Canola futures edged higher Monday, supported by the stronger soybean complex and concern about the weather damage of the past few weeks.
Frost extended into the U.S. grain belt on the weekend, mainly in the northern and western fringe of the growing area.
But soy prices remained at multi year lows based on the expectation of bumper U.S. soybean and corn harvests.
Soy oil rallied 2.2 percent on an industry report that showed soy oil stocks at their lowest level in almost 10 years. American crushers have been hard pressed to find old crop soy to crush and have reduced operations, leading to the short term soy oil tightness.
Read Also
U.S. grains: Corn, soybeans extend losses as Midwest weather looks crop-friendly
Chicago Board of Trade corn futures extended session losses on Tuesday, weighed down by forecasts for crop-friendly rain in U.S. grain belts this week.
Good weather is expected across the Canadian Prairies and U.S. Plains and Midwest this week, allowing harvest pace to pick up.
Corn edged higher on a technical bounce and short covering.
Wheat fell for the sixth session on the expectation of large global supplies and strong competition from the Black Sea region. The Russian ruble has fallen more than nine percent against the U.S. dollar since the start of July, helping make it more competitive for global buyers.
Canadian market advisors are recommending that farmers get their crops tested for grade and protein to help them plan their selling strategy and avoid disputes at elevators.
The Canadian Grain Commission’s harvest sample program provides free grading reports on samples that farmers send in. Learn more about the program at its website.
Weakness in oil and metal prices and worries about the pace of growth in China’s economy weighed on the Toronto Stock Exchange.
ICE Futures Canada, dollars per tonne
Canola Nov 2014 416.00 +2.30 +0.56%
Canola Jan 2015 420.40 +2.40 +0.57%
Canola Mar 2015 426.30 +2.80 +0.66%
Canola May 2015 429.90 +2.80 +0.66%
Canola Jul 2015 433.20 +2.80 +0.65%
Milling Wheat Oct 2014 192.00 +3.00 +1.59%
Milling Wheat Dec 2014 199.00 +3.00 +1.53%
Milling Wheat Mar 2015 208.00 +3.00 +1.46%
Durum Wheat Oct 2014 288.80 unch 0.00%
Durum Wheat Dec 2014 294.80 unch 0.00%
Durum Wheat Mar 2015 295.80 unch 0.00%
Barley Oct 2014 123.50 unch 0.00%
Barley Dec 2014 125.50 unch 0.00%
Barley Mar 2015 126.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014 989.5 +4.25 +0.43%
Soybeans Jan 2015 997.5 +5 +0.50%
Soybeans Mar 2015 1004.25 +5.75 +0.58%
Soybeans May 2015 1011.25 +6 +0.60%
Soybeans Jul 2015 1016.25 +5.25 +0.52%
Soybeans Aug 2015 1018 +5.5 +0.54%
Soybean Meal Oct 2014 338.8 +0.3 +0.09%
Soybean Meal Dec 2014 327 -0.9 -0.27%
Soybean Meal Jan 2015 323.5 -1.2 -0.37%
Soybean Oil Oct 2014 33.27 +0.72 +2.21%
Soybean Oil Dec 2014 33.47 +0.7 +2.14%
Soybean Oil Jan 2015 33.73 +0.7 +2.12%
Corn Dec 2014 343 +4.5 +1.33%
Corn Mar 2015 355 +4 +1.14%
Corn May 2015 363.5 +4 +1.11%
Corn Jul 2015 370.5 +3.75 +1.02%
Corn Sep 2015 378.25 +4 +1.07%
Oats Dec 2014 354.5 +6.25 +1.79%
Oats Mar 2015 336.75 +5.5 +1.66%
Oats May 2015 329.5 +6.75 +2.09%
Oats Jul 2015 324 +4.25 +1.33%
Oats Sep 2015 330.5 +3.25 +0.99%
Wheat Dec 2014 500.75 -1.75 -0.35%
Wheat Mar 2015 518.25 -1.75 -0.34%
Wheat May 2015 529.25 -1.5 -0.28%
Wheat Jul 2015 538.25 -0.75 -0.14%
Wheat Sep 2015 549.25 -0.75 -0.14%
Minneapolis
Spring Wheat Dec 2014 568.5 -9.5 -1.64%
Spring Wheat Mar 2015 584.5 -9 -1.52%
Spring Wheat May 2015 596 -9.25 -1.53%
Spring Wheat Jul 2015 606.5 -8.75 -1.42%
Spring Wheat Sep 2015 616.5 -9.5 -1.52%
Kansas City
Hard Red Wheat Dec 2014 586.25 -7 -1.18%
Hard Red Wheat Mar 2015 594.75 -6.5 -1.08%
Hard Red Wheat May 2015 599.5 -6.5 -1.07%
Hard Red Wheat Jul 2015 591 -5.25 -0.88%
Hard Red Wheat Sep 2015 602 -5.25 -0.86%
Light crude oil nearby futures in New York rose 65 cents at $92.92 US per barrel. However Brent crude slipped to a 26 month low under $97 per barrel.
The Bank of Canada noon rate for the loonie was 90.49 cents US, up from 90.29 cents the previous trading day. The U.S. dollar at noon was $1.1051 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index fell 49.02 points, or 0.32 percent, at 15,482.56.
The Dow Jones industrial average gained 43.63 points, or 0.26 percent, to 17,031.14.
The S&P 500 fell 1.41 points, or 0.07 percent, to 1,984.13.
The Nasdaq Composite dropped 48.70 points, or 1.07 percent, to 4,518.90.
