Rising soybeans led canola higher on Monday and corn and wheat also posted modest gains.
Canola staged a late rally along with soybeans and soy meal.
U.S. soybean export inspection weekly data was actually a little lower than expected, but the amount going to China was very strong, 77 percent of the total.
The U.S. reports export sales on Thursdays and export inspections on Mondays. On Thursday, weekly soybean export sales were higher than expected.
U.S. soybean export inspections this crop year, the amount that has actually left the country, are running almost six percent ahead of last year and are setting a record pace
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Soy meal surged 2.2 percent on tight cash supplies.
Slow farmer selling and a Canadian dollar that is drifting lower also supported canola. The market has penciled in a 16.5 to 18 million tonne canola crop in Canada. Statistics Canada will update its forecast on Dec. 4. The record crop limits any sustained rally.
Canola was down early in the day on falling palm oil futures, which dropped on thoughts that production in November might be stronger than expected.
Brazil is getting good moisture as farmers there seed their soybean crops, which are expected to be record large.
Chicago wheat hit a two-week high on concerns about smaller than expected harvests in Australia and Argentina. Argentina’s Rosario grain exchange last week made its first estimate of the wheat crop there at 9.1 million tonnes, well below the USDA’s forecast of 11 million tonnes.
The price of U.S. wheat has fallen to a level considered competitive with other source, leading to expectations of better exports.
A strong cash market supported corn futures.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2014Â Â Â Â Â Â Â Â 493.70Â Â Â Â Â Â Â Â +1.00Â Â Â Â Â Â Â Â +0.20%
Canola Mar 2014Â Â Â Â Â Â Â Â 503.30Â Â Â Â Â Â Â Â +1.40Â Â Â Â Â Â Â Â +0.28%
Canola May 2014Â Â Â Â Â Â Â Â 510.40Â Â Â Â Â Â Â Â +1.30Â Â Â Â Â Â Â Â +0.26%
Canola Jul 2014Â Â Â Â Â Â Â Â 515.80Â Â Â Â Â Â Â Â +1.40Â Â Â Â Â Â Â Â +0.27%
Canola Nov 2014Â Â Â Â Â Â Â Â 518.30Â Â Â Â Â Â Â Â +1.40Â Â Â Â Â Â Â Â +0.27%
Milling Wheat Dec 2013        214.00        unch        0.00%
Milling Wheat Mar 2014Â Â Â Â Â Â Â Â 224.00Â Â Â Â Â Â Â Â -1.00Â Â Â Â Â Â Â Â -0.44%
Milling Wheat May 2014        234.00        unch        0.00%
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Durum Wheat Dec 2013        247.00        unch        0.00%
Durum Wheat Mar 2014        253.00        unch        0.00%
Durum Wheat May 2014        257.00        unch        0.00%
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Barley Dec 2013        152.00        unch        0.00%
Barley Mar 2014        154.00        unch        0.00%
Barley May 2014        155.00        unch        0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2014Â Â Â Â Â Â Â Â 1329.25Â Â Â Â Â Â Â Â +9.75Â Â Â Â Â Â Â Â +0.74%
Soybeans Mar 2014Â Â Â Â Â Â Â Â 1314.75Â Â Â Â Â Â Â Â +8.75Â Â Â Â Â Â Â Â +0.67%
Soybeans May 2014Â Â Â Â Â Â Â Â 1296Â Â Â Â Â Â Â Â +5.5Â Â Â Â Â Â Â Â +0.43%
Soybeans Jul 2014Â Â Â Â Â Â Â Â 1288.25Â Â Â Â Â Â Â Â +4.25Â Â Â Â Â Â Â Â +0.33%
Soybeans Aug 2014Â Â Â Â Â Â Â Â 1262Â Â Â Â Â Â Â Â +1Â Â Â Â Â Â Â Â +0.08%
Soybeans Sep 2014Â Â Â Â Â Â Â Â 1203.75Â Â Â Â Â Â Â Â -3Â Â Â Â Â Â Â Â -0.25%
Soybean Meal Dec 2013Â Â Â Â Â Â Â Â 437.2Â Â Â Â Â Â Â Â +9.4Â Â Â Â Â Â Â Â +2.20%
Soybean Meal Jan 2014Â Â Â Â Â Â Â Â 428.4Â Â Â Â Â Â Â Â +7.4Â Â Â Â Â Â Â Â +1.76%
Soybean Meal Mar 2014Â Â Â Â Â Â Â Â 419.2Â Â Â Â Â Â Â Â +6.5Â Â Â Â Â Â Â Â +1.57%
Soybean Oil Dec 2013Â Â Â Â Â Â Â Â 40.66Â Â Â Â Â Â Â Â -0.5Â Â Â Â Â Â Â Â -1.21%
Soybean Oil Jan 2014Â Â Â Â Â Â Â Â 40.95Â Â Â Â Â Â Â Â -0.5Â Â Â Â Â Â Â Â -1.21%
Soybean Oil Mar 2014Â Â Â Â Â Â Â Â 41.35Â Â Â Â Â Â Â Â -0.47Â Â Â Â Â Â Â Â -1.12%
Corn Dec 2013Â Â Â Â Â Â Â Â 424.75Â Â Â Â Â Â Â Â +2.5Â Â Â Â Â Â Â Â +0.59%
Corn Mar 2014Â Â Â Â Â Â Â Â 431.25Â Â Â Â Â Â Â Â +2Â Â Â Â Â Â Â Â +0.47%
Corn May 2014Â Â Â Â Â Â Â Â 439.25Â Â Â Â Â Â Â Â +2Â Â Â Â Â Â Â Â +0.46%
Corn Jul 2014Â Â Â Â Â Â Â Â 446.25Â Â Â Â Â Â Â Â +2Â Â Â Â Â Â Â Â +0.45%
Corn Sep 2014Â Â Â Â Â Â Â Â 451.75Â Â Â Â Â Â Â Â +1.75Â Â Â Â Â Â Â Â +0.39%
Oats Dec 2013Â Â Â Â Â Â Â Â 381.25Â Â Â Â Â Â Â Â +12.25Â Â Â Â Â Â Â Â +3.32%
Oats Mar 2014Â Â Â Â Â Â Â Â 331Â Â Â Â Â Â Â Â +7Â Â Â Â Â Â Â Â +2.16%
Oats May 2014Â Â Â Â Â Â Â Â 318.75Â Â Â Â Â Â Â Â +3.5Â Â Â Â Â Â Â Â +1.11%
Oats Jul 2014Â Â Â Â Â Â Â Â 317.75Â Â Â Â Â Â Â Â +5.5Â Â Â Â Â Â Â Â +1.76%
Oats Sep 2014Â Â Â Â Â Â Â Â 319Â Â Â Â Â Â Â Â +5.5Â Â Â Â Â Â Â Â +1.75%
Wheat Dec 2013Â Â Â Â Â Â Â Â 652.5Â Â Â Â Â Â Â Â +3Â Â Â Â Â Â Â Â +0.46%
Wheat Mar 2014Â Â Â Â Â Â Â Â 659.25Â Â Â Â Â Â Â Â +2.25Â Â Â Â Â Â Â Â +0.34%
Wheat May 2014Â Â Â Â Â Â Â Â 664Â Â Â Â Â Â Â Â +2.75Â Â Â Â Â Â Â Â +0.42%
Wheat Jul 2014Â Â Â Â Â Â Â Â 661.5Â Â Â Â Â Â Â Â +2.5Â Â Â Â Â Â Â Â +0.38%
Wheat Sep 2014Â Â Â Â Â Â Â Â 669.25Â Â Â Â Â Â Â Â +2.5Â Â Â Â Â Â Â Â +0.37%
Minneapolis
Spring Wheat Dec 2013Â Â Â Â Â Â Â Â 700.75Â Â Â Â Â Â Â Â +1.5Â Â Â Â Â Â Â Â +0.21%
Spring Wheat Mar 2014Â Â Â Â Â Â Â Â 706.5Â Â Â Â Â Â Â Â -0.25Â Â Â Â Â Â Â Â -0.04%
Spring Wheat May 2014Â Â Â Â Â Â Â Â 712.75Â Â Â Â Â Â Â Â -0.25Â Â Â Â Â Â Â Â -0.04%
Spring Wheat Jul 2014Â Â Â Â Â Â Â Â 719.5Â Â Â Â Â Â Â Â -0.25Â Â Â Â Â Â Â Â -0.03%
Spring Wheat Sep 2014Â Â Â Â Â Â Â Â 721.5Â Â Â Â Â Â Â Â -1.5Â Â Â Â Â Â Â Â -0.21%
Kansas City
KCBT Red Wheat Dec 2013Â Â Â Â Â Â Â Â 703.5Â Â Â Â Â Â Â Â +1.75Â Â Â Â Â Â Â Â +0.25%
KCBT Red Wheat Mar 2014Â Â Â Â Â Â Â Â 701.75Â Â Â Â Â Â Â Â +0.75Â Â Â Â Â Â Â Â +0.11%
KCBT Red Wheat May 2014Â Â Â Â Â Â Â Â 701.25Â Â Â Â Â Â Â Â +1.5Â Â Â Â Â Â Â Â +0.21%
KCBT Red Wheat Jul 2014Â Â Â Â Â Â Â Â 693Â Â Â Â Â Â Â Â +2.75Â Â Â Â Â Â Â Â +0.40%
KCBT Red Wheat Sep 2014Â Â Â Â Â Â Â Â 702.5Â Â Â Â Â Â Â Â +2.5Â Â Â Â Â Â Â Â +0.36%
Light crude oil nearby futures in New York dropped 75 cents at $94.09 US per barrel.
The Canadian dollar at noon was 94.75 cents US, down from 94.92 cents the previous trading day. The U.S. dollar at noon was $1.0554 Cdn.
Stock prices barely moved.
In unofficial tallies —
The Toronto Stock Exchange composite closed at 13,472.22, down 6.12 points or 0.04 percent.
The Dow Jones industrial average rose 7.9 points or 0.05 percent, to 16,072.67, the S&P 500 lost 2.24 points or 0.12 percent, to 1,802.52 and the Nasdaq Composite added 2.924 points or 0.07 percent, to 3,994.573.
