Canola futures rose Monday despite a strong loonie, lifted by rising soybeans.
Canola’s gain lagged behind soybeans on the effect of the loonie and because seeding is starting to wrap up on the Prairies. Dry weather Tuesday and Wednesday should help.
Delayed seeding in the U.S supported soybeans. More than a third of the soybean crop is yet to be seeded.
The delay could mean the market will have to rely on tight old crop stocks for an extra week or two until harvest begins in the fall.
Read Also
U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
The U.S. Department of Agriculture said after the markets closed that 91 percent of the corn crop was seeded, compared to analysts’ expectations of 92 percent. The five-year average is 95 percent.
This first corn condition rating came out today. The good-to-excellent rating was 63 percent, compared to 72 percent at the same time last year.
Soybean planting progress was 57 percent, spot on the pre-report expectation.
The five-year average progress is 74 percent.
Spring wheat planting was at 80 percent completion, down from the five-year average of 92 percent.
Analysts polled by Reuters said U.S. corn plantings will likely fall about two million acres, or two percent below the U.S. Department of Agriculture’s May 10 outlook.
U.S. soybean plantings could be one million acres above USDA’s estimate for 77.1 million.
The shifts are due to rain that has made this the slowest seeding season in the U.S. in about 11 years.
More rain is expected in the Midwest this week.
Corn yields can drop by one bushel per acre per day for corn planted after May 10-15 and farmers begin to lose insurance benefits if the crop is planted past the end of May, crop specialists say.
About 73 percent of U.S. winter wheat is heading, behind the five-year average of 80 percent.
The winter wheat crop condition was little changed. The percentage of the winter crop that is heading was 73 percent, behind the five-year average of 80 percent.
Weak data on U.S. manufacturing in May, the first decline in six months, led to thoughts that the U.S. Federal Reserve will continue its stimulus program. That supported oil and gold prices and weakened the U.S. buck against the loonie and other currencies.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013 644.80 +2.50 +0.39%
Canola Nov 2013 576.80 +4.30 +0.75%
Canola Jan 2014 576.90 +3.90 +0.68%
Canola Mar 2014 572.30 +4.30 +0.76%
Canola May 2014 564.40 +4.60 +0.82%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Milling Wheat Dec 2013 294.00 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Durum Wheat Dec 2013 299.40 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2013 1532.5 +22.5 +1.49%
Soybeans Aug 2013 1458.25 +20.5 +1.43%
Soybeans Sep 2013 1367 +19.75 +1.47%
Soybeans Nov 2013 1325.5 +21.25 +1.63%
Soybeans Jan 2014 1330.75 +20.75 +1.58%
Soybeans Mar 2014 1329.5 +19.25 +1.47%
Soybean Meal Jul 2013 454.4 +7.2 +1.61%
Soybean Meal Aug 2013 432.3 +6.5 +1.53%
Soybean Meal Sep 2013 411.8 +5.8 +1.43%
Soybean Oil Jul 2013 48.66 +0.28 +0.58%
Soybean Oil Aug 2013 48.65 +0.27 +0.56%
Soybean Oil Sep 2013 48.51 +0.3 +0.62%
Corn Jul 2013 655.75 -6.25 -0.94%
Corn Sep 2013 588.75 -8.5 -1.42%
Corn Dec 2013 560 -7.25 -1.28%
Corn Mar 2014 570.25 -6.75 -1.17%
Corn May 2014 577 -5.75 -0.99%
Oats Jul 2013 379.5 +5.25 +1.40%
Oats Sep 2013 374.5 +4.25 +1.15%
Oats Dec 2013 364.5 +1 +0.28%
Oats Mar 2014 368.5 +1.25 +0.34%
Oats May 2014 370.75 +1.25 +0.34%
Wheat Jul 2013 708.75 +3.25 +0.46%
Wheat Sep 2013 718.5 +3 +0.42%
Wheat Dec 2013 732.75 +2.75 +0.38%
Wheat Mar 2014 747.75 +3.25 +0.44%
Wheat May 2014 758.5 +4.5 +0.60%
Minneapolis
Spring Wheat Jul 2013 823 +3 +0.37%
Spring Wheat Sep 2013 812.5 +4.25 +0.53%
Spring Wheat Dec 2013 820.25 +4.75 +0.58%
Spring Wheat Mar 2014 833.25 +5.75 +0.69%
Spring Wheat May 2014 838.25 +1.75 +0.21%
Kansas City
KCBT Red Wheat Jul 2013 751.5 +0.5 +0.07%
KCBT Red Wheat Sep 2013 760.5 +0.5 +0.07%
KCBT Red Wheat Dec 2013 779.5 +0.75 +0.10%
KCBT Red Wheat Mar 2014 792.75 +0.25 +0.03%
KCBT Red Wheat May 2014 801.5 +1.25 +0.16%
Light crude oil nearby futures in New York rose $1.48 at $93.45 US per barrel.
The Canadian dollar at noon was 97.17 cents US, up from 96.72 cents the previous trading day. The U.S. dollar at noon was $1.0291 Cdn.
Wall street reacted positively to the manufacturing data and its implications for Fed policy and also a four percent increase in Merck shares. Canada’s Bay Street fell on worries about slowing global economic recovery.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 40.62 points, or 0.32 percent, at 12,609.80, but earlier slipped to 12,570.91, its lowest since May 17.
The Dow Jones industrial average gained 138.46 points, or 0.92 percent, to 15,254.03.
The Standard & Poor’s 500 Index climbed 9.68 points, or 0.59 percent, at 1,640.42.
The Nasdaq Composite Index was up 9.45 points, or 0.27 percent, at 3,465.37.
