Canola and other crop futures rose Monday, supported by a return to dry weather in the U.S. Midwest and news of low yields from a crop tour in the Midwest.
November canola closed at $621.40, up $13.30. The gains were amplified by buy stops on the way up.
• The U.S. publication ProFarmer started its annual crop tour today. Participants are inspecting corn and soybean fields and estimating yields.
Reuters reports that the tour found in one South Dakota district corn yield potential averages of 50 bushels an acre compared with 127.8 bu. a year ago and three-year tour average of 140.9 bu.
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A group touring Ohio in one area found corn yields at 97.8 bu. per acre versus 161.3 for the same route a year ago and three-year average of 165.4 bu.
• The USDA crop condition report this afternoon showed the soybean good-to-excellent percentage rose to 31 percent from 30 percent last week thanks to last week’s cooler, wetter conditions.
The corn good-to-excellent rating stayed at 23 percent.
• Rapid swathing progress in Western Canada is expected this week as sun and warm temperatures prevail.
Early canola harvesting last week indicated more disease than expected and disappointing yields in some cases.
• A poll of analysts taken by Reuters of Canadian canola production shows estimates ranging from 15.5 million to 17.1 million tonnes, to average 16.4 million. StatsCan releases its forecast on Wednesday.
• Russia’s SovEcon narrowed its wheat harvest forecast to 39 million to 41 million tonnes from its previous estimate of 40.5 million to 42.5 million due to drought.
Winnipeg (per tonne)
Canola Nov 12 $621.40, up $13.30 +2.19%
Canola Jan 13 $626.10, up $13.70 +2.24%
Canola Mar 13 $627.70, up $13.40 +2.18%
Canola May 13 $617.00, up $9.70 +1.60%
Milling Wheat Oct 12 $294.70, up $1.70 +0.58%
Milling Wheat Dec 12 $300.30, up $1.70 +0.57%
Milling Wheat Mar 13 $310.30, up $1.70 +0.55%
Durum Wheat Oct 12 $299.20, unchanged
Durum Wheat Dec 12 $303.70, unchanged
Durum Wheat Mar 13 $310.30, unchanged
Barley Oct 12 $264.50, unchanged
Barley Dec 12 $269.50, unchanged
Barley Mar 13 $272.50, unchanged
Chicago (per bushel)
Soybeans (P) Sep 12 $17.0375, up 32.75 +1.96%
Soybeans (P) Nov 12 $16.835, up 37.75 +2.29%
Soybeans (P) Jan 13 $16.7375, up 36.75 +2.24%
Soybeans (P) Mar 13 $15.7825, up 24.0 +1.54%
Corn (P) Sep 12 $8.1525, up 16.75 +2.10%
Corn (P) Dec 12 $8.2375, up 16.5 +2.04%
Corn (P) Mar 13 $8.24, up 16.25 +2.01%
Oats (P) Sep 12 $3.885, up 4.75 +1.24%
Oats (P) Dec 12 $3.8875, up 5.0 +1.30%
Oats (P) Mar 13 $3.8875, up 3.25 +0.84%
Minneapolis (per bushel)
Spring Wheat Sep 12 $9.31, up 3.5 +0.38%
Spring Wheat Dec 12 $9.4375, up 3.75 +0.40%
Spring Wheat May 13 $9.59, up 3.0 +0.31%
The Bank of Canada noon rate for the loonie was $1.0111 Cdn, little changed from $1.0116 the previous trading day.
The U.S. dollar was 98.90 cents US.
Nearby crude oil futures in New York fell four cents to $95.97 per barrel.
In early tallies
The Toronto Stock Exchange’s S&P/TSX composite index closed down 13.86 points, or 0.1 percent, at 12,076.03.
The Dow Jones industrial average was down 3.56 points, or 0.03 percent, at 13,271.64.
The Standard & Poor’s 500 Index was down 0.08 points, or 0.01 percent, at 1,418.08.
The Nasdaq Composite Index was down 0.38 points, or 0.01 percent, at 3,076.21.
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