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.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
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 2013 538.00 +22.30 +4.32%
Canola Jan 2014 543.50 +22.40 +4.30%
Canola Mar 2014 549.20 +22.20 +4.21%
Canola May 2014 552.30 +21.70 +4.09%
Canola Jul 2014 554.20 +19.90 +3.72%
Milling Wheat Oct 2013 257.00 +5.00 +1.98%
Milling Wheat Dec 2013 262.00 +4.00 +1.55%
Milling Wheat Mar 2014 267.00 +4.00 +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 2013 1427.75 +62.5 +4.58%
Soybeans Nov 2013 1389.5 +61.5 +4.63%
Soybeans Jan 2014 1387 +58.5 +4.40%
Soybeans Mar 2014 1353 +47.75 +3.66%
Soybeans May 2014 1318.75 +43 +3.37%
Soybeans Jul 2014 1314.5 +39.75 +3.12%
Soybean Meal Sep 2013 458.6 +25.4 +5.86%
Soybean Meal Oct 2013 438.3 +17.3 +4.11%
Soybean Meal Dec 2013 436.7 +17.2 +4.10%
Soybean Oil Sep 2013 44.44 +1.8 +4.22%
Soybean Oil Oct 2013 44.56 +1.84 +4.31%
Soybean Oil Dec 2013 44.88 +1.88 +4.37%
Corn Sep 2013 515.75 +20.25 +4.09%
Corn Dec 2013 500.5 +30.5 +6.49%
Corn Mar 2014 512.5 +30.25 +6.27%
Corn May 2014 520 +29.75 +6.07%
Corn Jul 2014 525 +29.25 +5.90%
Oats Sep 2013 353.75 -9.25 -2.55%
Oats Dec 2013 344.75 +13.25 +4.00%
Oats Mar 2014 348.75 +13 +3.87%
Oats May 2014 350.75 +17.5 +5.25%
Oats Jul 2014 342.25 +17.5 +5.39%
Wheat Sep 2013 654.75 +20.25 +3.19%
Wheat Dec 2013 666.75 +20.75 +3.21%
Wheat Mar 2014 678.75 +20.75 +3.15%
Wheat May 2014 685.75 +20.75 +3.12%
Wheat Jul 2014 680.5 +20 +3.03%
Minneapolis
Spring Wheat Sep 2013 729.25 +13 +1.82%
Spring Wheat Dec 2013 737.75 +12.75 +1.76%
Spring Wheat Mar 2014 749.75 +10 +1.35%
Spring Wheat May 2014 756 +11 +1.48%
Spring Wheat Jul 2014 762.5 +11 +1.46%
Kansas City
KCBT Red Wheat Sep 2013 708.25 +12.75 +1.83%
KCBT Red Wheat Dec 2013 713.25 +16 +2.29%
KCBT Red Wheat Mar 2014 722 +17.25 +2.45%
KCBT Red Wheat May 2014 725.75 +17.5 +2.47%
KCBT Red Wheat Jul 2014 715 +17.5 +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.
