Old crop canola and soybeans rose Thursday but new crop months were lower.
Tight old crop stocks are supporting the nearby contract, but generally good growing weather is weighing on new crop. The forecast for the Prairies has turned dry and sunny, which should spur crop development after all the rain in many areas in the past couple of weeks.
Falling soy oil prices also pressured canola.
The Saskatchewan Agriculture crop report said 51 percent of oilseed crops are at normal stage of development and 48 percent is behind normal development. Across the province, topsoil moisture on cropland is rated as 30 percent surplus, 68 percent adequate and two percent short.
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Major crops throughout Alberta remained relatively steady during the week ended July 22. The provincial agriculture department rated the crops at 65 per cent good to excellent, a dip of one point from the previous week.
Traders were adjusting positions in advance of the U.S. Department of Agriculture reports on seeded acreage and grain stocks due Friday morning.
The advancing U.S. winter wheat crop harvest, and reports of better than expected yields, weighed on Chicago and Kansas City wheat prices. New crop Minneapolis spring wheat was up a little on expectations that USDA will show a drop North Dakota wheat acreage from earlier reports.
Winnipeg ICE Futures Canada in $Cdn per tonne
Canola Jul 2013 619.50 +6.40 +1.04%
Canola Nov 2013 541.60 -2.30 -0.42%
Canola Jan 2014 546.20 -2.30 -0.42%
Canola Mar 2014 546.70 -1.50 -0.27%
Canola May 2014 544.40 -1.50 -0.27%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Milling Wheat Dec 2013 294.00 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Durum Wheat Dec 2013 299.40 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
U.S. crops in cents US per bushel, soy meal in $US per short ton, soy oil in cents US per pound
Chicago
Soybeans Jul 2013 1548.5 +14.25 +0.93%
Soybeans Aug 2013 1432.5 +7.25 +0.51%
Soybeans Sep 2013 1317.75 +0.75 +0.06%
Soybeans Nov 2013 1275.25 -0.75 -0.06%
Soybeans Jan 2014 1278.5 -0.5 -0.04%
Soybeans Mar 2014 1274 -0.75 -0.06%
Soybean Meal Jul 2013 479.6 +16.3 +3.52%
Soybean Meal Aug 2013 435.2 +4.4 +1.02%
Soybean Meal Sep 2013 406.9 +2.6 +0.64%
Soybean Oil Jul 2013 46.4 -0.23 -0.49%
Soybean Oil Aug 2013 46.35 -0.27 -0.58%
Soybean Oil Sep 2013 45.97 -0.28 -0.61%
Corn Jul 2013 667.25 +2.75 +0.41%
Corn Sep 2013 572.25 -1.75 -0.30%
Corn Dec 2013 538.5 -5.5 -1.01%
Corn Mar 2014 549.25 -5 -0.90%
Corn May 2014 556.25 -5 -0.89%
Oats Jul 2013 385.25 +1.5 +0.39%
Oats Sep 2013 378.25 +3.5 +0.93%
Oats Dec 2013 374.25 +3.75 +1.01%
Oats Mar 2014 377.25 +3.5 +0.94%
Oats May 2014 379.5 +3.5 +0.93%
Wheat Jul 2013 663.5 -3.5 -0.52%
Wheat Sep 2013 673.75 -3.25 -0.48%
Wheat Dec 2013 689 -3.25 -0.47%
Wheat Mar 2014 703 -3.5 -0.50%
Wheat May 2014 712.25 -3.75 -0.52%
Minneapolis
Spring Wheat Jul 2013 786.5 -12.5 -1.56%
Spring Wheat Sep 2013 783 +0.5 +0.06%
Spring Wheat Dec 2013 791.25 +1 +0.13%
Spring Wheat Mar 2014 804.75 +1.25 +0.16%
Spring Wheat May 2014 810.75 +1.75 +0.22%
Kansas City
KCBT Red Wheat Jul 2013 686.5 -7.75 -1.12%
KCBT Red Wheat Sep 2013 702 -4 -0.57%
KCBT Red Wheat Dec 2013 722.75 -4.25 -0.58%
KCBT Red Wheat Mar 2014 737 -4.75 -0.64%
KCBT Red Wheat May 2014 746 -4.5 -0.60%
The Bank of Canada noon rate for the loonie was 95.42 cents US, down from 95.52 on Wednesday. The U.S. buck was $1.0480 Cdn.
Nearby crude oil in New York rose $1.55 to $97.05.
Concerns about the Federal Reserve monetary policy continued to fade into the background. Heads of regional Federal Reserves made comments emphasizing that the cut back in the bond buying program would depend on the state of the economy and employment, not certain dates on a calendar.
A couple of U.S. economic reports were positive. U.S. consumer spending rebounded in May and new applications for unemployment benefits fell last week.
U.S. stocks were up for a third day and the TSX composite was regaining ground lost yesterday.
