Canola rose Monday, following along behind limit-up moves in U.S. corn futures contracts, hefty gains in most other crop futures, and backed by the Standard and Poors 500 reaching all time record levels.
The bounding optimism in world markets about recovering economic health in the United States, more stability in the Italian political situation and the joy of spring gave the crop markets a solid base of confidence on which to build the corn rally.
Corn’s explosive limit-up move followed reports of Midwest cropland flooding over the weekend, plus planting progress reports that show that American farmers have fallen well behind the seeding progress last year at this time. After the market closed, the USDA said that as of Sunday only five percent of corn had been seeded, down from 49 percent last year at the same time and five-year average of 31 percent.
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Only 12 percent of spring wheat was seeded, down from 70 percent last year and the five year average of 37 percent.
The report said the condition of the winter wheat crop declined. The poor-to-very-poor percentage rose to 35 from 33 the week before. The amount in fair condition was steady at 32 percent and the good-to-very-good rating dropped two percentage points to to 33 percent.
Rising corn provoked a general rise in cereal grains, and while soybeans trailed behind, they were relatively weak within the crop complex.
Canola’s one percent rise in value echoed this relative oilseed softness.
If one wanted to try to find a canola-specific reason that prices rose Monday, it could be attributed to the late seeding and flooding of some farmland in Western Canada.
The likely canola acreage of Western Canada is far from settled, with late seeding and cold soils causing farmers to consider alternate options from many of their first seeding choices. Beyond acreage itself, the likely yield of this summer’s prairie crops is lowered by the late spring, since it brings the risk of frost damage closer each day that seeding is delayed.
Demand for canola is steady, even though palm oil prices are weak. Canola’s price increase Monday was restrained by the weakness of soybean oil, which was an odd red category in today’s overwhelmingly green crop futures markets.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2013 642.00 +7.90 +1.25%
Canola Jul 2013 623.20 +6.70 +1.09%
Canola Nov 2013 554.30 +4.10 +0.75%
Canola Jan 2014 555.10 +4.20 +0.76%
Canola Mar 2014 549.40 +4.20 +0.77%
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 301.90 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Barley May 2013 243.50 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 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 1471.75 +41 +2.87%
Soybeans Jul 2013 1408.75 +27.75 +2.01%
Soybeans Aug 2013 1345 +26.5 +2.01%
Soybeans Nov 2013 1229.25 +19 +1.57%
Soybeans Jan 2014 1236 +18.5 +1.52%
Soybean Meal May 2013 431.4 +13.5 +3.23%
Soybean Meal Jul 2013 416.4 +11.7 +2.89%
Soybean Meal Aug 2013 390.1 +11.5 +3.04%
Soybean Oil May 2013 49.46 -0.2 -0.40%
Soybean Oil Jul 2013 49.51 -0.03 -0.06%
Soybean Oil Aug 2013 49.27 +0.11 +0.22%
Corn May 2013 684 +40 +6.21%
Corn Jul 2013 659.75 +40 +6.45%
Corn Sep 2013 584.75 +40 +7.34%
Corn Dec 2013 559.5 +35.5 +6.77%
Corn Mar 2014 569.5 +34.5 +6.45%
Oats May 2013 411 +20.25 +5.18%
Oats Jul 2013 390.75 +6.75 +1.76%
Oats Sep 2013 373.25 +4.5 +1.22%
Oats Dec 2013 365.5 +4 +1.11%
Oats Mar 2014 371.75 +3.5 +0.95%
Wheat May 2013 709.75 +21 +3.05%
Wheat Jul 2013 716.5 +24 +3.47%
Wheat Sep 2013 725.25 +24.25 +3.46%
Wheat Dec 2013 739.75 +24 +3.35%
Wheat Mar 2014 752.75 +23.75 +3.26%
Minneapolis
Spring Wheat May 2013 831.75 +20.5 +2.53%
Spring Wheat Jul 2013 819 +14.5 +1.80%
Spring Wheat Sep 2013 817.75 +17.75 +2.22%
Spring Wheat Dec 2013 825 +17.75 +2.20%
Spring Wheat Mar 2014 834.75 +17.75 +2.17%
Kansas City
KCBT Red Wheat May 2013 780.75 +24.25 +3.21%
KCBT Red Wheat Jul 2013 775.75 +25.25 +3.36%
KCBT Red Wheat Sep 2013 785.25 +25 +3.29%
KCBT Red Wheat Mar 2014 808.5 +23.5 +2.99%
Light crude oil nearby futures in New York remains unchanged at $93.00 US per barrel.
The Canadian dollar at noon was 98.64 cents US, up from 98.33 cents the previous trading day. The U.S. dollar at noon was $1.0138 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 92.47 points, or 0.76 percent, at 12,312.67.
The Dow Jones industrial average rose 106.20 points, or 0.72 percent, to close at 14,818.75.
The Standard & Poor’s 500 Index was up 11.37 points, or 0.72 percent, at 1,593.61.
The Nasdaq Composite Index climbed 27.76 points, or 0.85 percent, to 3,307.02.
