The different attitudes about old and new crop canola were again displayed Tuesday as the May contract crept higher while November was nudged lower.
The expectation of tight year end stocks of canola and short covering helped lift May up $3.40 per tonne, to settle at $512.20. The loonie was lower, which also supported canola.
New crop November fell 20 cents to settle at $485.70.
The snow in northern Alberta and Saskatchewan over the weekend will make it harder to harvest the remaining 2016 crop that was left out over winter.
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The strength in the old crop canola contracts was notable as the entire soybean complex was lower.
Soy oil in particular took it on the nose, falling more than two percent.
The weekly U.S. export data from Monday was disappointing for soybeans. The monthly U.S. soybean crush report on Monday was also disappointing, with about 153.1 million bushels processed, short of expectations for 156.7 million.
Soybeans were also pressured by improving, drier conditions for the soybean harvest in Argentina.
Malaysian palm oil futures fell for the fifth day in a row on Tuesday, weighed down by forecasts of rising output and tracking weaker performing rival oils.
WHEAT
American wheat futures rose with Minneapolis spring wheat leading the way, rising almost two percent in the May contract. Short covering was a feature after wheat hit a 10 day low on Monday. The trade might also have been slightly concerned about the slow pace of spring wheat planting.
U.S. Agriculture Department on Monday afternoon said the winter wheat crop was rated 54 percent good to excellent, up from 53 percent last week and in line with market expectations. Last year it was 57 percent good to excellent.
The areas struggling the most are Colorado and western Kansas.
U.S. spring wheat was 13 percent planted down from 25 percent last year, and 21 on average.
American farmers had seeded six percent of their intended corn acreage as of April 16, below market forecasts and below the 12 percent seeded last year, and nine percent on average.
WEATHER
Cool weather is doing little to help dry fields in much of the Canadian Prairies.
Light rain is expected in parts of Saskatchewan Wednesday with the largest amounts in east central parts of the province and again on Friday.
Large rain accumulations are expected over the next seven days in Missouri and eastern Kansas and Oklahoma. This is a little further south than was the forecast last week.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 24 cents to US$52.41 per barrel.
In the afternoon, the Canadian dollar was trading around US74.67 cents, down from 75.09 cents the previous trading day. The U.S. dollar was C$1.3392.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 62.32 points, or 0.4 percent, to finish at 15,622.57.
The Dow Jones Industrial Average fell 113.64 points, or 0.55 percent, to 20,523.28, the S&P 500 lost 6.83 points, or 0.29 percent, to 2,342.18 and the Nasdaq Composite dropped 7.32 points, or 0.12 percent, to 5,849.47.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2017 512.20 +3.40 +0.67%
Canola Jul 2017 507.80 +1.50 +0.30%
Canola Nov 2017 485.70 -0.20 -0.04%
Canola Jan 2018 489.30 -0.10 -0.02%
Canola Mar 2018 493.00 unch 0.00%
Milling Wheat May 2017 230.00 +4.00 +1.77%
Milling Wheat Jul 2017 233.00 +4.00 +1.75%
Milling Wheat Oct 2017 227.00 +3.00 +1.34%
Durum Wheat May 2017 271.00 +3.00 +1.12%
Durum Wheat Jul 2017 271.00 +1.00 +0.37%
Durum Wheat Oct 2017 263.00 unch 0.00%
Barley May 2017 137.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 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 May 2017 946.00 -7.25 -0.76%
Soybeans Jul 2017 956.25 -7.50 -0.78%
Soybeans Aug 2017 958.25 -7.25 -0.75%
Soybeans Sep 2017 957.00 -6.50 -0.67%
Soybeans Nov 2017 956.75 -5.50 -0.57%
Soybeans Jan 2018 964.00 -4.75 -0.49%
Soybean Meal May 2017 312.20 -1.20 -0.38%
Soybean Meal Jul 2017 316.60 -1.10 -0.35%
Soybean Meal Aug 2017 317.50 -0.90 -0.28%
Soybean Oil May 2017 31.14 -0.66 -2.08%
Soybean Oil Jul 2017 31.38 -0.65 -2.03%
Soybean Oil Aug 2017 31.49 -0.65 -2.02%
Corn May 2017 361.75 -4.75 -1.30%
Corn Jul 2017 368.25 -5.00 -1.34%
Corn Sep 2017 375.75 -4.25 -1.12%
Corn Dec 2017 386.25 -4.00 -1.02%
Corn Mar 2018 396.00 -3.75 -0.94%
Oats May 2017 218.75 -0.50 -0.23%
Oats Jul 2017 217.75 -0.75 -0.34%
Oats Sep 2017 215.00 -1.25 -0.58%
Oats Dec 2017 216.50 -2.00 -0.92%
Oats Mar 2018 224.00 -1.75 -0.78%
Wheat May 2017 422.50 +1.50 +0.36%
Wheat Jul 2017 437.00 +1.25 +0.29%
Wheat Sep 2017 450.75 +1.25 +0.28%
Wheat Dec 2017 472.00 +2.00 +0.43%
Wheat Mar 2018 489.50 +2.25 +0.46%
Minneapolis
Spring Wheat May 2017 539.25 +10.50 +1.99%
Spring Wheat Jul 2017 547.25 +9.75 +1.81%
Spring Wheat Sep 2017 554.75 +9.25 +1.70%
Spring Wheat Dec 2017 564.50 +8.00 +1.44%
Spring Wheat Mar 2018 574.00 +7.00 +1.23%
Kansas City
Hard Red Wheat May 2017 419.25 +3.00 +0.72%
Hard Red Wheat Jul 2017 432.00 +3.00 +0.70%
Hard Red Wheat Sep 2017 448.00 +3.00 +0.67%
Hard Red Wheat Dec 2017 474.25 +4.00 +0.85%
Hard Red Wheat Mar 2018 491.75 +4.50 +0.92%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017 126.78 +0.36 +0.28%
Live Cattle (P) Jun 2017 115.65 +0.08 +0.07%
Live Cattle (P) Aug 2017 111.82 +0.27 +0.24%
Feeder Cattle (P) Apr 2017 138.68 -0.37 -0.27%
Feeder Cattle (P) May 2017 140.08 -0.07 -0.05%
Feeder Cattle (P) Aug 2017 142.18 -0.04 -0.03%
Lean Hogs (P) May 2017 67.15 -0.57 -0.84%
Lean Hogs (P) Jun 2017 71.50 -0.85 -1.17%
Lean Hogs (P) Jul 2017 72.90 -0.45 -0.61%
