Export talk lifts canola futures

The advancing U.S. harvest pressured soybeans and corn lower but canola edged higher on Tuesday, supported by talk of fresh exports.

Short covering also supported canola. That is when traders that hold sell positions in the market wait until the price falls. The trader then buys an equal amount of the commodity, making a profit on the difference between the sell position and the lower buy position.

Canola also has technical strength closing above the 20- and five-day moving averages.

November canola closed at $491.40, up $2.40.

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Chicago cattle futures regained a ground on Monday to maintain a fairly level trajectory after last week’s fall.

Rising palm oil futures supported vegetable oil values, although soy oil closed lower.

Reuters reported industry sources said figures from the Malaysian Palm Oil Association, a group of planters, showed that production Oct. 1-20 dropped 10.5 percent.

An output fall would make September the highest-producing month this year and ease fears that palm oil stocks will surge in the coming months as bumper supply of global oilseeds from U.S and South America flood the market, Reuters reported.

Wheat edged higher on bargain buying after Monday’s decline and on solid demand for high protein wheat.

Corn and soybeans fell on U.S. harvest progress and talk of stronger than expected yields.

After the close of trade on Monday the USDA pegged U.S. corn conditions at 60 percent good-to-excellent, up from 55 percent at the end of September.

It said 39 percent of the corn crop had been harvested as of Sunday.

The soybean harvest was 63 percent done, below the five-year average of 69 percent but roughly in line with trade expectations.

It said 57 percent of the soybean crop as good to excellent, up from 53 percent as of Sept. 29.

USDA will update its domestic and world supply and demand forecasts on Nov. 8.

Brazilian analysts AgRural said soybean planting in that country was 19 percent complete as of Oct. 18, about the same as last year.

Russia’s agriculture ministry said drier weather is helping farmers catch up with seeding, but the area that likely will be seeded will be less than expected earlier this year.

The department expects 34.5 million acres will be sown with winter grains, down from the original forecast of 40.5 million.

As of Oct. 18, seeded area stood at 32 million acres. Last year, 38 million acres had been sown by the same date.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2013 491.40 +2.40 +0.49%

Canola Jan 2014 502.10 +2.40 +0.48%

Canola Mar 2014 510.90 +2.60 +0.51%

Canola May 2014 517.80 +2.60 +0.50%

Canola Jul 2014 523.20 +2.30 +0.44%

Milling Wheat Dec 2013 238.00 unch 0.00%

Milling Wheat Mar 2014 244.00 -1.00 -0.41%

Milling Wheat May 2014 248.00 -3.00 -1.20%

Durum Wheat Dec 2013 247.00 unch 0.00%

Durum Wheat Mar 2014 253.00 unch 0.00%

Durum Wheat May 2014 257.00 unch 0.00%

Barley Dec 2013 152.00 unch 0.00%

Barley Mar 2014 154.00 unch 0.00%

Barley May 2014 155.00 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Nov 2013 1302.25 -1 -0.08%

Soybeans Jan 2014 1297.5 -3 -0.23%

Soybeans Mar 2014 1278 -3.75 -0.29%

Soybeans May 2014 1260.5 -4 -0.32%

Soybeans Jul 2014 1256.75 -3.75 -0.30%

Soybeans Aug 2014 1245.5 -3.25 -0.26%

Soybean Meal Dec 2013 416.1 +0.4 +0.10%

Soybean Meal Jan 2014 409.6 -0.6 -0.15%

Soybean Meal Mar 2014 397.9 -1.5 -0.38%

Soybean Oil Dec 2013 41.52 -0.12 -0.29%

Soybean Oil Jan 2014 41.83 -0.12 -0.29%

Soybean Oil Mar 2014 42.22 -0.14 -0.33%

Corn Dec 2013 438.25 -5.75 -1.30%

Corn Mar 2014 451 -5.75 -1.26%

Corn May 2014 459.25 -6 -1.29%

Corn Jul 2014 467 -5 -1.06%

Corn Sep 2014 473.25 -4.5 -0.94%

Oats Dec 2013 341.25 +4.75 +1.41%

Oats Mar 2014 317.25 +2.75 +0.87%

Oats May 2014 316.5 +3.25 +1.04%

Oats Jul 2014 312.75 +3.75 +1.21%

Oats Sep 2014 311.75 +3.75 +1.22%

Wheat Dec 2013 700.75 +1 +0.14%

Wheat Mar 2014 710.75 +1 +0.14%

Wheat May 2014 713.75 +1 +0.14%

Wheat Jul 2014 702.75 +2.75 +0.39%

Wheat Sep 2014 707.75 +2.75 +0.39%

Minneapolis

Spring Wheat Dec 2013 756.25 +4.5 +0.60%

Spring Wheat Mar 2014 766.25 +4.75 +0.62%

Spring Wheat May 2014 772.75 +4.75 +0.62%

Spring Wheat Jul 2014 771.5 +3.5 +0.46%

Spring Wheat Sep 2014 767.5 +0.5 +0.07%

Kansas City

KCBT Red Wheat Dec 2013 765.5 +4.25 +0.56%

KCBT Red Wheat Mar 2014 765 +4.5 +0.59%

KCBT Red Wheat May 2014 763 +4.25 +0.56%

KCBT Red Wheat Jul 2014 744.5 +3 +0.40%

KCBT Red Wheat Sep 2014 750.25 +2 +0.27%

Light crude oil nearby futures in New York dropped $1.42 at $97.80 US per barrel.

The Canadian dollar at noon was 97.24 cents US, up from 97.12 cents the previous trading day. The U.S. dollar at noon was $1.0284 Cdn.

U.S. job growth in September was less than expected at 148,000. The tepid growth increased the expectation that the U.S. Federal Reserve will continue its stimulus bond buying program. Markets like the stimulus and share prices rose

The Toronto Stock Exchange composite index rose 61.53 points or 0.47 percent to 13,248.06.

The Dow Jones industrial average was up 75.78 points, or 0.49 percent, at 15,467.98.

The Standard & Poor’s 500 Index was up 10.05 points, or 0.58 percent, at 1,754.71.

The Nasdaq Composite Index was up 9.52 points, or 0.24 percent, at 3,929.57.