Canola, soybeans and corn futures all caulked up gains of more than two percent on Monday with follow though support from Friday’s USDA report and thoughts that crop values had become undervalued.
Oilseeds were also supported by news that U.S. soybean processors crushed almost 160 million bushels in December, the most for that month in nearly three years.
Export news also helped. USDA confirmed sales of 120,000 tonnes of soybeans to China for delivery this crop year.
March canola closed at $594.90, up $11.80.
Weather analysts forecast drier conditions in Argentina and southern Brazil for the next couple of weeks. Most of Argentina has good soil moisture but southern Brazil had already suffered from lack of rain earlier in the season.
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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.
Heavy weekend rain in southern Illinois and Kentucky and an early completion of rock removal efforts have improved the outlooks for barge movement on the Mississippi.
Winnipeg (per tonne)
Canola Mar 13 $594.90, up $11.80 +2.02%
Canola May 13 $586.70, up $12.20 +2.12%
Canola Jul 13 $581.40, up $11.20 +1.96%
Canola Nov 13 $542.30, up $8.50 +1.59%
Milling Wheat Mar 13 $290.50, unchanged
Milling Wheat May 13 $293.50, unchanged
Milling Wheat Jul 13 $295.50, unchanged
Durum Wheat Mar 13 $312.40, unchanged
Durum Wheat May 13 $316.40, unchanged
Durum Wheat Jul 13 $319.40, unchanged
Barley Mar 13 $242.90, unchanged
Barley May 13 $243.90, unchanged
Barley Jul 13 $244.40, unchanged
Chicago (per bushel)
Soybeans (P) Mar 13 $14.18, up 44.75 cents +3.26%
Soybeans (P) May 13 $14.0525, up 41.25 +3.02%
Soybeans (P) Jul 13 $13.98-6, up 41.25 +3.04%
Soybeans (P) Aug 13 $13.695, up 37.0 +2.78%
Corn (P) Mar 13 $7.23, up 16.0 +2.26%
Corn (P) May 13 $7.23, up 16.0 +2.26%
Corn (P) Jul 13 $7.14, up 15.25 +2.18%
Oats (P) Mar 13 $3.54, up 7.25 +2.09%
Oats (P) May 13 $3.5975, up 7.5 +2.13%
Oats (P) Jul 13 $3.6475, up 7.25 +2.03%
Minneapolis (per bushel)
Spring Wheat Mar 13 $8.5275, up 7.5 +0.89%
Spring Wheat May 13 $8.6225, up 7.0 +0.82%
Spring Wheat Jul 13 $8.715, up 5.25 +0.61%
Spring Wheat Sep 13 $8.7125, up 3.75 +0.43%
The Bank of Canada noon rate for the loonie was $1.063 US, little changed from $1.0162 on Friday.
The U.S. buck was 98.40 cents Cdn.
Nearby crude oil in New York closed up 58 cents at $94.14 per barrel.
Concerns about the pace of sales of Apple products weighed down tech stocks.
The Toronto Stock Exchange’s S&P/TSX composite index rose 0.91 of a point to close at 12,603.09. .
The Dow Jones industrial average rose 21.88 points, or 0.16 percent, closing at 13,510.31.
The Standard & Poor’s 500 Index was down 1.20 points, or 0.08 percent, at 1,470.85.
The Nasdaq Composite Index fell 8.13 points, or 0.26 percent, to 3,117.50.
