U.S. futures markets were closed for the Memorial Day long weekend.
Winnipeg canola futures moved about a penny and a half per bushel higher for the July contract and fell almost two cents for November.
FarmLink Marketing’s Jon Driedger said the canola action was dull and it doesn’t look like fireworks will erupt tonight when U.S. electronic futures markets open for the overnight session.
“News is pretty quiet,” he said.
Malaysian palm oil futures were higher overnight with signs of good export demand.
Read Also
Field-by-field mapping could improve yield, productivity predictions
University of Saskatchewan researchers are using field border mapping to collect data on field variability, including problematic weeds, and to predict things like yields.
Heavy rains in Texas and Oklahoma have drawn the attention of the market, but it’s unclear what the impact will be on the coming hard red winter wheat harvest.
Little lingering affect of last week’s western Canadian snow and frost can be seen, with only slight damage and reseeding believed necessary.
Of bigger concern is dry soils in the western Prairies.
“We have a pretty big dry pocket in western Saskatchewan and east-central Alberta, and that’s probably more of a factor,” said Driedger.
“People are waiting for rain.”
That could be important for hard red spring wheat, oats and pulse markets in coming days and weeks if dryness continues.
The Canadian dollar is beginning to lend more support to crop prices denominated in the loonie. Further weakening of the Canadian economy due to the slump in oil prices keep a bearish tone on the currency.
The Canadian dollar at noon was US81.27 cents, down from 81.38 cents the previous trading day. The U.S. dollar at noon was C$1.2304.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2015 463.80 +0.60 +0.13%
Canola Nov 2015 454.10 -0.80 -0.18%
Canola Jan 2016 453.70 -1.20 -0.26%
Canola Mar 2016 452.70 -1.20 -0.26%
Canola May 2016 451.70 -1.20 -0.26%
Milling Wheat Jul 2015 219.00 unch 0.00%
Milling Wheat Oct 2015 221.00 unch 0.00%
Milling Wheat Dec 2015 221.00 unch 0.00%
Durum Wheat Jul 2015 298.00 unch 0.00%
Durum Wheat Oct 2015 298.00 unch 0.00%
Durum Wheat Dec 2015 303.00 unch 0.00%
Barley Jul 2015 191.00 unch 0.00%
Barley Oct 2015 177.00 unch 0.00%
Barley Dec 2015 182.00 unch 0.00%
