It was an up day for crop markets including canola as the weekly condition rating for U.S. crops dipped on excess moisture and seeding delays.
Concerns about the still dry conditions in much of Saskatchewan and Alberta supported canola.
Large parts of the Canadian Prairies have forecasts for light rain showers over the next few days. A general rain is needed.
U.S. corn and soybeans are still in good shape, but just not as good as they were the week before.
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The corn condition was 73 percent good to excellent as of Sunday, down one point from the week before, while soybeans were rated 67 percent good to excellent, compared with 69 percent last week.
Seeding of the soybean crop was at 87 percent, shy of the five year average of 90 percent. The biggest delays are in Kansas where repeated rain is slowing spring seeding.
A tropical storm is expected to dump heavy rain through eastern Oklahoma and Kansas and up into the southern Midwest this week.
The move higher in soybeans was exaggerated by the large short position that funds have in soybeans
Soybeans led the market today, dragging corn higher.
Chicago and Kansas wheat closed lower on harvest pressure but Minneapolis spring wheat edged slightly higher even though the weekly crop ratings for spring wheat improved. Support came from talk about China buying hard red spring wheat.
There was rain recently in Europe but like in Western Canada it was spotty and more moisture is needed.
Reuters reported that Russia’s IKAR, a leading Moscow-based agriculture consultancy, has downgraded its 2015 wheat crop forecast by one million tonnes to 55-59 million tonnes due to dry weather in several regions of the country. Last year’s wheat crop was 59 million tonnes.
Light crude oil nearby futures in New York were up 45 cents to US$59.97 per barrel.
The Canadian dollar at noon was US81.10 cents, down from 81.15 cents the previous trading day. The U.S. dollar at noon was C$1.2330.
The TSX composite closed down three points or 0.02 percent at 14,753.05.
The Dow Jones industrial average rose 111.97 points, or 0.63 percent, to 17,903.14, the S&P 500 gained 11.88 points, or 0.57 percent, to 2,096.31 and the Nasdaq Composite added 25.58 points, or 0.51 percent, to 5,055.55.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul ‘15 491.00 +8.30 +1.72%
Canola Nov ‘15 489.40 +9.50 +1.98%
Canola Jan ‘16 485.20 +8.30 +1.74%
Canola Mar ‘16 483.90 +9.50 +2.00%
Canola May ‘16 480.20 +8.80 +1.87%
Milling Wheat Jul ‘15 210.00 +1.00 +0.48%
Milling Wheat Oct ‘15 215.00 +1.00 +0.47%
Milling Wheat Dec ‘15 215.00 +1.00 +0.47%
Durum Wheat Jul ‘15 298.00 unch 0.00%
Durum Wheat Oct ‘15 298.00 unch 0.00%
Durum Wheat Dec ‘15 303.00 unch 0.00%
Barley Jul ‘15 210.00 +5.00 +2.44%
Barley Oct ‘15 205.00 +5.00 +2.50%
Barley Dec ‘15 210.00 +5.00 +2.44%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul ‘15 957.5 +19.75 +2.11%
Soybeans Aug ‘15 941.75 +21 +2.28%
Soybeans Sep ‘15 930.5 +22.75 +2.51%
Soybeans Nov ‘15 927.5 +23.25 +2.57%
Soybeans Jan ‘16 933.5 +22.25 +2.44%
Soybeans Mar ‘16 936.5 +20.5 +2.24%
Soybean Meal Jul ‘15 320.8 +7.6+2.43%
Soybean Meal Aug ‘15 312.6 +8 +2.63%
Soybean Meal Sep ‘15 307.4 +7.6 +2.54%
Soybean Oil Jul ‘15 32.9 +0.21 +0.64%
Soybean Oil Aug ‘15 32.97 +0.23 +0.70%
Soybean Oil Sep ‘15 33.05 +0.25 +0.76%
Corn Jul ‘15 354 +5.75 +1.65%
Corn Sep ‘15 359.75 +7 +1.98%
Corn Dec ‘15 370 +6.5 +1.79%
Corn Mar ‘16 381 +6 +1.60%
Corn May ‘16 388.25 +6 +1.57%
Oats Jul ‘15 252.5 +0.25 +0.10%
Oats Sep ‘15 260 +0.5 +0.19%
Oats Dec ‘15 265.5 -1 -0.38%
Oats Mar ‘16 272.75 -1 -0.37%
Oats May ‘16 279.5 -1 -0.36%
Wheat Jul ‘15 488.75 -0.5 -0.10%
Wheat Sep ‘15 494.5 -0.75 -0.15%
Wheat Dec ‘15 508.25 -1.5 -0.29%
Wheat Mar ‘16 521 -2.25 -0.43%
Wheat May ‘16 529 -2.75 -0.52%
Minneapolis Spring Wheat
Wheat Jul ‘15 547.5 +2 +0.37%
Wheat Sep ‘15 556.5 +2.25 +0.41%
Wheat Dec ‘15 568.75 +1.75 +0.31%
Wheat Mar ‘16 581.75 +1.25 +0.22%
Wheat May ‘16 590.75 +1.25 +0.21%
Kansas City Hard Red Winter
Wheat Jul ‘15 506.5 -2.25 -0.44%
Wheat Sep ‘15 515.5 -2.75 -0.53%
Wheat Dec ‘15 533.5 -2.25 -0.42%
Wheat Mar ‘16 547 -2.25 -0.41%
Wheat May ‘16 556 -2.25 -0.40%
