Most crop futures rose Tuesday, including canola, which was supported by rising soybeans fueled by strong U.S. exports.
Speculators were covering short positions in canola. The May contract is having trouble breaking through the 20-day moving average.
March canola gained $3.40 to $415.10 per tonne.
Most-active May canola rose $3.00 at $425 per tonne.
New crop December closed at $452.20,up $2.80
Nearby Chicago wheat closed lower by a few cents, weighed down by news that Egypt had cancelled an order for 110,000 tonnes of U.S. soft red winter wheat. The explanation was that U.S. wheat had become too expensive after its recent rally.
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However deferred months rose and all months of Kansas and Minneapolis spring wheat rose on worries about potential damage to the U.S. winter wheat crop from freezing temperatures this week and from dry soils.
Soybean futures were buoyed by USDA confirmation that private exporters had sold 568,000 tonnes of U.S. soybeans to an unknown destination. Traders said it was likely China.
The continued strong demand for U.S. soybeans means that the already tight ending stocks forecast might have to be further tightened.
Oil World has trimmed its forecast for South American soybean production by 4.4 percent to 151.8 million tonnes, from 158.8 million in January, Bloomberg reported today.
It now sees the Brazilian crop at 85 million tonnes, down from its previous forecast of 89.5 million tonnes. It pegs Argentina’s crop at 53 millions, down one million from the previous forecast.
It also trimmed its forecasts for secondary producers Paraguay, Uruguay and Bolivia.
Oil World said further trimming might be necessary if Brazil’s southern state of Rio Grande do Sul does not get rain in the next two weeks.
The oilseed analyst pegged the global soy crop at 280 million, down 7.8 million from last month, but still up from last year. It also noted the weather problems are hurting South American corn and sunflower production too.
Nearby oats hit a new record high above $5 on the shortages in the contract’s delivery area due to the problems shipping Canadian crops by rail. Oats rose the 20 cent limit. The contract now fetches a 50 cent premium over corn, which might be unprecedented.
Corn rose a little, supported by a stronger cash market that is lifting bids to pry supply from farmers.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2014Â Â Â Â Â Â 415.10Â Â Â Â Â Â +3.40Â Â Â Â Â Â +0.83%
Canola May 2014Â Â Â Â Â Â 425.00Â Â Â Â Â Â +3.00Â Â Â Â Â Â +0.71%
Canola Jul 2014Â Â Â Â Â Â 435.00Â Â Â Â Â Â +3.10Â Â Â Â Â Â +0.72%
Canola Nov 2014Â Â Â Â Â Â 452.20Â Â Â Â Â Â +2.80Â Â Â Â Â Â +0.62%
Canola Jan 2015Â Â Â Â Â Â 459.40Â Â Â Â Â Â +2.50Â Â Â Â Â Â +0.55%
Milling Wheat Mar 2014Â Â Â Â Â Â 195.00Â Â Â Â Â Â +4.00Â Â Â Â Â Â +2.09%
Milling Wheat May 2014Â Â Â Â Â Â 197.00Â Â Â Â Â Â +2.00Â Â Â Â Â Â +1.03%
Milling Wheat Jul 2014Â Â Â Â Â Â 198.00Â Â Â Â Â Â +2.00Â Â Â Â Â Â +1.02%
Durum Wheat Mar 2014      245.00      unch      0.00%
Durum Wheat May 2014      249.00      unch      0.00%
Durum Wheat Jul 2014      250.00      unch      0.00%
Barley Mar 2014      126.50      unch      0.00%
Barley May 2014      128.50      unch      0.00%
Barley Jul 2014      128.50      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2014Â Â Â Â Â Â 1399Â Â Â Â Â Â +12.5Â Â Â Â Â Â +0.90%
Soybeans May 2014Â Â Â Â Â Â 1387.25Â Â Â Â Â Â +12.25Â Â Â Â Â Â +0.89%
Soybeans Jul 2014Â Â Â Â Â Â 1370Â Â Â Â Â Â +11.75Â Â Â Â Â Â +0.87%
Soybeans Aug 2014Â Â Â Â Â Â 1320.5Â Â Â Â Â Â +9.5Â Â Â Â Â Â +0.72%
Soybeans Sep 2014Â Â Â Â Â Â 1230.75Â Â Â Â Â Â +8.75Â Â Â Â Â Â +0.72%
Soybeans Nov 2014Â Â Â Â Â Â 1167.5Â Â Â Â Â Â +7.25Â Â Â Â Â Â +0.62%
Soybean Meal Mar 2014Â Â Â Â Â Â 469.6Â Â Â Â Â Â +3.7Â Â Â Â Â Â +0.79%
Soybean Meal May 2014Â Â Â Â Â Â 453.7Â Â Â Â Â Â +5Â Â Â Â Â Â +1.11%
Soybean Meal Jul 2014Â Â Â Â Â Â 440.4Â Â Â Â Â Â +5.5Â Â Â Â Â Â +1.26%
Soybean Oil Mar 2014Â Â Â Â Â Â 40.58Â Â Â Â Â Â -0.17Â Â Â Â Â Â -0.42%
Soybean Oil May 2014Â Â Â Â Â Â 40.85Â Â Â Â Â Â -0.18Â Â Â Â Â Â -0.44%
Soybean Oil Jul 2014Â Â Â Â Â Â 41.09Â Â Â Â Â Â -0.16Â Â Â Â Â Â -0.39%
Corn Mar 2014Â Â Â Â Â Â 455.75Â Â Â Â Â Â +4.25Â Â Â Â Â Â +0.94%
Corn May 2014Â Â Â Â Â Â 461.25Â Â Â Â Â Â +3.5Â Â Â Â Â Â +0.76%
Corn Jul 2014Â Â Â Â Â Â 465.25Â Â Â Â Â Â +3Â Â Â Â Â Â +0.65%
Corn Sep 2014Â Â Â Â Â Â 465Â Â Â Â Â Â +3Â Â Â Â Â Â +0.65%
Corn Dec 2014Â Â Â Â Â Â 467.75Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.59%
Oats Mar 2014Â Â Â Â Â Â 503Â Â Â Â Â Â +20Â Â Â Â Â Â +4.14%
Oats May 2014Â Â Â Â Â Â 468.25Â Â Â Â Â Â +20Â Â Â Â Â Â +4.46%
Oats Jul 2014Â Â Â Â Â Â 414Â Â Â Â Â Â +15.5Â Â Â Â Â Â +3.89%
Oats Sep 2014Â Â Â Â Â Â 348.25Â Â Â Â Â Â +6.5Â Â Â Â Â Â +1.90%
Oats Dec 2014Â Â Â Â Â Â 337.25Â Â Â Â Â Â +10Â Â Â Â Â Â +3.06%
Wheat Mar 2014Â Â Â Â Â Â 615Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.45%
Wheat May 2014Â Â Â Â Â Â 618Â Â Â Â Â Â +1Â Â Â Â Â Â +0.16%
Wheat Jul 2014Â Â Â Â Â Â 623.75Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.44%
Wheat Sep 2014Â Â Â Â Â Â 632.25Â Â Â Â Â Â +3Â Â Â Â Â Â +0.48%
Wheat Dec 2014Â Â Â Â Â Â 645Â Â Â Â Â Â +3Â Â Â Â Â Â +0.47%
Minneapolis
Spring Wheat Mar 2014Â Â Â Â Â Â 674Â Â Â Â Â Â +11.25Â Â Â Â Â Â +1.70%
Spring Wheat May 2014Â Â Â Â Â Â 662Â Â Â Â Â Â +5.25Â Â Â Â Â Â +0.80%
Spring Wheat Jul 2014Â Â Â Â Â Â 665.75Â Â Â Â Â Â +5Â Â Â Â Â Â +0.76%
Spring Wheat Sep 2014Â Â Â Â Â Â 673.5Â Â Â Â Â Â +4.75Â Â Â Â Â Â +0.71%
Spring Wheat Dec 2014Â Â Â Â Â Â 685.5Â Â Â Â Â Â +6Â Â Â Â Â Â +0.88%
Kansas City
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 690.5Â Â Â Â Â Â +1.5Â Â Â Â Â Â +0.22%
KCBT Red Wheat May 2014Â Â Â Â Â Â 691Â Â Â Â Â Â +7Â Â Â Â Â Â +1.02%
KCBT Red Wheat Jul 2014Â Â Â Â Â Â 686Â Â Â Â Â Â +9.25Â Â Â Â Â Â +1.37%
KCBT Red Wheat Sep 2014Â Â Â Â Â Â 692Â Â Â Â Â Â +9.25Â Â Â Â Â Â +1.35%
KCBT Red Wheat Dec 2014Â Â Â Â Â Â 702.25Â Â Â Â Â Â +9Â Â Â Â Â Â +1.30%
Light crude oil nearby futures in New York dropped 99 cents at $101.83 US per barrel.
The Canadian dollar at noon was 90.22 cents US, down from 90.43 cents the previous trading day. The U.S. dollar at noon was $1.1084 Cdn.
In late session trading U.S. stock indexes and the TSX composite were down about 0.20-0.27 percent. The report will be updated when stock market close.
