +15-2 +1.57%
Soybeans Mar 18 993-4s +14-2 +1.46%
Soybeans May 18 1001-6s +14-0 +1.42%
Soybeans Jul 18 1008-4s +13-6 +1.38%
Soybean Meal Oct 17 309.5s +7.4 +2.45%
Soybean Meal Dec 17 313.1s +7.7 +2.52%
Soybean Meal Jan 18 314.4s +7.4 +2.41%
Soybean Oil Oct 17 34.83s unch unch
Soybean Oil Dec 17 35.08s -0.01 -0.03%
Soybean Oil Jan 18 35.23s -0.03 -0.09%
Corn Dec 17 354-2s +2-6 +0.78%
Corn Mar 18 366-4s +2-6 +0.76%
Corn May 18 374-6s +2-6 +0.74%
Corn Jul 18 381-2s +3-0 +0.79%
Corn Sep 18 387-6s +3-0 +0.78%
Oats Dec 17 238-0s +0-2 +0.11%
Oats Mar 18 245-4s +0-2 +0.10%
Oats May 18 244-4s +0-2 +0.10%
Oats Jul 18 246-0s +0-4 +0.20%
Oats Sep 18 246-0s +0-4 +0.20%
Wheat Dec 17 443-0s -0-2 -0.06%
Wheat Mar 18 462-4s -0-2 -0.05%
Wheat May 18 476-2s -0-2 -0.05%
Wheat Jul 18 488-2s -0-4 -0.10%
Wheat Sep 18 502-2s -0-2 -0.05%
Minneapolis
Spring Wheat Dec 17 632-4s -11-0 -1.71%
Spring Wheat Mar 18 645-2s -10-0 -1.53%
Spring Wheat May 18 648-2s -7-6 -1.18%
Spring Wheat Jul 18 648-0s -7-4 -1.14%
Spring Wheat Sep 18 633-4s -7-2 -1.13%
Kansas City
Hard Red Wheat Dec 17 442-0s -2-2 -0.51%
Hard Red Wheat Mar 18 459-2s -2-4 -0.54%
Hard Red Wheat May 18 472-4s -2-6 -0.58%
Hard Red Wheat Jul 18 488-0s -3-0 -0.61%
Hard Red Wheat Sep 18 506-6s -3-0 -0.59%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 17 106.925s -0.625 -0.58%
Live Cattle Dec 17 111.775s -1.075 -0.95%
Live Cattle Feb 18 115.750s -0.400 -0.34%
Feeder Cattle Sep 17 148.800s +0.200 +0.13%
Feeder Cattle Oct 17 149.600s -0.025 -0.02%
Feeder Cattle Nov 17 149.475s -0.400 -0.27%
Lean Hogs Oct 17 59.025s -0.550 -0.92%
Lean Hogs Dec 17 56.525s -0.250 -0.44%
Lean Hogs Feb 18 62.350s +0.275 +0.44%
