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.
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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 2014Â Â Â Â Â Â 416.00Â Â Â Â Â Â +2.30Â Â Â Â Â Â +0.56%
Canola Jan 2015Â Â Â Â Â Â 420.40Â Â Â Â Â Â +2.40Â Â Â Â Â Â +0.57%
Canola Mar 2015Â Â Â Â Â Â 426.30Â Â Â Â Â Â +2.80Â Â Â Â Â Â +0.66%
Canola May 2015Â Â Â Â Â Â 429.90Â Â Â Â Â Â +2.80Â Â Â Â Â Â +0.66%
Canola Jul 2015Â Â Â Â Â Â 433.20Â Â Â Â Â Â +2.80Â Â Â Â Â Â +0.65%
Milling Wheat Oct 2014Â Â Â Â Â Â 192.00Â Â Â Â Â Â +3.00Â Â Â Â Â Â +1.59%
Milling Wheat Dec 2014Â Â Â Â Â Â 199.00Â Â Â Â Â Â +3.00Â Â Â Â Â Â +1.53%
Milling Wheat Mar 2015Â Â Â Â Â Â 208.00Â Â Â Â Â Â +3.00Â Â Â Â Â Â +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 2014Â Â Â Â Â Â 989.5Â Â Â Â Â Â +4.25Â Â Â Â Â Â +0.43%
Soybeans Jan 2015Â Â Â Â Â Â 997.5Â Â Â Â Â Â +5Â Â Â Â Â Â +0.50%
Soybeans Mar 2015Â Â Â Â Â Â 1004.25Â Â Â Â Â Â +5.75Â Â Â Â Â Â +0.58%
Soybeans May 2015Â Â Â Â Â Â 1011.25Â Â Â Â Â Â +6Â Â Â Â Â Â +0.60%
Soybeans Jul 2015Â Â Â Â Â Â 1016.25Â Â Â Â Â Â +5.25Â Â Â Â Â Â +0.52%
Soybeans Aug 2015Â Â Â Â Â Â 1018Â Â Â Â Â Â +5.5Â Â Â Â Â Â +0.54%
Soybean Meal Oct 2014Â Â Â Â Â Â 338.8Â Â Â Â Â Â +0.3Â Â Â Â Â Â +0.09%
Soybean Meal Dec 2014Â Â Â Â Â Â 327Â Â Â Â Â Â -0.9Â Â Â Â Â Â -0.27%
Soybean Meal Jan 2015Â Â Â Â Â Â 323.5Â Â Â Â Â Â -1.2Â Â Â Â Â Â -0.37%
Soybean Oil Oct 2014Â Â Â Â Â Â 33.27Â Â Â Â Â Â +0.72Â Â Â Â Â Â +2.21%
Soybean Oil Dec 2014Â Â Â Â Â Â 33.47Â Â Â Â Â Â +0.7Â Â Â Â Â Â +2.14%
Soybean Oil Jan 2015Â Â Â Â Â Â 33.73Â Â Â Â Â Â +0.7Â Â Â Â Â Â +2.12%
Corn Dec 2014Â Â Â Â Â Â 343Â Â Â Â Â Â +4.5Â Â Â Â Â Â +1.33%
Corn Mar 2015Â Â Â Â Â Â 355Â Â Â Â Â Â +4Â Â Â Â Â Â +1.14%
Corn May 2015Â Â Â Â Â Â 363.5Â Â Â Â Â Â +4Â Â Â Â Â Â +1.11%
Corn Jul 2015Â Â Â Â Â Â 370.5Â Â Â Â Â Â +3.75Â Â Â Â Â Â +1.02%
Corn Sep 2015Â Â Â Â Â Â 378.25Â Â Â Â Â Â +4Â Â Â Â Â Â +1.07%
Oats Dec 2014Â Â Â Â Â Â 354.5Â Â Â Â Â Â +6.25Â Â Â Â Â Â +1.79%
Oats Mar 2015Â Â Â Â Â Â 336.75Â Â Â Â Â Â +5.5Â Â Â Â Â Â +1.66%
Oats May 2015Â Â Â Â Â Â 329.5Â Â Â Â Â Â +6.75Â Â Â Â Â Â +2.09%
Oats Jul 2015Â Â Â Â Â Â 324Â Â Â Â Â Â +4.25Â Â Â Â Â Â +1.33%
Oats Sep 2015Â Â Â Â Â Â 330.5Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.99%
Wheat Dec 2014Â Â Â Â Â Â 500.75Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.35%
Wheat Mar 2015Â Â Â Â Â Â 518.25Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.34%
Wheat May 2015Â Â Â Â Â Â 529.25Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.28%
Wheat Jul 2015Â Â Â Â Â Â 538.25Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.14%
Wheat Sep 2015Â Â Â Â Â Â 549.25Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.14%
Minneapolis
Spring Wheat Dec 2014Â Â Â Â Â Â 568.5Â Â Â Â Â Â -9.5Â Â Â Â Â Â -1.64%
Spring Wheat Mar 2015Â Â Â Â Â Â 584.5Â Â Â Â Â Â -9Â Â Â Â Â Â -1.52%
Spring Wheat May 2015Â Â Â Â Â Â 596Â Â Â Â Â Â -9.25Â Â Â Â Â Â -1.53%
Spring Wheat Jul 2015Â Â Â Â Â Â 606.5Â Â Â Â Â Â -8.75Â Â Â Â Â Â -1.42%
Spring Wheat Sep 2015Â Â Â Â Â Â 616.5Â Â Â Â Â Â -9.5Â Â Â Â Â Â -1.52%
Kansas City
Hard Red Wheat Dec 2014Â Â Â Â Â Â 586.25Â Â Â Â Â Â -7Â Â Â Â Â Â -1.18%
Hard Red Wheat Mar 2015Â Â Â Â Â Â 594.75Â Â Â Â Â Â -6.5Â Â Â Â Â Â -1.08%
Hard Red Wheat May 2015Â Â Â Â Â Â 599.5Â Â Â Â Â Â -6.5Â Â Â Â Â Â -1.07%
Hard Red Wheat Jul 2015Â Â Â Â Â Â 591Â Â Â Â Â Â -5.25Â Â Â Â Â Â -0.88%
Hard Red Wheat Sep 2015Â Â Â Â Â Â 602Â Â Â Â Â Â -5.25Â Â Â Â Â Â -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.
