Canola futures dipped a little on Tuesday while soybeans and corn rose again.
November canola closed at $579.40 per tonne, down $1.80
Canola faced hedge pressure as grain companies covered farmer deliveries and speculators took profits after Monday’s gains.
Losses were limited by talk of lower than expected yields in Manitoba.
Corn and soybeans rose on USDA’s weekly crop condition report released after markets closed Monday. Condition of the two crops fell more than expected.
Oil World said China’s soybean imports would likely pick up soon as stocks dwindle there and the current crop might less than expected due to dry weather.
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Alberta harvest wrapping up: report
Harvest operations advanced to 96 per cent complete in Alberta as of Oct. 7, with only a few late-seeded cereal and canola fields remaining, according to the latest provincial crop report.
An inch or more of rain fell in southern Nebraska and central Kansas weakening wheat futures. It was the first significant rain in the drought region for some time. Texas and Oklahoma remained dry.
Needed rain also fell in Australia, raising that country’s hope for an average size crop.
Winnipeg (per tonne)
Canola Nov 11 $579.40, down $1.80
Canola Jan 12 $588.10, down $1.30
Canola Mar 12 $596.30, down $1.20
Canola May 12 $602.20, down $1.80
The previous day’s best basis widened to $21.50 under the November contract according to ICE Futures Canada in Winnipeg.
The November contract’s 14-day Relative Strength Index was 67. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
Western Barley Oct 11 $205, unchanged
Chicago (per bushel)
Soybeans Sep 11 $14.4875, up 10.75 cents
Soybeans Nov 11 $14.57, up 10.0
Soybeans Jan 12 $14.6625, up 10.25
Corn Sep 11 $7.635, up 7.25
Corn Dec 11 $7.7525, up 5.25
Oats Sep 11 $3.73, down 8.5
Oats Dec 11 $3.74, down 10.0
Minneapolis (per bushel)
Spring Wheat Sep 11 $9.41, down 7.25
Spring Wheat Dec 11 $9.3325, down 5.75
Spring Wheat Mar 12 $9.355, down 6.75
Light crude oil nearby futures in New York rose $1.63 at $88.90 US per barrel. (There was an error in Monday’s report.)
The Canadian dollar at noon was $1.0211 US, down from $1.0225 the previous trading day. The U.S. dollar at noon was 97.93 cents Cdn.
A monthly read of U.S. consumer confidence plunged in August to its lowest since the 2007-09 recession.
The Toronto Stock Exchange composite index unofficially closed up 129.86 points, or 1.04 percent, at 12,634.71.
The Standard & Poor’s 500 Index was up 2.80 points, or 0.23 percent, at 1,212.88.
