A heat wave across the U.S. Midwest drove crop futures strongly higher on Monday.
November canola jumped $22.30, or 4.3 percent per tonne on its biggest one-day jump in about 2 ½ years. It has climbed about $66 or 14 percent from the low on Aug. 6 before concerns about drier Midwest weather began to rally crop futures.
Temperatures across the U.S. crop belt are forecast to top 35 C most days this week. Dry conditions are expected to continue over the next two weeks, U.S. weather forecasters said.
December corn closed above $5 a bushel on Monday for the first time since July 19.
Read Also
U.S. livestock: Cattle futures fall on expectations of US agriculture secretary announcement
Chicago | Reuters – Chicago Mercantile Exchange cattle futures fell on investor expectations that U.S. Agriculture Secretary Brooke Rollins might…
The USDA on Monday said 59 percent of the corn crop was in good-to-excellent shape, down two percentage points from the week before.
The soybean crop was rated 58 percent good-to-excellent, down from 62 percent the week before.
The USDA also said that 42 percent of the U.S. spring wheat crop had been harvested, up from 18 percent the week before.
With soybeans rallying more than corn, Brazilian crop forecaster Agroconsults expects farmers there will increase soybean seeding this year and cut corn acreage.
A frost hit the wheat crop in Argentina but the early assessment is that it did little damage because the crop still immature and can bounce back.
While Chicago wheat followed soybeans and corn substantially higher, Minneapolis wheat’s gain was muted because of the expectation of bumper wheat crops on the Canadian Prairies and in North Dakota.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013Â Â Â Â Â Â 538.00Â Â Â Â Â Â +22.30Â Â Â Â Â Â +4.32%
Canola Jan 2014Â Â Â Â Â Â 543.50Â Â Â Â Â Â +22.40Â Â Â Â Â Â +4.30%
Canola Mar 2014Â Â Â Â Â Â 549.20Â Â Â Â Â Â +22.20Â Â Â Â Â Â +4.21%
Canola May 2014Â Â Â Â Â Â 552.30Â Â Â Â Â Â +21.70Â Â Â Â Â Â +4.09%
Canola Jul 2014Â Â Â Â Â Â 554.20Â Â Â Â Â Â +19.90Â Â Â Â Â Â +3.72%
Milling Wheat Oct 2013Â Â Â Â Â Â 257.00Â Â Â Â Â Â +5.00Â Â Â Â Â Â +1.98%
Milling Wheat Dec 2013Â Â Â Â Â Â 262.00Â Â Â Â Â Â +4.00Â Â Â Â Â Â +1.55%
Milling Wheat Mar 2014Â Â Â Â Â Â 267.00Â Â Â Â Â Â +4.00Â Â Â Â Â Â +1.52%
Durum Wheat Oct 2013      284.00      unch      0.00%
Durum Wheat Dec 2013      286.00      unch      0.00%
Durum Wheat Mar 2014      293.00      unch      0.00%
Barley Oct 2013      189.00      unch      0.00%
Barley Dec 2013      194.00      unch      0.00%
Barley Mar 2014      194.00      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Sep 2013Â Â Â Â Â Â 1427.75Â Â Â Â Â Â +62.5Â Â Â Â Â Â +4.58%
Soybeans Nov 2013Â Â Â Â Â Â 1389.5Â Â Â Â Â Â +61.5Â Â Â Â Â Â +4.63%
Soybeans Jan 2014Â Â Â Â Â Â 1387Â Â Â Â Â Â +58.5Â Â Â Â Â Â +4.40%
Soybeans Mar 2014Â Â Â Â Â Â 1353Â Â Â Â Â Â +47.75Â Â Â Â Â Â +3.66%
Soybeans May 2014Â Â Â Â Â Â 1318.75Â Â Â Â Â Â +43Â Â Â Â Â Â +3.37%
Soybeans Jul 2014Â Â Â Â Â Â 1314.5Â Â Â Â Â Â +39.75Â Â Â Â Â Â +3.12%
Soybean Meal Sep 2013Â Â Â Â Â Â 458.6Â Â Â Â Â Â +25.4Â Â Â Â Â Â +5.86%
Soybean Meal Oct 2013Â Â Â Â Â Â 438.3Â Â Â Â Â Â +17.3Â Â Â Â Â Â +4.11%
Soybean Meal Dec 2013Â Â Â Â Â Â 436.7Â Â Â Â Â Â +17.2Â Â Â Â Â Â +4.10%
Soybean Oil Sep 2013Â Â Â Â Â Â 44.44Â Â Â Â Â Â +1.8Â Â Â Â Â Â +4.22%
Soybean Oil Oct 2013Â Â Â Â Â Â 44.56Â Â Â Â Â Â +1.84Â Â Â Â Â Â +4.31%
Soybean Oil Dec 2013Â Â Â Â Â Â 44.88Â Â Â Â Â Â +1.88Â Â Â Â Â Â +4.37%
Corn Sep 2013Â Â Â Â Â Â 515.75Â Â Â Â Â Â +20.25Â Â Â Â Â Â +4.09%
Corn Dec 2013Â Â Â Â Â Â 500.5Â Â Â Â Â Â +30.5Â Â Â Â Â Â +6.49%
Corn Mar 2014Â Â Â Â Â Â 512.5Â Â Â Â Â Â +30.25Â Â Â Â Â Â +6.27%
Corn May 2014Â Â Â Â Â Â 520Â Â Â Â Â Â +29.75Â Â Â Â Â Â +6.07%
Corn Jul 2014Â Â Â Â Â Â 525Â Â Â Â Â Â +29.25Â Â Â Â Â Â +5.90%
Oats Sep 2013Â Â Â Â Â Â 353.75Â Â Â Â Â Â -9.25Â Â Â Â Â Â -2.55%
Oats Dec 2013Â Â Â Â Â Â 344.75Â Â Â Â Â Â +13.25Â Â Â Â Â Â +4.00%
Oats Mar 2014Â Â Â Â Â Â 348.75Â Â Â Â Â Â +13Â Â Â Â Â Â +3.87%
Oats May 2014Â Â Â Â Â Â 350.75Â Â Â Â Â Â +17.5Â Â Â Â Â Â +5.25%
Oats Jul 2014Â Â Â Â Â Â 342.25Â Â Â Â Â Â +17.5Â Â Â Â Â Â +5.39%
Wheat Sep 2013Â Â Â Â Â Â 654.75Â Â Â Â Â Â +20.25Â Â Â Â Â Â +3.19%
Wheat Dec 2013Â Â Â Â Â Â 666.75Â Â Â Â Â Â +20.75Â Â Â Â Â Â +3.21%
Wheat Mar 2014Â Â Â Â Â Â 678.75Â Â Â Â Â Â +20.75Â Â Â Â Â Â +3.15%
Wheat May 2014Â Â Â Â Â Â 685.75Â Â Â Â Â Â +20.75Â Â Â Â Â Â +3.12%
Wheat Jul 2014Â Â Â Â Â Â 680.5Â Â Â Â Â Â +20Â Â Â Â Â Â +3.03%
Minneapolis
Spring Wheat Sep 2013Â Â Â Â Â Â 729.25Â Â Â Â Â Â +13Â Â Â Â Â Â +1.82%
Spring Wheat Dec 2013Â Â Â Â Â Â 737.75Â Â Â Â Â Â +12.75Â Â Â Â Â Â +1.76%
Spring Wheat Mar 2014Â Â Â Â Â Â 749.75Â Â Â Â Â Â +10Â Â Â Â Â Â +1.35%
Spring Wheat May 2014Â Â Â Â Â Â 756Â Â Â Â Â Â +11Â Â Â Â Â Â +1.48%
Spring Wheat Jul 2014Â Â Â Â Â Â 762.5Â Â Â Â Â Â +11Â Â Â Â Â Â +1.46%
Kansas City
KCBT Red Wheat Sep 2013Â Â Â Â Â Â 708.25Â Â Â Â Â Â +12.75Â Â Â Â Â Â +1.83%
KCBT Red Wheat Dec 2013Â Â Â Â Â Â 713.25Â Â Â Â Â Â +16Â Â Â Â Â Â +2.29%
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 722Â Â Â Â Â Â +17.25Â Â Â Â Â Â +2.45%
KCBT Red Wheat May 2014Â Â Â Â Â Â 725.75Â Â Â Â Â Â +17.5Â Â Â Â Â Â +2.47%
KCBT Red Wheat Jul 2014Â Â Â Â Â Â 715Â Â Â Â Â Â +17.5Â Â Â Â Â Â +2.51%
Light crude oil nearby futures in New York dropped 50 cents at $105.92 US per barrel.
The Canadian dollar at noon was 95.11 cents US, up from 95.10 cents the previous trading day. The U.S. dollar at noon was $1.0514 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index closed down two points, or 0.02 percent, at 12,760.30.
The Dow Jones industrial average ended down 64.05 points, or 0.43 percent, at 14,946.46.
The Standard & Poor’s 500 Index was down 6.72 points, or 0.40 percent, at 1,656.78.
The Nasdaq Composite Index was down 0.22 points, or 0.01 percent, at 3,657.57.
