After a strong start Thursday, canola faded to close lower, weighed down by generally good growing conditions in Canada and the United States Midwest.
Some of the early strength came from rising vegetable oil values, propelled by rising crude oil. It was lifted by worries about Islamic fundamentalists wresting parts of northern Iraq from government authority.
But both canola and soybeans then fell on good growing weather.
Saskatchewan Agriculture today said the province’s farmers had seeded 93 percent of their crops, ahead of the five-year average of 87 percent and ahead of the 10-year average of 90 percent. Crops are generally in good condition but have delayed development.
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Chicago Board of Trade soybean, corn and wheat futures rose on Monday on signs of progress towards the end of a record-long U.S. government shutdown, along with expectations of a revival of U.S. soybean exports to China, analysts said.
Southern Alberta has been a bit light on rain in the past month, but 10-30 millimetres are expected on Friday and there is a chance of more rain early next week.
U.S. soybean futures fell 1.9 percent to their lowest since March 24, pressured by technical selling after the price fell below a support level and expectations of plentiful global supplies, traders said.
More rain is expected in the Midwest this week, helping to keep crops in good shape.
Corn futures rose slightly, readjusting from the previous day’s loss.
Chicago and Minneapolis wheat continued to fall on expectations of large world wheat crops. Kansas City hard red winter wheat edged higher. Farmers are worried that recent rain on thin, short drought reduced crops will spur weed growth, making it hard to harvest.
Farmers in Argentina are harvesting their corn. The Buenos Aires Grains Exchange today increased its estimate of the crop to 25 million tonnes, up from a previous estimate of 24 million. Last year’s crop was 27 million, according to the exchange’s statistics.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014 454.40 -3.90 -0.85%
Canola Nov 2014 450.50 -3.20 -0.71%
Canola Jan 2015 456.70 -2.80 -0.61%
Canola Mar 2015 459.70 -2.90 -0.63%
Canola May 2015 461.70 -2.90 -0.62%
Milling Wheat Jul 2014 201.00 unch 0.00%
Milling Wheat Oct 2014 202.00 unch 0.00%
Milling Wheat Dec 2014 206.00 unch 0.00%
Durum Wheat Jul 2014 239.00 unch 0.00%
Durum Wheat Oct 2014 230.00 unch 0.00%
Durum Wheat Dec 2014 232.00 unch 0.00%
Barley Jul 2014 135.00 unch 0.00%
Barley Oct 2014 125.00 unch 0.00%
Barley Dec 2014 127.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2014 1415.25 -30.25 -2.09%
Soybeans Aug 2014 1360.25 -22.5 -1.63%
Soybeans Sep 2014 1250.75 -11 -0.87%
Soybeans Nov 2014 1212.25 -8.5 -0.70%
Soybeans Jan 2015 1218.75 -8.5 -0.69%
Soybeans Mar 2015 1224.75 -7.75 -0.63%
Soybean Meal Jul 2014 469.2 -13.1 -2.72%
Soybean Meal Aug 2014 446.1 -9.7 -2.13%
Soybean Meal Sep 2014 418.9 -4.3 -1.02%
Soybean Oil Jul 2014 38.58 +0.16 +0.42%
Soybean Oil Aug 2014 38.68 +0.13 +0.34%
Soybean Oil Sep 2014 38.69 +0.08 +0.21%
Corn Jul 2014 444 +3 +0.68%
Corn Sep 2014 440 +2.5 +0.57%
Corn Dec 2014 443.75 +2 +0.45%
Corn Mar 2015 454.5 +1.75 +0.39%
Corn May 2015 461.75 +2 +0.44%
Oats Jul 2014 344.5 -1.75 -0.51%
Oats Sep 2014 332.25 -1.5 -0.45%
Oats Dec 2014 329 +3.25 +1.00%
Oats Mar 2015 323.75 +4.75 +1.49%
Oats May 2015 321.25 +4.75 +1.50%
Wheat Jul 2014 585.25 -4 -0.68%
Wheat Sep 2014 597 -4.5 -0.75%
Wheat Dec 2014 621 -5.25 -0.84%
Wheat Mar 2015 640 -6.5 -1.01%
Wheat May 2015 651.75 -6.75 -1.03%
Minneapolis
Spring Wheat Jul 2014 682 -2 -0.29%
Spring Wheat Sep 2014 690 -1.5 -0.22%
Spring Wheat Dec 2014 701.5 -1 -0.14%
Spring Wheat Mar 2015 710.75 -0.75 -0.11%
Spring Wheat May 2015 715 -1.5 -0.21%
Kansas City
KC HRW Wheat Jul 2014 705.5 +1.25 +0.18%
KC HRW Wheat Sep 2014 710.25 +1.25 +0.18%
KC HRW Wheat Dec 2014 720 +0.25 +0.03%
KC HRW Wheat Mar 2015 724.5 +0.25 +0.03%
KC HRW Wheat May 2015 722.5 +0.25 +0.03%
Light crude oil nearby futures in New York rose $2.13 at $106.53 US per barrel on the violence in Iraq.
The Canadian dollar at noon was 92.16 cents US, up from 92.02 cents the previous trading day. The U.S. dollar at noon was $1.0851 Cdn.
U.S. economic data was disappointing. May retail sales failed to meet expectations and first-time applications for unemployment benefits increased last week.
That news and the Iraq situation weighed on Wall Street, but the stronger oil price helped lift the energy-heavy Toronto Stock Exchange composite.
In early, unofficial tallies —
The TSX composite rose 17.51 points or 0.12 percent to 14,909.63
The Dow Jones industrial average fell 110.01 points or 0.65 percent, to end at 16,733.87.
The S&P 500 lost 13.81 points or 0.71 percent, to finish at 1,930.09.
The Nasdaq Composite dropped 34.30 points or 0.79 percent, to close at 4,297.63.
