Bu D’Arce McMillan
Markets Editor
Twitter @ darcemcmillan
A strong day in U.S. crop markets did not wash into the ICE Canada canola futures market.
Canola trade did not have a clear trend with the market up and down several times in a narrow range. Canola was held back as the loonie gained almost a half cent and the market expects increased Prairie farmer deliveries.
Soybeans, soy meal and corn jumped more than two percent higher, supported by slower than expected harvest progress in the U.S. Midwest.
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Minneapolis spring wheat edged up less than one percent.
Canola fell, with the November contract down $1.40 or 0.65 percent, to $404 per tonne.
The U.S. Agriculture Department on Monday afternoon said corn harvest was 31 percent complete as of Oct. 19, the slowest pace in five years and slower than the average of analysts’ forecasts. The five-year average is 53 percent complete.
For soybeans 53 percent was harvested, short of the five-year average harvest pace of 66 percent.
Soymeal futures gained 3.8 percent. The delayed harvest is slowing soybean deliveries to crushers and limiting the supply of soy meal.
Soy oil rose only 0.19 percent.
Light rain fell in central Brazil causing a tentative revival of the seeding campaign there.
Seeding in Mato Gross, the state that produces about 30 percent of Brazil’s soy crop, was only 9.3 percent complete on Friday, compared with 27 percent last year at the same time.
Dry weather over the past two weeks caused Brazilian farmers to put the campaign on hold.
Analysts still expect a record soy area and a record crop of more than 90 million tonnes.
However, the slow start to seeding could lead to a delayed harvest. Also, some seed already planted has not germinated in the dry soil and fields might need to be re sown.
The delayed harvest and wet weather in the Midwest has some analysts thinking the area sown to soft red winter wheat will be less than thought. Only 22 percent of the Illinois wheat crop was seeded by Oct. 19, far behind the five-year average of 59 percent.
That caused Chicago soft red wheat futures to rise a little more than one percent, outperforming the modest gains in hard red winter and hard red spring wheat futures.
The Canadian dollar and commodities got support from a report showing China’s economy grew 7.3 percent in the third quarter, better than the 7.2 percent that had been forecast, but still the slowest pace since the global financial crisis.
Strong quarterly corporate earnings at Apple and other big companies lifted sock markets
Light crude oil nearby futures in New York rose 10 cents at $82.81 US per barrel.
The Canadian dollar at noon was 89.13 cents US, up from 88.68 cents the previous trading day. The U.S. dollar at noon was $1.1219 Cdn.
The Toronto Stock Exchange composite index closed up 209.93 points or 1.46 percent at 14,547.71
The Dow Jones industrial average rose 215.33 points, or 1.31 percent, to 16,615.
The S&P 500 gained 37.26 points, or 1.96 percent, to 1,941.27.
The Nasdaq Composite added 103.40 points, or 2.4 percent, to 4,419.48.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 404.00 -1.40 -0.35%
Canola Jan 2015 407.10 -1.00 -0.25%
Canola Mar 2015 411.90 -1.30 -0.31%
Canola May 2015 414.90 -1.20 -0.29%
Canola Jul 2015 416.00 -1.40 -0.34%
Milling Wheat Dec 2014 225.00 +1.00 +0.45%
Milling Wheat Mar 2015 231.00 +1.00 +0.43%
Milling Wheat May 2015 234.00 +1.00 +0.43%
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 127.00 +8.00 +6.72%
Barley Mar 2015 128.00 +6.00 +4.92%
Barley May 2015 128.00 +6.00 +4.92%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014 964.25 +20 +2.12%
Soybeans Jan 2015 971.75 +19.5 +2.05%
Soybeans Mar 2015 979 +18.75 +1.95%
Soybeans May 2015 987 +18 +1.86%
Soybeans Jul 2015 992.75 +16.75 +1.72%
Soybeans Aug 2015 994 +16 +1.64%
Soybean Meal Dec 2014 342.9 +13.5 +4.10%
Soybean Meal Jan 2015 334.2 +10.9 +3.37%
Soybean Meal Mar 2015 325 +8.4 +2.65%
Soybean Oil Dec 2014 31.76 +0.06 +0.19%
Soybean Oil Jan 2015 32.03 +0.06 +0.19%
Soybean Oil Mar 2015 32.3 +0.06 +0.19%
Corn Dec 2014 356 +7.75 +2.23%
Corn Mar 2015 369.5 +7.75 +2.14%
Corn May 2015 378.5 +8 +2.16%
Corn Jul 2015 385.5 +7.5 +1.98%
Corn Sep 2015 392.75 +7.25 +1.88%
Oats Dec 2014 351 +0.5 +0.14%
Oats Mar 2015 339 unch 0.00%
Oats May 2015 333.75 +2.5 +0.75%
Oats Jul 2015 323.5 -0.75 -0.23%
Oats Sep 2015 326.75 -0.5 -0.15%
Wheat Dec 2014 519.25 +5.75 +1.12%
Wheat Mar 2015 533 +6.75 +1.28%
Wheat May 2015 540.5 +8 +1.50%
Wheat Jul 2015 547.25 +8.25 +1.53%
Wheat Sep 2015 556.75 +7.75 +1.41%
Minneapolis
Spring Wheat Dec 2014 569 +2.25 +0.40%
Spring Wheat Mar 2015 578.25 +3.75 +0.65%
Spring Wheat May 2015 586 +3.75 +0.64%
Spring Wheat Jul 2015 593.75 +3.25 +0.55%
Spring Wheat Sep 2015 601.75 +3.25 +0.54%
Kansas City
Hard Red Wheat Dec 2014 602.25 +1.25 +0.21%
Hard Red Wheat Mar 2015 603.75 +2.25 +0.37%
Hard Red Wheat May 2015 602.5 +4 +0.67%
Hard Red Wheat Jul 2015 595.75 +6.5 +1.10%
Hard Red Wheat Sep 2015 606.5 +6.75 +1
