Most crop markets rose Tuesday on bargain buying after yesterday’s losses and oilseeds got an extra boost from rising palm oil.
Slow farmer selling also supported crop markets as did short covering.
Worries that severe thunderstorms in Malaysia would disrupt palm supply lifted palm futures which in turn helped lift soy oil about 1.5 percent.
November canola closed at $484.50 per tonne, up $3.70 or 0.77 percent.
November soybeans rose 0.6 percent on the palm oil news and on strong U.S. exports. However, signs of a bigger than expected U.S. soybean harvest kept a lid on gains.
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Corn was up only about a penny on short covering after hitting a three year low on Monday. Private analysts are hiking their forecasts of the size of the U.S. crop.
Oats drifted lower.
Progressive Ag says its models put the U.S. soybean yield at 44.3 bushels per acre, up from USDA’s September estimate of 41.2 bu.
The company sees corn yield at 163 bu. per acre or more, up from USDA’s 158 bu. per acre.
Chicago wheat edged higher on short covering but nearby Minneapolis wheat was steady.
Several of the weather problems that had pushed wheat higher in recent weeks have become less of an issue. A warm end to October is helping newly seeded winter wheat in the Black Sea region and recent rain in Argentina is helping to fill heads in that crop.
The U.S. winter wheat crop is being seeded into generally good conditions.
However, it is becoming clear that recent frosts have caused significant damage in several wheat growing areas of eastern Australia.
In outside markets, the U.S. dollar was up and U.S. stock markets rose on expectations that the U.S. Federal Reserve will maintain its stimulus program when it meets
The U.S. dollar had been falling recently on thoughts that an improving economy would cause the Fed to “taper” its stimulus program. It had hit a nine month low against a basket of major currencies. But recent lackluster economic and job creation data, and flagging consumer and busines confidence after the budget battle in Washington, indicate that stimulus is still needed and that is now lifting the buck.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013 484.50 +3.70 +0.77%
Canola Jan 2014 495.00 +3.80 +0.77%
Canola Mar 2014 503.30 +4.20 +0.84%
Canola May 2014 509.90 +4.00 +0.79%
Canola Jul 2014 515.70 +4.10 +0.80%
Milling Wheat Dec 2013 231.00 +1.00 +0.43%
Milling Wheat Mar 2014 239.00 unch 0.00%
Milling Wheat May 2014 246.00 unch 0.00%
Durum Wheat Dec 2013 247.00 unch 0.00%
Durum Wheat Mar 2014 253.00 unch 0.00%
Durum Wheat May 2014 257.00 unch 0.00%
Barley Dec 2013 152.00 unch 0.00%
Barley Mar 2014 154.00 unch 0.00%
Barley May 2014 155.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2013 1279 +7.75 +0.61%
Soybeans Jan 2014 1270.75 +2.75 +0.22%
Soybeans Mar 2014 1254.75 +4 +0.32%
Soybeans May 2014 1241.75 +4.75 +0.38%
Soybeans Jul 2014 1237 +6 +0.49%
Soybeans Aug 2014 1226.75 +7 +0.57%
Soybean Meal Dec 2013 410.8 -3.9 -0.94%
Soybean Meal Jan 2014 401.9 -3 -0.74%
Soybean Meal Mar 2014 391.3 -1.5 -0.38%
Soybean Oil Dec 2013 40.97 +0.61 +1.51%
Soybean Oil Jan 2014 41.26 +0.61 +1.50%
Soybean Oil Mar 2014 41.64 +0.6 +1.46%
Corn Dec 2013 432 +1.25 +0.29%
Corn Mar 2014 444.25 +1 +0.23%
Corn May 2014 452.75 +0.75 +0.17%
Corn Jul 2014 460 +0.25 +0.05%
Corn Sep 2014 466.5 -0.25 -0.05%
Oats Dec 2013 325.75 -2.5 -0.76%
Oats Mar 2014 307.75 -1.25 -0.40%
Oats May 2014 306.75 -1.75 -0.57%
Oats Jul 2014 306.75 -2.25 -0.73%
Oats Sep 2014 308.25 -2.25 -0.72%
Wheat Dec 2013 681.25 +0.25 +0.04%
Wheat Mar 2014 692.5 +0.5 +0.07%
Wheat May 2014 697 -0.5 -0.07%
Wheat Jul 2014 689.5 -0.5 -0.07%
Wheat Sep 2014 697 -1.25 -0.18%
Minneapolis
Spring Wheat Dec 2013 736.5 unch 0.00%
Spring Wheat Mar 2014 747.5 +0.25 +0.03%
Spring Wheat May 2014 753.5 +0.25 +0.03%
Spring Wheat Jul 2014 757 +1.25 +0.17%
Spring Wheat Sep 2014 756.25 +0.25 +0.03%
Kansas City
KCBT Red Wheat Dec 2013 751.75 +1 +0.13%
KCBT Red Wheat Mar 2014 752.75 +1.25 +0.17%
KCBT Red Wheat May 2014 748 +1 +0.13%
KCBT Red Wheat Jul 2014 728.25 -1.25 -0.17%
KCBT Red Wheat Sep 2014 733.75 -2.5 -0.34%
Light crude oil nearby futures in New York dropped 48 cents at $98.20 US per barrel.
The Canadian dollar at noon was 95.74 cents US, unchanged from the previous trading day. The U.S. dollar at noon was $1.0445 Cdn.
In early tallies —
The Toronto Stock Exchange composite closed up 68.77 points or 0.51 percent at 13,440.61.
The Dow Jones industrial average was up 111.42 points, or 0.72 percent, to end at a record 15,680.35.
The Standard & Poor’s 500 Index was up 9.84 points, or 0.56 percent, to finish at a record 1,771.95.
The Nasdaq Composite Index was up 12.21 points, or 0.31 percent, to close at 3,952.34.
The Dow and S&P were both at record closing highs.
