Canola and soybeans rose Tuesday with support from concern about a trucker strike in Brazil that has limited the flow of soybeans to port.
Also icy weather in the southern United States has slowed barge traffic to U.S. Gulf ports.
Reuters reported that Brazil’s government is fining truckers for blocking highways and that might force the strikers to stop. However, if it does continue, squeezing the supply getting to port, then buyers such as the Chinese might continue to direct orders to the U.S.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
The full story on the Brazil trucker strike is here: Truck strike crimps Brazil food, fuel supplies, soy exports.
Rain in Brazil’s northern grain belt is stalling harvest.
March canola closed at $472.80 a tonne, up $3.10, while most-traded May closed at $469.70, up $2.20.
November closed at $451.80, up 90 cents.
It appears that the nearby canola basis might have widened from where it was last week.
Analysts are forecasting spring seeding intentions. Reuters polled 12 analysts about their views for Canada. See the story here: Canadian farmers seen sowing slightly less canola, more durum.
Supplies of barley from the small 2014 crop will likely be fairly tight later this spring and summer resulting in higher prices. Read the full story here: Barley prices expected to rally in short-term: analyst.
Kansas wheat edged higher as Egypt bought 290,000 of U.S. hard red winter wheat.
Chicago and Minneapolis wheat were flat to slightly lower with the market still focuses on ample global wheat supply.
Cold weather in the U.S. might hurt some exposed winter wheat, but snow forecast for the weekend will be beneficial.
Corn edged lower on a lack of fresh news.
Showers in Brazil may delay the seeding of second crop corn. The second crop is the main source of Brazil’s corn exports.
Agrimoney.com reported today that the European Commission’s crop monitoring organization drew attention to the poor state of some winter-seeded crops in Russia and Ukraine. As we have reported before, poor seeding conditions in the fall stressed the crop.
Severe cold in mind-January harmed wheat in areas where there was inadequate snow cover. The USDA attaché in Moscow last week reported that the January cold was not a serious problem because most areas were covered by snow.
The Interfax news agency reported that Russia’s agricultural ministry says that the winter crop production could down as much as 40 percent if crops now identified as in poor condition do not recover this spring.
While there are problems Russia’s wheat grain area was up 13 percent over the year before.
Crops in Europe are doing well in warmer than normal conditions. The only drawback is that the crops have not hardened off and are vulnerable if there is a late winter cold snap.
Light crude oil nearby futures in New York were down 17 cents to US$49.28 per barrel.
The Canadian dollar at noon was US79.35 cents, down from US79.49 cents the previous trading day. The U.S. dollar at noon was C$1.2603.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 35.29 points, or 0.23 percent, at 15,164.97.
The Dow Jones industrial average rose 92.35 points, or 0.51 percent, to 18,209.19, the S&P 500 gained 5.82 points, or 0.28 percent, to 2,115.48 and the Nasdaq Composite added 7.15 points, or 0.14 percent, to 4,968.12.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015 472.80 +3.10 +0.66%
Canola May 2015 469.70 +2.20 +0.47%
Canola Jul 2015 464.20 +2.10 +0.45%
Canola Nov 2015 451.80 +0.90 +0.20%
Canola Jan 2016 453.40 +0.90 +0.20%
Milling Wheat Mar 2015 221.00 unch 0.00%
Milling Wheat May 2015 231.00 +1.00
Milling Wheat Jul 2015 233.00 unch 0.00%
Durum Wheat Mar 2015 333.00 unch 0.00%
Durum Wheat May 2015 323.00 unch 0.00%
Durum Wheat Jul 2015 313.00 unch 0.00%
Barley Mar 2015 180.00 -4.00
Barley May 2015 182.00 -4.00
Barley Jul 2015 184.00 -4.00
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2015 1016 +16.75 +1.68%
Soybeans May 2015 1018.75 +17.25 +1.72%
Soybeans Jul 2015 1023 +17 +1.69%
Soybeans Aug 2015 1021 +15.75 +1.57%
Soybeans Sep 2015 1004.75 +13.75 +1.39%
Soybeans Nov 2015 992.75 +13 +1.33%
Soybean Meal Mar 2015 356.9 +8.6 +2.47%
Soybean Meal May 2015 345.7 +7.2 +2.13%
Soybean Meal Jul 2015 342 +6.6 +1.97%
Soybean Oil Mar 2015 31.42 +0.28 +0.90%
Soybean Oil May 2015 31.61 +0.28 +0.89%
Soybean Oil Jul 2015 31.83 +0.29 +0.92%
Corn Mar 2015 377.5 -1.25 -0.33%
Corn May 2015 385.5 -1.25 -0.32%
Corn Jul 2015 393.5 -1 -0.25%
Corn Sep 2015 400.75 -1 -0.25%
Corn Dec 2015 409.75 -0.75 -0.18%
Oats Mar 2015 274.5 +2.5 +0.92%
Oats May 2015 272.75 +0.75 +0.28%
Oats Jul 2015 276.5 unch 0.00%
Oats Sep 2015 283.5 -1 -0.35%
Oats Dec 2015 286 -0.5 -0.17%
Wheat Mar 2015 505.75 unch 0.00%
Wheat May 2015 503.75 -0.25 -0.05%
Wheat Jul 2015 508.25 -0.5 -0.10%
Wheat Sep 2015 516.75 -0.5 -0.10%
Wheat Dec 2015 530 unch 0.00%
Minneapolis
Spring Wheat Mar 2015 566 -1.75 -0.31%
Spring Wheat May 2015 568 unch 0.00%
Spring Wheat Jul 2015 573 +0.5 +0.09%
Spring Wheat Sep 2015 579.5 +0.25 +0.04%
Spring Wheat Dec 2015 591.25 unch 0.00%
Kansas City
Hard Red Wheat Mar 2015 535.75 +4.5 +0.85%
Hard Red Wheat May 2015 538 +2 +0.37%
Hard Red Wheat Jul 2015 543.5 +0.5 +0.09%
Hard Red Wheat Sep 2015 556.25 +0.75 +0.14%
Hard Red Wheat Dec 2015 571.25 +1 +0.18%
