Nov canola edges higher Tues on bargain buying

In the first day of trade after the long weekend, new crop canola edged a little higher on bargain buying following steep losses the previous week.

November canola closed up $2.10 after falling $21.10 last week.

Gains were limited by generally good growing weather in Western Canada, although development is behind the normal pace and there are pockets where soils are too wet. Hot today and Wednesday in much of the Prairies with implications for heat blast on flowering fields, but cooler temperatures and showers are forecast for late in the week.

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Good growing weather is also the norm in the United States, but bargain buying lifted new crop corn and wheat slightly. New crop soybeans edged a little lower.

Trade was relatively light with American traders squaring up positions ahead of the July 4 holiday south of the border.

Crop conditions are improving in the U.S. As of June 30 corn and soybeans were rated 67 percent good to excellent, up from 65 percent the previous week, said the USDA.

Moderate temperatures and occasional rainfall over the next two weeks will boost growth for newly sown U.S. corn and soybeans, an agricultural meteorologist said on Tuesday.

“It looks good the next couple of weeks. It will be cool until Friday then warm to the 80s (degrees Fahrenheit) to low 90s, and everybody will get some rain,” Andy Karst, a meteorologist for World Weather Inc., told Reuters.

Based on current weather forecasts, a record large 13.391 billion bushel U.S. corn crop may be produced this year and a record 3.198 billion bu. soybean crop is possible, according to a Reuters story quoting an MDA Weather Services meteorologist.

The USDA weekly crop progress report said hot and dry conditions in the southern U.S. Plains helped advance the winter wheat harvest, with 43 percent of the crop cut by Sunday, up from 20 percent a week earlier but behind the five-year average of 52 percent.

USDA said 68 percent of the U.S. spring wheat crop was rated good to excellent, down from 70 percent a week earlier. Ratings dropped sharply in Idaho and Montana.

Ninety-three percent of the spring wheat crop had emerged, compared with the five-year average of 99 percent.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 2013 600.30 -9.50 -1.56%

Canola Nov 2013 536.90 +2.10 +0.39%

Canola Jan 2014 541.90 +3.10 +0.58%

Canola Mar 2014 545.30 +5.30 +0.98%

Canola May 2014 545.20 +6.30 +1.17%

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%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Jul 2013 1573 +2.5 +0.16%

Soybeans Aug 2013 1433.5 -2.75 -0.19%

Soybeans Sep 2013 1293.75 -2.5 -0.19%

Soybeans Nov 2013 1242.5 -0.75 -0.06%

Soybeans Jan 2014 1248.5 -0.75 -0.06%

Soybeans Mar 2014 1250.25 -0.25 -0.02%

Soybean Meal Jul 2013 487 +2.2 +0.45%

Soybean Meal Aug 2013 432.9 unch 0.00%

Soybean Meal Sep 2013 395.3 +0.1 +0.03%

Soybean Oil Jul 2013 46.92 +0.07 +0.15%

Soybean Oil Aug 2013 46.83 +0.01 +0.02%

Soybean Oil Sep 2013 46.4 -0.01 -0.02%

Corn Jul 2013 672.75 +17.25 +2.63%

Corn Sep 2013 533 +1.5 +0.28%

Corn Dec 2013 502.75 +1.5 +0.30%

Corn Mar 2014 514.75 +1.75 +0.34%

Corn May 2014 522.5 +1.75 +0.34%

Oats Jul 2013 390.25 -5 -1.27%

Oats Sep 2013 351.25 -5.25 -1.47%

Oats Dec 2013 335.25 -7.5 -2.19%

Oats Mar 2014 341.25 -4.75 -1.37%

Oats May 2014 343.5 -4.75 -1.36%

Wheat Jul 2013 649.5 +3.75 +0.58%

Wheat Sep 2013 658.25 +3.25 +0.50%

Wheat Dec 2013 671.25 +2 +0.30%

Wheat Mar 2014 685 +2.25 +0.33%

Wheat May 2014 694.25 +1.25 +0.18%

Minneapolis

Spring Wheat Jul 2013 757 -21.5 -2.76%

Spring Wheat Sep 2013 770.75 -0.75 -0.10%

Spring Wheat Dec 2013 779.75 +0.5 +0.06%

Spring Wheat Mar 2014 794.75 +1.5 +0.19%

Spring Wheat May 2014 802.75 +3.25 +0.41%

Kansas City

KCBT Red Wheat Jul 2013 674 -2.75 -0.41%

KCBT Red Wheat Sep 2013 690.75 unch 0.00%

KCBT Red Wheat Dec 2013 712.25 +0.75 +0.11%

KCBT Red Wheat Mar 2014 726.5 +0.75 +0.10%

KCBT Red Wheat May 2014 734 +0.5 +0.07%

Light crude oil nearby futures in New York rose $1.61 at $99.60 US per barrel.

The Canadian dollar at noon was 94.97 cents US, down from 95.13 cents the previous trading day. The U.S. dollar at noon was $1.0530 Cdn.

The U.S. Department of Commerce said U.S. factory orders rose by a seasonally adjusted 2.1 percent in May, compared to expectations for an increase of two percent. Markets were also supported by strong June U.S. car sales data.

However, Canada’s manufacturing growth slowed in June, pulling back from a sharp gain in May.

But early gains lagged when indexes hit technical barriers and U.S. markets closed a little lower in light trade ahead of the July 4 Independence Day holiday. Markets will close early Wednesday and all day Thursday.

Falling bullion prices weighed on gold mining stocks, but the TSX composite closed higher with support from oil company stocks, unofficially closing up 49.27 points or 0.41 percent at 12,178.38.

In other early tallies —

Dow Jones industrial average dropped 42.70 points, or 0.29 percent, to 14,932.26.

The Standard & Poor’s 500 Index shed 0.98 points, or 0.06 percent, to 1,613.98.

The Nasdaq Composite Index dipped 1.09 points, or 0.03 percent, to 3,433.40.