Old crop canola edged higher Tuesday as farmers are not delivering a lot of the oilseed.
New crop canola fell a little, weighed down by falling soybeans, which were weakened by generally good crop conditions in the U.S. and by imports from South America that are lessening the old crop squeeze.
Wheat rose a little, on oversold conditions, bargain buying and concerns about excessive rain in North Dakota.
Corn fell because of generally good growing conditions in the U.S. Midwest.
A heavy rain warning has been issued for southern Alberta where accumulations of 60 to 100 millimetres are expected and amounts of up to 200 mm are possible in the Pincher Creek and Cardston regions. Rain had already begun today.
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Cattle futures climbed again on Friday as USDA data showed a continued decline in cattle on feed. Hogs also rose.
The U.S. corn crop on Monday was rated the best in 20 years but concerns are gathering about excess moisture in the Midwest.
Several inches of rain are expected in the northern Midwest this week. The excess rain was already hurting the quality of the soft red winter crop in the Midwest.
In Canada, there has been good export movement of canola in recent weeks, but the domestic crush has slowed. Cargill’s plant at Clavet, Sask., is not buying old crop. The company says its has enough supply on hand to meet its needs.
The Richardson crushing plant at Yorkton, Sask., has been operating at close to capacity but is undergoing maintenance this week.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014 470.80 +3.40 +0.73%
Canola Nov 2014 457.50 -4.40 -0.95%
Canola Jan 2015 463.60 -4.40 -0.94%
Canola Mar 2015 466.90 -4.10 -0.87%
Canola May 2015 469.20 -4.00 -0.85%
Milling Wheat Jul 2014 201.00 +1.00 +0.50%
Milling Wheat Oct 2014 202.00 +1.00 +0.50%
Milling Wheat Dec 2014 206.00 +2.00 +0.98%
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 125.00 -10.00 -7.41%
Barley Oct 2014 132.50 +7.50 +6.00%
Barley Dec 2014 134.50 +7.50 +5.91%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2014 1398.25 -23.5 -1.65%
Soybeans Aug 2014 1348.5 -18.75 -1.37%
Soybeans Sep 2014 1244 -11.75 -0.94%
Soybeans Nov 2014 1212 -5 -0.41%
Soybeans Jan 2015 1218.75 -4.25 -0.35%
Soybeans Mar 2015 1224.75 -3.75 -0.31%
Soybean Meal Jul 2014 450.7 -11.7 -2.53%
Soybean Meal Sep 2014 410.2 -6.2 -1.49%
Soybean Oil Jul 2014 39.68 +0.18 +0.46%
Soybean Oil Aug 2014 39.8 +0.19 +0.48%
Soybean Oil Sep 2014 39.84 +0.22 +0.56%
Corn Jul 2014 438.75 -2.25 -0.51%
Corn Sep 2014 434 -2.75 -0.63%
Corn Dec 2014 439.5 -2.5 -0.57%
Corn Mar 2015 450.25 -2.75 -0.61%
Corn May 2015 457.25 -2.75 -0.60%
Oats Jul 2014 338.25 -4.5 -1.31%
Oats Sep 2014 330.25 unch 0.00%
Oats Dec 2014 328.75 unch 0.00%
Oats Mar 2015 325.75 +1.25 +0.39%
Oats May 2015 322.75 +1.25 +0.39%
Wheat Jul 2014 581.75 +0.75 +0.13%
Wheat Sep 2014 590.75 -0.5 -0.08%
Wheat Dec 2014 612 +0.75 +0.12%
Wheat Mar 2015 631.5 +2.25 +0.36%
Wheat May 2015 643.5 +2.75 +0.43%
Minneapolis
Spring Wheat Jul 2014 683.75 +3.75 +0.55%
Spring Wheat Sep 2014 690.75 +4.5 +0.66%
Spring Wheat Dec 2014 702.5 +5.5 +0.79%
Spring Wheat Mar 2015 712.5 +7 +0.99%
Spring Wheat May 2015 717.5 +6.75 +0.95%
Kansas City
KC HRW Wheat Jul 2014 712.5 +4.25 +0.60%
KC HRW Wheat Sep 2014 712.75 +4.25 +0.60%
KC HRW Wheat Dec 2014 721.75 +4.25 +0.59%
KC HRW Wheat May 2015 722.5 +2.5 +0.35%
Light crude oil nearby futures in New York dropped 54 cents at $106.36 US per barrel.
The Canadian dollar at noon was 92.15 cents US, down from 92.17 cents the previous trading day. The U.S. dollar at noon was $1.0852 Cdn.
The U.S. Consumer Price Index rose 0.4 percent in May. Analysts had expected a 0.2 percent increase. The U.S. Federal Reserve started a two-day policy meeting on Tuesday. They will look at this data among other reports that have given bullish signals on the economy. The market expects the Fed will continue to trim its bond buying program but interest rate hikes are not expected until next year.
The data on the CPI helped lift bank stocks.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 15.46 points, or 0.10 percent, at 15,055.89.
The Dow Jones industrial average rose 27.48 points or 0.16 percent, to end at 16,808.49.
The S&P 500 gained 4.21 points or 0.22 percent, to finish at 1,941.99.
The Nasdaq Composite added 16.13 points or 0.37 percent, to close at 4,337.23.
