Most crop futures up on Midwest heat

Traders’ attention was fixated on weather outlooks on Thursday with heat in the Midwest lifting soybeans and corn.

That helped canola close up, but off the highs set in the morning.

November canola closed up $2.90 or 0.57 percent at $510.40 per tonne. The rising loonie, which traded near US79.5 cents, limited gains.

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Also, the potential for rain on Friday-Saturday in the eastern Prairies limited the rally.

November soybeans saw a stronger rally, climbing 1.4 percent. December corn rallied just over two percent to lead the parade.

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US WEATHER

Temperature highs in a large part of the Midwest today are topping 95 F. Similar heat is expected on Friday, stressing corn that is pollinating.

Rain in Midwest in the next few days is concentrated along the border of Illinois and Wisconsin and Iowa and Minnesota. The rain is expected to mostly miss western Iowa and Nebraska.

WHEAT

All three U.S. wheat contracts closed a little higher. The rally in wheat has stalled in recent days as the trade tries to balance out the shortage of high protein quality wheat against the adequate supply of other types of wheat.

AUSTRALIA

Cropping areas in the western and eastern parts of the country got light showers but rainfall deficits remain large.

DURUM

Today Italy enacted rules requiring all pasta and rice packages sold in he country to have a label of origin showing where the produce was grown.

The rule will run as an experiment for two years.

Canada’s durum sector worries that the need to segregate durum supplies by country grown will lead to increased costs that will depress the price paid for Canadian durum.

Canadian durum exports to Italy are in the neighbourhood of $250 million a year.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 33 cents US$46.79 per barrel.

In the afternoon, the Canadian dollar was trading around US79.42 cents, up from 79.38 cents the previous trading day. The U.S. dollar was C$1.2591.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 19.93 points, or 0.13 percent, at 15,264.64.

The Dow Jones Industrial Average fell 28.97 points, or 0.13 percent, to close at 21,611.78, the S&P 500 lost 0.38 point, or 0.02 percent, to 2,473.45 and the Nasdaq Composite added 4.96 points, or 0.08 percent, to 6,390.00

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2017 510.40 +2.90 +0.57%

Canola Jan 2018 514.90 +3.00 +0.59%

Canola Mar 2018 517.90 +3.00 +0.58%

Canola May 2018 518.00 +4.00 +0.78%

Canola Jul 2018 519.30 +4.80 +0.93%

Milling Wheat Oct 2017 294.00 +1.00 +0.34%

Milling Wheat Dec 2017 301.00 unch 0.00%

Milling Wheat Mar 2018 306.00 +2.00 +0.66%

Durum Wheat Oct 2017 284.00 unch 0.00%

Durum Wheat Dec 2017 286.00 unch 0.00%

Durum Wheat Mar 2018 287.00 unch 0.00%

Barley Oct 2017 140.00 unch 0.00%

Barley Dec 2017 140.00 unch 0.00%

Barley Mar 2018 140.00 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 2017 1013.25 +13.75 +1.38%

Soybeans Sep 2017 1018.25 +14.00 +1.39%

Soybeans Nov 2017 1027.00 +15.00 +1.48%

Soybeans Jan 2018 1035.50 +14.25 +1.40%

Soybeans Mar 2018 1036.25 +13.00 +1.27%

Soybeans May 2018 1038.75 +12.75 +1.24%

Soybean Meal Aug 2017 330.50 +4.30 +1.32%

Soybean Meal Sep 2017 332.50 +4.00 +1.22%

Soybean Meal Oct 2017 334.50 +4.20 +1.27%

Soybean Oil Aug 2017 33.97 +0.51 +1.52%

Soybean Oil Sep 2017 34.11 +0.53 +1.58%

Soybean Oil Oct 2017 34.22 +0.51 +1.51%

Corn Sep 2017 391.00 +8.25 +2.16%

Corn Dec 2017 404.75 +8.25 +2.08%

Corn Mar 2018 415.25 +8.00 +1.96%

Corn May 2018 420.00 +7.75 +1.88%

Corn Jul 2018 424.50 +7.50 +1.80%

Oats Sep 2017 295.75 +3.50 +1.20%

Oats Dec 2017 297.50 +4.50 +1.54%

Oats Mar 2018 295.50 +3.25 +1.11%

Oats May 2018 294.50 +3.25 +1.12%

Oats Jul 2018 293.25 +3.25 +1.12%

Wheat Sep 2017 505.75 +4.00 +0.80%

Wheat Dec 2017 529.25 +3.75 +0.71%

Wheat Mar 2018 549.50 +4.00 +0.73%

Wheat May 2018 560.00 +3.00 +0.54%

Wheat Jul 2018 564.25 +2.50 +0.45%

Minneapolis

Spring Wheat Sep 2017 778.00 +2.50 +0.32%

Spring Wheat Dec 2017 783.00 +3.50 +0.45%

Spring Wheat Mar 2018 779.00 +6.00 +0.78%

Spring Wheat May 2018 768.00 +8.00 +1.05%

Spring Wheat Jul 2018 749.50 +7.75 +1.04%

Kansas City

Hard Red Wheat Sep 2017 503.75 +4.75 +0.95%

Hard Red Wheat Dec 2017 530.25 +4.75 +0.90%

Hard Red Wheat Mar 2018 547.25 +5.25 +0.97%

Hard Red Wheat May 2018 560.25 +3.75 +0.67%

Hard Red Wheat Jul 2018 571.00 +4.00 +0.71%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Aug 2017 115.88 -1.56 -1.33%

Live Cattle (P) Oct 2017 117.08 -1.86 -1.56%

Live Cattle (P) Dec 2017 118.10 -1.76 -1.47%

Feeder Cattle (P) Aug 2017 152.28 -2.47 -1.60%

Feeder Cattle (P) Sep 2017 152.32 -2.22 -1.44%

Feeder Cattle (P) Oct 2017 150.85 -2.23 -1.46%

Lean Hogs (P) Aug 2017 81.10 -1.36 -1.65%

Lean Hogs (P) Oct 2017 67.85 -0.80 -1.17%

Lean Hogs (P) Dec 2017 62.95 +0.15 +0.24%

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