Worries about the amount of canola seeded and how much will be damaged by excess moisture continued to dominate the Winnipeg canola futures market.The Saskatchewan Agriculture crop report came out today.It said Saskatchewan farmers have 70 percent of the 2010 crop seeded.The five-year average for this time of year is 96 per cent complete. The western regions made the most progress at seeding during the past week.Seeding has largely ground to a halt.Regional seeding progress is as follows: southeast, 71 percent complete; southwest, 83 percent; east-central, 51 percent; west-central, 84 percent; northeast, 47 percent and northwest 88 percent.In addition to the area not seeded, the seeded area that is flooded or damaged by excess moisture must also be added. Canola futures rose, but gains were limited by a stronger Canadian dollar and weaker soybean prices.Soybeans were pressured by expectations of a bumper U.S. crop and word that Chinese buyers had cancelled five to eight cargoes of South American soybeans and delayed others after overbooking imports.July canola rose $2.90 per tonne to $394 on 11,734 trades.The previous day’s best basis widened to $2 per tonne off the July contract in the par region, according to the Winnipeg ICE Futures daily report.The 14-day Relative Strength Index for July canola was 72, according to BarChart.com. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates over bought.New crop November canola rose $2.90 to $398 per tonne on 13,915 trades.The Canadian dollar at noon was 96.74 cents US, up from 96.2 cents at noon the previous trading day. The U.S. dollar at noon was $1.0337.Winnipeg barley July was again untraded at $147.50. October saw 10 trades but remained steady at $145. December was untraded at $150.Chicago July soybeans fell 8.5 cents to $9.35 US per bushel; new-crop November fell 1.75 cents to $8.9475.July oats rose 10.5 cents to $2.145 per bu. December oats rose 9.25 cents to $2.2225 per bu. In New York, crude oil for July delivery rose $1.10 to $75.48 per barrel.Corn futures were supported by U.S. Department of Agriculture crop production reports that forecasted smaller than expected U.S. stocks and rising ethanol production. It put 2010-11 U.S. corn ending stocks at 1.573 billion bu., down from analyst expectations for 1.806 billion bu.It pegged 2009-10 ending stocks at 1.603 billion bu., below analyst expectations for 1.714 billion bu.USDA forecasts 2010-11 U.S. soybean ending stocks at 360 million bu., above analyst expectations for 354 million bushels. Ending soybean stocks for 2009-10 were 185 million bu., below analyst expectations for 180 million bu.USDA pegged 2010 winter wheat production at 1.482 billion bu., beating analyst expectations for 1.439 billion bu.U.S. wheat ending stocks for 2010-11 were 991 million bu., above analyst expectations for 976 million. Ending wheat stocks for 2009-10 were 930 million bu., below analysts’ expectations.
Sask Ag says 30 percent not seeded, canola rises
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