Prices for soybeans have dropped low enough to attract better exports of the U.S. oilseed and that support bean futures on Monday.
The rise in soybeans and soy oil helped support canola futures. Excess rain on the Canadian prairies also lent some support.
More rain is expected in much of the Prairies over the next three days.
Robust export demand kept a floor under corn and soybean prices as the USDA on Monday announced large sales of both commodities via its daily reporting system. Monday’s 246,000-tonne soybean sale to China was the ninth daily sales announcement in nine trading days, Reuters reported.
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The weekly crop condition report issued after the market close said corn conditions dropped two percentage points to 74 percent good to excellent, but that was still one point ahead of the record corn yield year of 2014.
The soybean crop condition remained at 72 percent good to excellent, but there was slight improvement as the excellent category picked up one point from the good.
Traders were starting to square positions ahead of the USDA crop production report on Friday. The trade generally believes yield potential for corn and soybeans is higher than the USDA forecast in July.
Light crude oil nearby futures in New York were up $1.22 closing at US$43.02 per barrel.
Members of the Organization of Petroleum Exporting Countries said they would hold an “informal meeting” on the sidelines of an international energy forum in Algeria in late September to talk of potential ways to stabilize the market. However, the organization has had talks before and has been unable to agree on ways to lift the price.
The Canadian dollar at noon was US75.96 cents, up from 75.87 cents the previous trading day. The U.S. dollar at noon was C$1.3164.
The stronger oil price lifted the Toronto Stock Exchange’s S&P/TSX composite index up 106.85 points, or 0.73 percent, to close at 14,755.62, its strongest finish since June 26, 2015.
U.S. stock markets took a breather today.
S&P 500 opened at a record high before turning modestly negative and closing down 0.09 percent at 2,180.89.
The Dow Jones industrial average edged down 0.08 percent to end at 18,529.29.
The Nasdaq Composite dropped 0.15 percent to 5,213.14.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2016 454.00 +4.20 +0.93%
Canola Jan 2017 460.60 +4.10 +0.90%
Canola Mar 2017 466.20 +3.40 +0.73%
Canola May 2017 472.20 +3.10 +0.66%
Canola Jul 2017 477.40 +3.00 +0.63%
Milling Wheat Oct 2016 210.00 +4.00 +1.94%
Milling Wheat Dec 2016 214.00 +4.00 +1.90%
Durum Wheat Oct 2016 260.00 unch 0.00%
Durum Wheat Dec 2016 263.00 unch 0.00%
Barley Oct 2016 138.00 unch 0.00%
Barley Dec 2016 138.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2016 1018.75 +15.25 +1.52%
Soybeans Sep 2016 1001.25 +12.75 +1.29%
Soybeans Nov 2016 985.00 +10.00 +1.03%
Soybeans Jan 2017 984.75 +9.75 +1.00%
Soybeans Mar 2017 976.00 +10.75 +1.11%
Soybeans May 2017 974.75 +11.00 +1.14%
Soybean Meal Aug 2016 337.90 +1.10 +0.33%
Soybean Meal Sep 2016 335.90 +0.90 +0.27%
Soybean Meal Oct 2016 334.10 +0.70 +0.21%
Soybean Oil Aug 2016 30.93 +0.41 +1.34%
Soybean Oil Sep 2016 31.01 +0.38 +1.24%
Soybean Oil Oct 2016 31.14 +0.40 +1.30%
Corn Sep 2016 325.25 +1.50 +0.46%
Corn Dec 2016 334.75 +1.50 +0.45%
Corn Mar 2017 345.00 +1.75 +0.51%
Corn May 2017 351.75 +1.75 +0.50%
Corn Jul 2017 358.25 +1.00 +0.28%
Oats Sep 2016 176.50 -0.75 -0.42%
Oats Dec 2016 185.50 +2.25 +1.23%
Oats Mar 2017 195.00 +1.25 +0.65%
Oats May 2017 200.00 +0.75 +0.38%
Oats Jul 2017 205.00 +0.25 +0.12%
Wheat Sep 2016 417.00 +0.50 +0.12%
Wheat Dec 2016 438.75 +0.25 +0.06%
Wheat Mar 2017 459.75 -0.25 -0.05%
Wheat May 2017 471.50 -1.25 -0.26%
Wheat Jul 2017 478.50 -1.50 -0.31%
Minneapolis
Spring Wheat Sep 2016 499.50 +6.00 +1.22%
Spring Wheat Dec 2016 507.50 +2.75 +0.54%
Spring Wheat Mar 2017 520.50 +4.50 +0.87%
Spring Wheat May 2017 528.75 +6.25 +1.20%
Spring Wheat Jul 2017 537.50 +3.75 +0.70%
Kansas
Hard Red Wheat Dec 2016 435.00 -2.75 -0.63%
Hard Red Wheat Mar 2017 451.75 -2.25 -0.50%
Hard Red Wheat May 2017 462.75 -2.75 -0.59%
Hard Red Wheat Jul 2017 471.75 -0.25 -0.05%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Aug 2016 116.92 -0.58 -0.49%
Live Cattle (P) Oct 2016 114.65 -0.88 -0.76%
Live Cattle (P) Dec 2016 115.42 -0.28 -0.24%
Feeder Cattle (P) Aug 2016 149.12 -0.73 -0.49%
Feeder Cattle (P) Sep 2016 147.20 -0.20 -0.14%
Feeder Cattle (P) Oct 2016 144.30 +0.35 +0.24%
Lean Hogs (P) Aug 2016 67.10 -0.72 -1.06%
Lean Hogs (P) Oct 2016 58.85 +0.25 +0.43%
Lean Hogs (P) Dec 2016 54.72 +0.44 +0.81%
