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 2014 493.70 +1.00 +0.20%
Canola Mar 2014 503.30 +1.40 +0.28%
Canola May 2014 510.40 +1.30 +0.26%
Canola Jul 2014 515.80 +1.40 +0.27%
Canola Nov 2014 518.30 +1.40 +0.27%
Milling Wheat Dec 2013 214.00 unch 0.00%
Milling Wheat Mar 2014 224.00 -1.00 -0.44%
Milling Wheat May 2014 234.00 unch 0.00%
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%
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 2014 1329.25 +9.75 +0.74%
Soybeans Mar 2014 1314.75 +8.75 +0.67%
Soybeans May 2014 1296 +5.5 +0.43%
Soybeans Jul 2014 1288.25 +4.25 +0.33%
Soybeans Aug 2014 1262 +1 +0.08%
Soybeans Sep 2014 1203.75 -3 -0.25%
Soybean Meal Dec 2013 437.2 +9.4 +2.20%
Soybean Meal Jan 2014 428.4 +7.4 +1.76%
Soybean Meal Mar 2014 419.2 +6.5 +1.57%
Soybean Oil Dec 2013 40.66 -0.5 -1.21%
Soybean Oil Jan 2014 40.95 -0.5 -1.21%
Soybean Oil Mar 2014 41.35 -0.47 -1.12%
Corn Dec 2013 424.75 +2.5 +0.59%
Corn Mar 2014 431.25 +2 +0.47%
Corn May 2014 439.25 +2 +0.46%
Corn Jul 2014 446.25 +2 +0.45%
Corn Sep 2014 451.75 +1.75 +0.39%
Oats Dec 2013 381.25 +12.25 +3.32%
Oats Mar 2014 331 +7 +2.16%
Oats May 2014 318.75 +3.5 +1.11%
Oats Jul 2014 317.75 +5.5 +1.76%
Oats Sep 2014 319 +5.5 +1.75%
Wheat Dec 2013 652.5 +3 +0.46%
Wheat Mar 2014 659.25 +2.25 +0.34%
Wheat May 2014 664 +2.75 +0.42%
Wheat Jul 2014 661.5 +2.5 +0.38%
Wheat Sep 2014 669.25 +2.5 +0.37%
Minneapolis
Spring Wheat Dec 2013 700.75 +1.5 +0.21%
Spring Wheat Mar 2014 706.5 -0.25 -0.04%
Spring Wheat May 2014 712.75 -0.25 -0.04%
Spring Wheat Jul 2014 719.5 -0.25 -0.03%
Spring Wheat Sep 2014 721.5 -1.5 -0.21%
Kansas City
KCBT Red Wheat Dec 2013 703.5 +1.75 +0.25%
KCBT Red Wheat Mar 2014 701.75 +0.75 +0.11%
KCBT Red Wheat May 2014 701.25 +1.5 +0.21%
KCBT Red Wheat Jul 2014 693 +2.75 +0.40%
KCBT Red Wheat Sep 2014 702.5 +2.5 +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.
