By D’Arce McMillan, Markets editor
Twitter @ darcemcmillan
Most crops, including canola rose Tuesday, supported by short selling, slow farmer deliveries and strong U.S. exports.
Oats was the only contract to close lower.
December oats futures fell two percent to a roughly 2-½ year low as investors, including hedge funds, liquidated holdings ahead of the December deliveries cycle.
Losses were more modest in deferred months, with March oats down about one percent.
January canola edged up $2.60 per tonne to $435.20, a 0.6 percent gain, supported by stronger soybeans and its components.
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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.
Soy meal, often the market leader this fall, jumped 3.4 percent, fueled by record strong exports of the animal feed. Crushers are scrambling to keep up with the demand.
Nearby soybeans rose 1.7 percent, mostly on support from the meal side of the complex.
But soy oil futures also rose, up 0.66 percent to a three-week high but gains were limited as the CBOT December contract hit resistance at its 100-day moving average, a level it has not surpassed since Oct. 31, Reuters noted.
Kansas City hard red winter and Minneapolis hard red spring wheat each gained about two percent on a decline in the condition of the American winter crop.
The U.S. Department of Agriculture rated 58 percent of the U.S. winter wheat crop as good to excellent, down from 60 percent the previous week. Ratings dropped the most in Nebraska.
The trade is also watching the situation in Russia where dry cold weather has stressed the winter wheat crop.
However, the relatively strong price of American wheat makes it uncompetitive versus other sources and is limiting its export pace.
Agriculture Canada reported that in the week ending Nov. 14 No. 1 durum 13 percent protein at the West Coast was quoted at $503.65 per tonne or $13.71 per bushel.
No. 1 CW red spring wheat 13.5 percent protein was quoted at $331.34 a tonne or $9.02 per bushel.
No. 2 Canada Prairie Spring Red 11 percent protein was quoted at 279.98 a tonne or $7.62 per bushel.
Chicago corn futures rose on short covering and a strong cash market.
Investors are rolling Chicago December wheat and corn positions to March ahead of Friday’s first notice day for deliveries against the December contract.
Light crude oil nearby futures in New York dropped $1.69 at US$74.09 per barrel.
The Canadian dollar at noon was US88.80 cents, up from 88.64 cents the previous trading day. The U.S. dollar at noon was C$1.1261.
In unofficial tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 58.24 points, or 0.39 percent, at 15,073.65.
The Dow Jones industrial average fell 2.83 points, or 0.02 percent, to 17,815.07, the S&P 500 lost 2.28 points, or 0.11 percent, to 2,067.13 and the Nasdaq Composite added 3.36 points, or 0.07 percent, to 4,758.25.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015 435.20 +2.60 +0.60%
Canola Mar 2015 436.30 +2.10 +0.48%
Canola May 2015 437.80 +2.30 +0.53%
Canola Jul 2015 438.10 +2.10 +0.48%
Canola Nov 2015 433.00 +1.50 +0.35%
Milling Wheat Dec 2014 230.00 +4.00 +1.77%
Milling Wheat Mar 2015 238.00 +4.00 +1.71%
Milling Wheat May 2015 241.00 +4.00 +1.69%
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 170.00 +6.00 +3.66%
Barley Mar 2015 173.00 +7.00 +4.22%
Barley May 2015 173.00 +7.00 +4.22%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015 1051 +17.25 +1.67%
Soybeans Mar 2015 1056.25 +16.5 +1.59%
Soybeans May 2015 1061.25 +15.5 +1.48%
Soybeans Jul 2015 1065.25 +15.75 +1.50%
Soybeans Aug 2015 1064 +15.25 +1.45%
Soybeans Sep 2015 1040.25 +14.5 +1.41%
Soybean Meal Dec 2014 390.6 +15.7 +4.19%
Soybean Meal Jan 2015 374.8 +12.2 +3.36%
Soybean Meal Mar 2015 358.4 +8.6 +2.46%
Soybean Oil Dec 2014 33.42 +0.22 +0.66%
Soybean Oil Jan 2015 33.59 +0.23 +0.69%
Soybean Oil Mar 2015 33.79 +0.21 +0.63%
Corn Dec 2014 374.25 +6.75 +1.84%
Corn Mar 2015 387.25 +7 +1.84%
Corn May 2015 395.75 +6.5 +1.67%
Corn Jul 2015 403 +6.75 +1.70%
Corn Sep 2015 408.75 +6.25 +1.55%
Oats Dec 2014 299 -6.5 -2.13%
Oats Mar 2015 309 -3 -0.96%
Oats May 2015 311.5 -1.25 -0.40%
Oats Jul 2015 312.25 unch 0.00%
Oats Sep 2015 308 +0.5 +0.16%
Wheat Dec 2014 551.5 +9.25 +1.71%
Wheat Mar 2015 557.75 +8.25 +1.50%
Wheat May 2015 564.75 +7.75 +1.39%
Wheat Jul 2015 570 +7.25 +1.29%
Wheat Sep 2015 577.75 +6.5 +1.14%
Minneapolis
Spring Wheat Dec 2014 590.75 +11.75 +2.03%
Spring Wheat Mar 2015 600.75 +11.25 +1.91%
Spring Wheat May 2015 609.5 +11.75 +1.97%
Spring Wheat Jul 2015 617.75 +11.75 +1.94%
Spring Wheat Sep 2015 626 +11.75 +1.91%
Kansas City
Hard Red Wheat Dec 2014 617.25 +13 +2.15%
Hard Red Wheat Mar 2015 619 +13.25 +2.19%
Hard Red Wheat May 2015 620.5 +12.75 +2.10%
Hard Red Wheat Jul 2015 617.5 +11.25 +1.86%
Hard Red Wheat Sep 2015 627.75 +11 +1.78%
