Canola futures climbed on Tuesday to a nearly four-week high, pulled up by a larger advance by vegetable oil rival soyoil.
Strength in the soyoil market spurred canola buying by crushers, who process canola into vegetable oil, a trader said.Canola gained despite Statistics Canada estimating Canadian canola production at 18.3 million tonnes, well above the Aug. 23 estimate of 17 million.
The new report incorporated satellite and other data, not a fresh farmer survey.
November canola gained $8.50 at $469.70 per tonne.Timely rains are boosting Western Europe winter rapeseed development.
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The delays also supported corn futures, while wheat rose on technical buying and short-covering. Both corn and wheat were on track for their third straight day of gains.
Soybeans rose for the fourth session in a row, led by demand from commercial operators as cash market supplies were tight.
“Both crushers and exporters need to get their hands on physical bushels to offset long paper and meet contracts,” Brugler Marketing and Management LLC said in a note to client.
The U.S. Department of Agriculture said on Tuesday that exporters had sold another 110,000 tonnes of soybeans to China for delivery during the 2016-17 marketing year.
CBOT November hit its highest since Aug. 25.
Expected rains in the western half of the U.S. Midwest next week will cause further harvest delays as farmers wait for fields to dry out, forecaster Commodity Weather Group said in a note to clients.
“Corn was up all day long on chart buying and sympathy with the soybeans, with more chatter about wet weather for next week,” Charlie Sernatinger, global head of grain futures at ED&F Man Capital, said in a note to clients.
The USDA said after the market close on Monday that nine percent of U.S. corn had been harvested as of Sunday, down from the five-year average of 12 percent for this time of the year and analysts’ estimate of 11 percent.
The agency said four percent of U.S. soybeans had been harvested, down slightly from five percent on average.
Large global supplies continued to weigh on grain markets, limiting gains in both corn and wheat.
A hold-up in purchases by Egypt’s government buyer was also weighing on wheat markets. Egypt, the world’s biggest importer, remained in a standoff with suppliers over a strict ban on traces of ergot fungus.
Egypt failed to attract a single offer at its state grain tender on Monday, forcing it to cancel its third consecutive wheat purchase tender.
Light crude oil nearby futures in New York were up 14 cents to US$43.44 per barrel.
The Canadian dollar at noon was US75.60 cents, down from 75.87 cents the previous trading day. The U.S. dollar at noon was C$1.3228.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2016 469.70 +8.50 +1.84%
Canola Jan 2017 476.60 +8.70 +1.86%
Canola Mar 2017 483.30 +10.70 +2.26%
Canola May 2017 489.20 +12.40 +2.60%
Canola Jul 2017 493.50 +13.70 +2.86%
Milling Wheat Oct 2016 212.00 -1.00 -0.47%
Milling Wheat Dec 2016 216.00 unch 0.00%
Milling Wheat Mar 2017 221.00 unch 0.00%
Durum Wheat Oct 2016 274.00 +1.00 +0.37%
Durum Wheat Dec 2016 275.00 +1.00 +0.36%
Durum Wheat Mar 2017 280.00 unch 0.00%
Barley Oct 2016 135.00 unch 0.00%
Barley Dec 2016 135.00 unch 0.00%
Barley Mar 2017 137.00 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 2016 989.75 +17.25 +1.77%
Soybeans Jan 2017 994.75 +17.00 +1.74%
Soybeans Mar 2017 998.00 +16.50 +1.68%
Soybeans May 2017 1002.75 +16.00 +1.62%
Soybeans Jul 2017 1006.75 +15.25 +1.54%
Soybeans Aug 2017 1004.00 +15.25 +1.54%
Soybean Meal Oct 2016 313.10 +1.20 +0.38%
Soybean Meal Dec 2016 313.20 +2.10 +0.68%
Soybean Meal Jan 2017 313.80 +2.40 +0.77%
Soybean Oil Oct 2016 33.83 +1.00 +3.05%
Soybean Oil Dec 2016 34.09 +1.01 +3.05%
Soybean Oil Jan 2017 34.31 +1.00 +3.00%
Corn Dec 2016 340.50 +3.25 +0.96%
Corn Mar 2017 350.75 +3.25 +0.94%
Corn May 2017 358.00 +3.25 +0.92%
Corn Jul 2017 364.25 +2.75 +0.76%
Corn Sep 2017 370.75 +2.75 +0.75%
Oats Dec 2016 175.00 +2.00 +1.16%
Oats Mar 2017 187.00 +2.50 +1.36%
Oats May 2017 192.50 +2.50 +1.32%
Oats Jul 2017 199.00 +2.50 +1.27%
Oats Sep 2017 199.00 +2.50 +1.27%
Wheat Dec 2016 406.00 +2.00 +0.50%
Wheat Mar 2017 426.75 +2.00 +0.47%
Wheat May 2017 440.00 +1.75 +0.40%
Wheat Jul 2017 449.50 +1.50 +0.33%
Wheat Sep 2017 463.75 +1.00 +0.22%
Minneapolis
Spring Wheat Dec 2016 491.25 -1.25 -0.25%
Spring Wheat Mar 2017 501.25 -0.75 -0.15%
Spring Wheat May 2017 510.25 -0.75 -0.15%
Spring Wheat Jul 2017 519.00 -1.50 -0.29%
Spring Wheat Sep 2017 529.00 -1.25 -0.24%
Kansas City
Hard Red Wheat Dec 2016 418.50 +2.00 +0.48%
Hard Red Wheat Mar 2017 434.75 +1.75 +0.40%
Hard Red Wheat May 2017 445.25 +2.00 +0.45%
Hard Red Wheat Jul 2017 455.00 +1.50 +0.33%
Hard Red Wheat Sep 2017 469.00 +0.50 +0.11%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Oct 2016 107.68 -0.22 -0.20%
Live Cattle (P) Dec 2016 107.05 -0.30 -0.28%
Live Cattle (P) Feb 2017 107.48 -0.32 -0.30%
Feeder Cattle (P) Sep 2016 135.32 -0.13 -0.10%
Feeder Cattle (P) Oct 2016 131.12 -0.66 -0.50%
Feeder Cattle (P) Nov 2016 128.85 -0.95 -0.73%
Lean Hogs (P) Oct 2016 55.55 +0.63 +1.15%
Lean Hogs (P) Dec 2016 49.08 +0.91 +1.89%
Lean Hogs (P) Feb 2017 53.37 +0.70 +1.33%
