Most crop futures, including canola, edged higher in light trade on Tuesday.
Storm Sandy, while causing huge damage to the U.S. East Coast, is expected to cause only minor problems for Midwest farmers wrapping up the last of their harvest.
November canola closed at $621.20, up $2.10 or 0.34 percent.
January canola closed at $618, up 10 cents.
The loonie climbed a little back above par.
News from South America lent support to grain prices.
Recent heavy rain after months of excess moisture is hurting Argentina’s seeding prospects.
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• Buenos Aires-based economist and agricultural consultant Manuel Alvarado Ledesma told Reuters that corn production could fall 20 percent from the current projection of 28 million tonnes. That would lower it to 22.4 million.
Soybean production could fall 10 percent to 50 million tonnes from the current forecast of 55 million, he said.
• Argentina’s Rosario grains exchange said today that soybean seeded area is expected to climb to 48.2 million acres, up 3.7 percent from last year, but the rain might impede farmers’ ability to reach that goal.
The exchange also gave its first outlook for the wheat crop, pegging it at 10 million tonnes, down from 13 million last year.
USDA’s forecast is 11.5 million tonnes and says last year’s crop was 15.5 million tonnes.
• AgriMoney.com reports that Michael Cordonnier, the respected crop scout, trimmed his forecast for Brazil’s soybean crop to 80 million tonnes, from 81-83 million previously. That would still be a record high.
USDA’s forecast is 81 million tonnes.
• Oilworld has also warned that the bumper crops expected for South America might not be as large as hoped.
Winnipeg (per tonne)
Canola Nov 12 $621.20, up 2.10 +0.34%
Canola Jan 13 $618.00, up 0.10 +0.02%
Canola Mar 13 $614.80, up 0.30 +0.05%
Canola May 13 $610.40, up 1.60 +0.26%
Milling Wheat Dec 12 $308.50, unchanged
Milling Wheat Mar 13 $318.00, unchanged
Milling Wheat May 13 $321.00, unchanged
Durum Wheat Dec 12 $312.40, unchanged
Durum Wheat Mar 13 $319.00, unchanged
Durum Wheat May 13 $323.00, unchanged
Barley Dec 12 $250.00, unchanged
Barley Mar 13 $253.00, unchanged
Barley May 13 $254.00, unchanged
Chicago (per bushel)
Soybeans (P) Nov 12 $15.3375, up 6.5 +0.43%
Soybeans (P) Jan 13 $15.365, up 6.75 +0.44%
Soybeans (P) Mar 13 $15.1075, up 5.0 +0.33%
Soybeans (P) May 13 $14.6575, up 5.5 +0.38%
Corn (P) Dec 12 $7.4175, up 4.75 +0.64%
Corn (P) Mar 13 $7.445, up 5.5 +0.74%
Corn (P) May 13 $7.415, up 5.5 +0.75%
Oats (P) Dec 12 $3.8875, up 1.0 +0.26%
Oats (P) Mar 13 $3.9675, up 2.75 +0.70%
Oats (P) May 13 $3.9775, up 3.0 +0.76%
Minneapolis (per bushel)
Spring Wheat Dec 12 $9.3475, down 3.5 -0.37%
Spring Wheat Mar 13 $9.42, down 0.25 -0.03%
Spring Wheat May 13 $9.48, down 0.5 -0.05%
Spring Wheat Jul 13 $9.52, up 2.25 +0.24%
The Bank of Canada noon rate for the loonie crept back above par to $1.0006 US, up from 99.96 cents the day before.
The U.S. buck was 99.94 cents Cdn.
The CME light crude oil nearby futures rose 14 cents to $85.68.
New York stock markets were closed because of the storm.
The Toronto Stock Exchange’s S&P/TSX composite index, in an early tally, closed up 64.30 points, or 0.52 percent, at 12,377.05.
