New crop canola dips again on good growing weather

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Published: June 27, 2013

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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U.S. grains: Corn, soybeans extend losses as Midwest weather looks crop-friendly

Chicago Board of Trade corn futures extended session losses on Tuesday, weighed down by forecasts for crop-friendly rain in U.S. grain belts this 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.

About the author

D'Arce McMillan

Markets editor, Saskatoon newsroom

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