Soybeans and corn rose Tuesday on momentum from the U.S. Department of Agriculture’s March 1 stocks and intended planting reports issued Monday.
Canola rose today along with soy oil, which was buoyed by news that a U.S. Senate panel planned to vote Thursday on a bill to reinstate a biodiesel blender’s credit. Click here for a backgrounder on the U.S. biodiesel credit.
According to data from ICE Futures Canada, the best bid canola basis in the par region has narrowed about $7 per tonne in recent days.
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Canola also gained a little strength from the cold weather in Western Canada that is delaying the thaw. That has the potential to lay the start of fieldwork.
Malaysian palm oil continued to fall on the weak export pace.
Wheat fell partly because traders exited short-corn/long-wheat spreads now that the outlook for corn is more bullish thanks to Monday’s reports.
The USDA had a smaller than expected corn seeding number yesterday and the March 1 stocks number was also smaller than expected.
Reuters reported that strong speculative buying added support to prices. The more bullish crop price outlook, coupled by the fact that today is the first of the month and the first day of a new quarter, when fund reassess their positions and make new investments, resulted in new money going into crop commodities.
Soybeans also rose on the confirmation in the stock reports that U.S. soybean stocks are exceptionally tight. Prices will have to be high enough to ration demand for the second half of the U.S. marketing year.
But Reuters reported that investment bank Morgan Stanley believes with a large South American crop being harvested and slowing Chinese demand, soybean prices might not need to go terribly high to do their job.
Reuters reported that harvest in Brazil is in its final stage with more than 70 percent of production collected from the fields.
March Brazilian soybean exports were nearly double the amount shipped in same month of 2013, when soybeans were competing with corn for port space.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2014 456.20 +4.90 +1.09%
Canola Jul 2014 466.10 +5.10 +1.11%
Canola Nov 2014 481.70 +5.20 +1.09%
Canola Jan 2015 489.00 +5.20 +1.07%
Canola Mar 2015 496.00 +5.30 +1.08%
Milling Wheat May 2014 220.00 -2.00 -0.90%
Milling Wheat Jul 2014 217.00 -3.00 -1.36%
Milling Wheat Oct 2014 219.00 -3.00 -1.35%
Durum Wheat May 2014 250.00 unch 0.00%
Durum Wheat Jul 2014 250.00 unch 0.00%
Durum Wheat Oct 2014 252.00 unch 0.00%
Barley May 2014 130.50 unch 0.00%
Barley Jul 2014 128.50 unch 0.00%
Barley Oct 2014 128.50 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 2014 1484.5 +20.5 +1.40%
Soybeans Jul 2014 1457.25 +27.75 +1.94%
Soybeans Aug 2014 1380.25 +19.25 +1.41%
Soybeans Sep 2014 1265.5 +17.5 +1.40%
Soybeans Nov 2014 1207.25 +20 +1.68%
Soybeans Jan 2015 1212 +19.5 +1.64%
Soybean Meal May 2014 482.7 +3.4 +0.71%
Soybean Meal Jul 2014 469.4 +5.8 +1.25%
Soybean Meal Aug 2014 440.2 +3.6 +0.82%
Soybean Oil May 2014 41.4 +0.98 +2.42%
Soybean Oil Jul 2014 41.56 +0.93 +2.29%
Soybean Oil Aug 2014 41.33 +0.83 +2.05%
Corn May 2014 507.5 +5.5 +1.10%
Corn Jul 2014 512.5 +5.75 +1.13%
Corn Sep 2014 508.5 +6.5 +1.29%
Corn Dec 2014 505.5 +7.25 +1.46%
Corn Mar 2015 512.25 +7.25 +1.44%
Oats May 2014 411.25 +12.25 +3.07%
Oats Jul 2014 366.25 +10.75 +3.02%
Oats Sep 2014 353 +5.25 +1.51%
Oats Dec 2014 347.25 +4.25 +1.24%
Oats Mar 2015 343 +2.25 +0.66%
Wheat May 2014 685.25 -12 -1.72%
Wheat Jul 2014 690 -11.5 -1.64%
Wheat Sep 2014 697.75 -11 -1.55%
Wheat Dec 2014 709.25 -8.75 -1.22%
Wheat Mar 2015 717.75 -7.75 -1.07%
Minneapolis
Spring Wheat May 2014 735.25 -7.5 -1.01%
Spring Wheat Jul 2014 734 -6.75 -0.91%
Spring Wheat Sep 2014 736.5 -9 -1.21%
Spring Wheat Dec 2014 746.25 -7 -0.93%
Spring Wheat Mar 2015 751 -7.25 -0.96%
Kansas City
KC HRW Wheat May 2014 753.5 -10.5 -1.37%
KC HRW Wheat Jul 2014 756 -9.25 -1.21%
KC HRW Wheat Sep 2014 760.75 -9.75 -1.27%
KC HRW Wheat Dec 2014 770.75 -9.5 -1.22%
KC HRW Wheat Mar 2015 773.5 -8.5 -1.09%
Light crude oil nearby futures in New York dropped $1.84 at $99.74 US per barrel.
The Canadian dollar at noon was 90.69 cents US, up from 90.47 cents the previous trading day. The U.S. dollar at noon was $1.1027 Cdn.
Stock markets gained support from a report on U.S. factory activity. It showed production in March posting its biggest increase since the recession ended.
Activity in January and February was slowed by the harsh winter weather.
In unofficial tallies —
The Toronto Stock Exchange’s S&P/TSX composite index rose 45.24 points, or 0.32 percent, at 14,380.55.
The Dow Jones industrial average rose 73.92 points, or 0.45 percent, to 16,531.58.
The S&P 500 added 13.06 points, or 0.70 percent, to 1,885.40.
The Nasdaq Composite gained 69.05 points, or 1.64 percent, to 4,268.04.
