Canola futures posted strong gains Tuesday, following soybeans as they rose due to rain delaying seeding, and a weaker loonie.
It was a soggy long weekend in large parts of the U.S. Midwest and more rain is on the way. More than half of U.S. soybeans have yet to be seeded. About 14 percent of corn is not yet in the ground. The rain has waterlogged some fields.
The rain was expected to help U.S. winter wheat yields. Slow wheat exports also weighed on wheat futures.
Read Also
U.S. grains: Corn, soybeans tick higher ahead of USDA report
Chicago | Reuters – Chicago corn and soybeans futures rose on Thursday as traders squared positions before a government crop…
Canola values were also supported by a weaker loonie.
A monthly reading of U.S. consumer confidence rose to a five-year high in May. That led to speculation that the U.S. federal Reserve will have more leaway to reduce its quantatative easing stimulus program. With less money being printed, that should support the value of the U.S. buck.
On the other hand, European and Japanese central bankers in recent days said they would stick with their stimulative programs.
Rain in southern parts of Saskatchewan is also delaying seeding there.
The basis in canola has become less attractive this week, indicating reduced demand for the oilseed from crushers and exporters.
USDA today said U.S. farmers had seeded 86 percent of their corn crop by May 26, up from 71 percent the week before. The five-year average for that point is 90 percent. Traders on average expected 86 percent.
As for soybeans, 44 percent was in the ground, up from 24 percent the week before. The five-year average is 61 percent. Traders on average expected 42 percent.
For spring wheat 79 percent was in the ground, up from 67 percent the week before. The five year average is 86 percent.
The condition of the U.S. winter wheat crop deteriorated a little to 42 percent poor to very poor, 27 percent fair and 31 percent good to very good.
Last week, it was 41 percent poor to very poor, 28 percent fair and 31 percent good to very good.
Winnipeg ICE Futures Canadian dollars per tonne
Canola Jul 2013 645.50 +10.70 +1.69%
Canola Nov 2013 569.80 +9.20 +1.64%
Canola Jan 2014 570.30 +9.40 +1.68%
Canola Mar 2014 564.80 +9.40 +1.69%
Canola May 2014 557.90 +9.40 +1.71%
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 1509.25 +33 +2.24%
Soybeans Aug 2013 1433.75 +31.25 +2.23%
Soybeans Sep 2013 1334.25 +34.25 +2.63%
Soybeans Nov 2013 1288 +40.25 +3.23%
Soybeans Jan 2014 1294.25 +40 +3.19%
Soybeans Mar 2014 1294.75 +37.25 +2.96%
Soybean Meal Jul 2013 442.3 +14.1 +3.29%
Soybean Meal Aug 2013 419.5 +14.3 +3.53%
Soybean Meal Sep 2013 397 +15.1 +3.95%
Soybean Oil Jul 2013 49.54 +0.3 +0.61%
Soybean Oil Aug 2013 49.46 +0.3 +0.61%
Soybean Oil Sep 2013 49.26 +0.28 +0.57%
Corn Jul 2013 666.5 +9.25 +1.41%
Corn Sep 2013 583.75 +17 +3.00%
Corn Dec 2013 551 +14.5 +2.70%
Corn Mar 2014 561.5 +14 +2.56%
Corn May 2014 569 +13.75 +2.48%
Oats Jul 2013 366.25 +1.25 +0.34%
Oats Sep 2013 359.5 +2.75 +0.77%
Oats Dec 2013 359.5 +2.75 +0.77%
Oats Mar 2014 365.75 +3.75 +1.04%
Oats May 2014 368 +3.75 +1.03%
Wheat Jul 2013 693.75 -3.75 -0.54%
Wheat Sep 2013 701.75 -2.75 -0.39%
Wheat Dec 2013 717.75 -0.25 -0.03%
Wheat Mar 2014 733.25 +1 +0.14%
Wheat May 2014 741 +1.5 +0.20%
Minneapolis
Spring Wheat Jul 2013 806.5 +0.75 +0.09%
Spring Wheat Sep 2013 798.25 -1 -0.13%
Spring Wheat Dec 2013 805.5 -0.5 -0.06%
Spring Wheat Mar 2014 819.5 +1.25 +0.15%
Spring Wheat May 2014 825.5 +1.25 +0.15%
Kansas City
KCBT Red Wheat Jul 2013 743.5 -2.25 -0.30%
KCBT Red Wheat Sep 2013 751.75 -1 -0.13%
KCBT Red Wheat Dec 2013 769.75 +0.5 +0.06%
KCBT Red Wheat Mar 2014 783 +1 +0.13%
KCBT Red Wheat May 2014 789 +2.75 +0.35%
Light crude oil nearby futures in New York rose 86 cents at $95.01 US per barrel.
The Canadian dollar at noon was 96.42 cents US, down from 96.81 cents the previous trading day. The U.S. dollar at noon was $1.0371 Cdn.
In early tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 54.15 points, or 0.43 percent, at 12,750.52.
The Dow Jones industrial average gained 106.29 points, or 0.69 percent, to end at a record 15,409.39.
The Standard & Poor’s 500 Index rose 10.46 points, or 0.63 percent, to finish at 1,660.06.
The Nasdaq Composite Index climbed 29.74 points, or 0.86 percent, to close at 3,488.89.
