Concern about canola crop damaged by heavy rain in recent weeks supported canola futures Tuesday while other crops fell on prospects for huge U.S. production.
The weaker loonie also added support to canola futures.
November canola edged up $2.10 a tonne to $445.50 or about $10.10 per bushel.
The warmer, dry weather is helping to advance Prairie crops but prospects in many areas are delayed and far from ideal.
Crops with shallow root systems because of early excess rain might need a shower soon. Also, northwestern parts of Alberta are dry.
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Canola got a little support from soy oil, which rallied late on bargain buying.
Bloomberg reports that oilseed analyst Oil World expects global canola/rapeseed production in 2014-15 will decline two perent or 1.4 million tonnes to 68.3 million tonnes because of a smaller crop in Canada. However, large carry in stocks means the total global supply of the crop for the year will rise 1.8 million tonnes to 76.5 million tonnes.
Oil World raised its forecast for the European rapeseed crop by 300,000 tonnes from its last report. It pegged the EU crop at 22.7 million tonnes, up 1.5 million over last year.
Corn futures on Tuesday were lower on expectations for a record U.S. crop.
Nearby soybeans fell on deliveries to the futures contract, but November was steady.
Late on Monday the USDA’s weekly crop progress report said that the good to excellent categories in corn were 76 percent, soybeans 72 percent and spring wheat 70 percent.
The ratings for corn and soybeans were slightly improved over the previous week and the best in 20 years for this time of year.
Spring wheat futures were lower but Chicago wheat was flat on bargain buying.
The USDA said the U.S. winter wheat harvest was 69 percent complete by Sunday, similar to the long-term average.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 445.50 +2.10 +0.47%
Canola Jan 2015 448.70 +1.90 +0.43%
Canola Mar 2015 449.20 +2.30 +0.51%
Canola May 2015 445.10 +1.60 +0.36%
Canola Jul 2015 441.90 +1.30 +0.30%
Milling Wheat Oct 2014 188.00 -3.00 -1.57%
Milling Wheat Dec 2014 194.00 -4.00 -2.02%
Milling Wheat Mar 2015 206.00 -3.00 -1.44%
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 132.50 unch 0.00%
Barley Dec 2014 134.50 unch 0.00%
Barley Mar 2015 135.50 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 1180.5 -16.5 -1.38%
Soybeans Sep 2014 1104.25 -3.75 -0.34%
Soybeans Nov 2014 1086.25 unch 0.00%
Soybeans Jan 2015 1095 unch 0.00%
Soybeans Mar 2015 1103.5 -0.75 -0.07%
Soybeans May 2015 1111.75 -1 -0.09%
Soybean Meal Aug 2014 379.1 -9.5 -2.44%
Soybean Meal Sep 2014 358.7 -5.7 -1.56%
Soybean Meal Oct 2014 349 -2.2 -0.63%
Soybean Oil Aug 2014 36.9 +0.02 +0.05%
Soybean Oil Sep 2014 37 +0.03 +0.08%
Soybean Oil Oct 2014 36.99 +0.01 +0.03%
Corn Sep 2014 374 -7.5 -1.97%
Corn Dec 2014 381.75 -6.5 -1.67%
Corn Mar 2015 393.25 -5.75 -1.44%
Corn May 2015 401.75 -5.25 -1.29%
Corn Jul 2015 409.5 -5.25 -1.27%
Oats Sep 2014 334.25 +0.25 +0.07%
Oats Dec 2014 331 -1.5 -0.45%
Oats Mar 2015 325.5 -1 -0.31%
Oats May 2015 317.75 -1 -0.31%
Oats Jul 2015 321 -1 -0.31%
Wheat Sep 2014 537.75 unch 0.00%
Wheat Dec 2014 561 +0.5 +0.09%
Wheat Mar 2015 582 +0.25 +0.04%
Wheat May 2015 597 -0.5 -0.08%
Wheat Jul 2015 608.5 unch 0.00%
Minneapolis
Spring Wheat Sep 2014 630.5 -8.75 -1.37%
Spring Wheat Dec 2014 641.75 -8.5 -1.31%
Spring Wheat Mar 2015 655.75 -10.5 -1.58%
Spring Wheat May 2015 664.25 -10.25 -1.52%
Spring Wheat Jul 2015 673.25 -10.75 -1.57%
Kansas City
KC HRW Wheat Sep 2014 639 -7.25 -1.12%
KC HRW Wheat Dec 2014 649.5 -7 -1.07%
KC HRW Wheat Mar 2015 655.25 -7.25 -1.09%
KC HRW Wheat May 2015 659 -7.5 -1.13%
KC HRW Wheat Jul 2015 648.25 -7 -1.07%
Light crude oil nearby futures in New York dropped 95 cents at $99.96 US per barrel.
The Canadian dollar at noon was 92.89 cents US, down from 93.27 cents the previous trading day. The U.S. dollar at noon was $1.0766 Cdn.
A gauge of U.S. consumer spending rose solidly in June raising hopes that the economic recovery is gathering force.
U.S. Federal Reserve chair Janet Yellen in testimony to the Senate Banking Committee said the Fed will continue to keep monetary policy loose until employment data improves and wages start to rise, showing the effects of the financial crisis are completely gone.
The Fed noted unease about parts of the stock market, and singled out biotechnology and social media stocks for their “stretched” valuations.
In unofficial tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed down 89.91 points, or 0.59 percent, at 15,081.32.
The Dow Jones industrial average rose 5.33 points or 0.03 percent, to end at 17,060.75, not far below the record closing high set on July 3.
The S&P 500 slipped 3.77 points or 0.19 percent, to finish at 1,973.32.
The Nasdaq Composite dropped 24.03 points or 0.54 percent, to close at 4,416.39.
