By D’Arce McMillan, Markets editor
Twitter @ darcemcmillan
Canola futures rose a little on Tuesday, supported by slow farmer selling and by slightly higher vegetable oil futures.
Soybeans and meal fell on the advancing U.S. harvest, which is in the home stretch. Also, soy meal demand, which has been red hot, is expected to fall off, as the U.S. price is higher than competing product from Brazil and Argentina.
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U.S. grains: Soybean futures hit one-month high on U.S.-China trade hopes
Chicago Board of Trade soybean futures hit their highest level in a month on Monday on renewed optimism over U.S.-China trade talks after U.S. President Donald Trump said he believed Beijing would agree to a soybean trade deal and will buy U.S. soy again.
Corn and wheat were also lower as traders took profits after recent gains.
Vegetable oil prices were slightly higher, supported by thoughts that palm production in Indonesia and Malaysia might contract, however, reduced exports from Malaysia in the first two weeks of this month capped the gain. Unwinding of some long soymeal/short soyoil spreads supported soy oil Reuters reported.
The U.S. Agriculture Department said after the close of trading on Monday that the corn harvest was 89 percent complete and the soy harvest 94 percent complete, mostly on pace with recent years after a slow start.
The unusually cold weather over much of Canada and the U.S. Plains could continue for another 10 days. Ideas that the cold could have harmed some winter wheat limited the fall in wheat.
Brazilian soybean crushing industry association Abiove said the dry weather that delayed seeding in central Brazil could cause the start of harvest to be delayed by 20 to 30 days.
Light crude oil nearby futures in New York dropped $1.03 at US$74.61 per barrel.
The Canadian dollar at noon was US88.46 cents, up from US88.43 cents the previous trading day. The U.S. dollar at noon was C$1.1305.
Stock markets rose. Japan, which is in recession, said it will not implement an expected tax increase, raising hopes the country will introduce other stimulus measures. A stronger than expected reading of German investor optimism also supported stocks.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 90.47 points, or 0.61 percent, at 14,972.97.
The Dow and S&P 500 posted new all time highs.
The Dow Jones industrial average rose 44.05 points, or 0.25 percent, to 17,691.8, the S&P 500 gained 10.72 points, or 0.53 percent, to 2,052.04 and the Nasdaq Composite added 31.44 points, or 0.67 percent, to 4,702.44.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015Â Â Â Â Â Â 433.30Â Â Â Â Â Â +2.00Â Â Â Â Â Â +0.46%
Canola Mar 2015Â Â Â Â Â Â 436.00Â Â Â Â Â Â +1.90Â Â Â Â Â Â +0.44%
Canola May 2015Â Â Â Â Â Â 437.00Â Â Â Â Â Â +1.70Â Â Â Â Â Â +0.39%
Canola Jul 2015Â Â Â Â Â Â 438.60Â Â Â Â Â Â +1.60Â Â Â Â Â Â +0.37%
Canola Nov 2015Â Â Â Â Â Â 435.30Â Â Â Â Â Â +3.30Â Â Â Â Â Â +0.76%
Milling Wheat Dec 2014Â Â Â Â Â Â 225.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.44%
Milling Wheat Mar 2015Â Â Â Â Â Â 233.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.43%
Milling Wheat May 2015Â Â Â Â Â Â 236.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.42%
Durum Wheat Dec 2014      356.50      unch      0.00%
Durum Wheat Mar 2015      357.50      unch      0.00%
Durum Wheat May 2015      357.50      unch      0.00%
Barley Dec 2014      160.00      unch      0.00%
Barley Mar 2015      163.00      unch      0.00%
Barley May 2015      163.00      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015Â Â Â Â Â Â 1023.25Â Â Â Â Â Â -13Â Â Â Â Â Â -1.25%
Soybeans Mar 2015Â Â Â Â Â Â 1031Â Â Â Â Â Â -13Â Â Â Â Â Â -1.25%
Soybeans May 2015Â Â Â Â Â Â 1037.25Â Â Â Â Â Â -13Â Â Â Â Â Â -1.24%
Soybeans Jul 2015Â Â Â Â Â Â 1042.5Â Â Â Â Â Â -12.5Â Â Â Â Â Â -1.18%
Soybeans Aug 2015Â Â Â Â Â Â 1042.75Â Â Â Â Â Â -13Â Â Â Â Â Â -1.23%
Soybeans Sep 2015Â Â Â Â Â Â 1023.75Â Â Â Â Â Â -12.75Â Â Â Â Â Â -1.23%
Soybean Meal Dec 2014Â Â Â Â Â Â 378Â Â Â Â Â Â -9.1Â Â Â Â Â Â -2.35%
Soybean Meal Jan 2015Â Â Â Â Â Â 363.6Â Â Â Â Â Â -7.1Â Â Â Â Â Â -1.92%
Soybean Meal Mar 2015Â Â Â Â Â Â 348.4Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.55%
Soybean Oil Dec 2014Â Â Â Â Â Â 32.65Â Â Â Â Â Â +0.2Â Â Â Â Â Â +0.62%
Soybean Oil Jan 2015Â Â Â Â Â Â 32.79Â Â Â Â Â Â +0.18Â Â Â Â Â Â +0.55%
Soybean Oil Mar 2015Â Â Â Â Â Â 33.02Â Â Â Â Â Â +0.2Â Â Â Â Â Â +0.61%
Corn Dec 2014Â Â Â Â Â Â 372Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.46%
Corn Mar 2015Â Â Â Â Â Â 385Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.41%
Corn May 2015Â Â Â Â Â Â 393.75Â Â Â Â Â Â -5.25Â Â Â Â Â Â -1.32%
Corn Jul 2015Â Â Â Â Â Â 401Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.35%
Corn Sep 2015Â Â Â Â Â Â 407.5Â Â Â Â Â Â -5.25Â Â Â Â Â Â -1.27%
Oats Dec 2014Â Â Â Â Â Â 334Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.62%
Oats Mar 2015Â Â Â Â Â Â 333Â Â Â Â Â Â -6Â Â Â Â Â Â -1.77%
Oats May 2015Â Â Â Â Â Â 330.75Â Â Â Â Â Â -7.75Â Â Â Â Â Â -2.29%
Oats Jul 2015Â Â Â Â Â Â 328.25Â Â Â Â Â Â -5.75Â Â Â Â Â Â -1.72%
Oats Sep 2015Â Â Â Â Â Â 329.25Â Â Â Â Â Â -6.25Â Â Â Â Â Â -1.86%
Wheat Dec 2014Â Â Â Â Â Â 549Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.50%
Wheat Mar 2015Â Â Â Â Â Â 551Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.50%
Wheat May 2015Â Â Â Â Â Â 557.75Â Â Â Â Â Â -3Â Â Â Â Â Â -0.53%
Wheat Jul 2015Â Â Â Â Â Â 564Â Â Â Â Â Â -3.5Â Â Â Â Â Â -0.62%
Wheat Sep 2015Â Â Â Â Â Â 573Â Â Â Â Â Â -3Â Â Â Â Â Â -0.52%
Minneapolis
Spring Wheat Dec 2014Â Â Â Â Â Â 578.5Â Â Â Â Â Â -5Â Â Â Â Â Â -0.86%
Spring Wheat Mar 2015Â Â Â Â Â Â 586.75Â Â Â Â Â Â -4.75Â Â Â Â Â Â -0.80%
Spring Wheat May 2015Â Â Â Â Â Â 595.25Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.75%
Spring Wheat Jul 2015Â Â Â Â Â Â 603.25Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.70%
Spring Wheat Sep 2015Â Â Â Â Â Â 611.75Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.69%
Kansas City
Hard Red Wheat Dec 2014Â Â Â Â Â Â 593.5Â Â Â Â Â Â -3Â Â Â Â Â Â -0.50%
Hard Red Wheat Mar 2015Â Â Â Â Â Â 596.5Â Â Â Â Â Â -3.5Â Â Â Â Â Â -0.58%
Hard Red Wheat May 2015Â Â Â Â Â Â 600Â Â Â Â Â Â -3.75Â Â Â Â Â Â -0.62%
Hard Red Wheat Jul 2015Â Â Â Â Â Â 600.5Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.46%
Hard Red Wheat Sep 2015Â Â Â Â Â Â 612Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.45%
