By D’Arce McMillan, Markets editor
Twitter @ darcemcmillan
Strong weekly export sales of American corn and soy meal lifted all crop markets on Thursday.
The strongest gains were in corn, which rose more than 2.5 percent.
Soybeans rose more than one percent and canola edged up about a half percent.
The U.S. Department of Agriculture said that exporters last week sold 908,700 tonnes of corn, the largest sales in a month and sharply above analyst expectations that ranged from 500,000 to 700,000 tonnes.
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Corn used in feed and ethanol is also in strong demand. The number of U.S. chicks placed on feed a week ago was up 1.7 percent over last year.
The pace of weekly ethanol production was the second largest ever. The government said ethanol production in the week ending Nov. 14 averaged 970,000 barrels per day, the highest rate since the record production of 972,000 bpd in the week of June 13.
As corn prices rose on the demand news, they passed through technical barriers, triggering additional new buying on the futures market.
Slow farmer selling also supported corn futures. The price declines of the previous few days caused farmers to close their bins, forcing buyers on the cash market to improve basis.
The rising corn futures supported wheat, with Minneapolis spring wheat up more than two percent.
Wheat also got a boost from a forecast from the U.S. Weather Service’s Climate Prediction Center showing drought conditions persisting or intensifying in western Kansas and Oklahoma over the next three months.
Saudi Arabia announced a large 330,000 tonne tender and traders expected the U.S. would get at least some of that business.
Soy meal export sales were 265,800 tonnes in the latest week, topping expectations.
However, soybean export sales were a smaller-than-expected 483,000 tonnes in the latest reporting week.
December soy oil futures rose about a half percentage point.
Exports of Malaysian palm oil products for Nov. 1-20 fell 6.4 percent to 837,659 tonnes from 894,697 tonnes for Oct. 1-20, cargo surveyor Intertek Testing Services said on Thursday, Reuters reported.
Argentine farmers are harvesting what is expected to be a 12 million tonne wheat crop, the country said in its first estimate of the season.
Argentina’s 2013-14 wheat harvest was 9.2 million tonnes, according to official data.
In some areas production was trimmed by excessive rain and hail storms.
The forecast is the same as the USDA’s forecast for Argentina.
Light crude oil nearby futures in New York rose $1 at US$75.58 per barrel.
The Canadian dollar at noon was US88.40 cents, up from US88.11 cents the previous trading day. The U.S. dollar at noon was C$1.1312.
In afternoon trade, all the major North American stock exchanges were trading higher.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015Â Â Â Â Â Â 430.30Â Â Â Â Â Â +2.40Â Â Â Â Â Â +0.56%
Canola Mar 2015Â Â Â Â Â Â 433.00Â Â Â Â Â Â +1.60Â Â Â Â Â Â +0.37%
Canola May 2015Â Â Â Â Â Â 434.20Â Â Â Â Â Â +1.50Â Â Â Â Â Â +0.35%
Canola Jul 2015Â Â Â Â Â Â 435.10Â Â Â Â Â Â +1.40Â Â Â Â Â Â +0.32%
Canola Nov 2015Â Â Â Â Â Â 431.10Â Â Â Â Â Â +1.00Â Â Â Â Â Â +0.23%
Milling Wheat Dec 2014Â Â Â Â Â Â 226.00Â Â Â Â Â Â +4.00Â Â Â Â Â Â +1.80%
Milling Wheat Mar 2015Â Â Â Â Â Â 234.00Â Â Â Â Â Â +4.00Â Â Â Â Â Â +1.74%
Milling Wheat May 2015Â Â Â Â Â Â 237.00Â Â Â Â Â Â +4.00Â Â Â Â Â Â +1.72%
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 2014Â Â Â Â Â Â 163.00Â Â Â Â Â Â +3.00Â Â Â Â Â Â +1.88%
Barley Mar 2015Â Â Â Â Â Â 166.00Â Â Â Â Â Â +3.00Â Â Â Â Â Â +1.84%
Barley May 2015Â Â Â Â Â Â 166.00Â Â Â Â Â Â +3.00Â Â Â Â Â Â +1.84%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015Â Â Â Â Â Â 1020.5Â Â Â Â Â Â +15.75Â Â Â Â Â Â +1.57%
Soybeans Mar 2015Â Â Â Â Â Â 1028Â Â Â Â Â Â +16Â Â Â Â Â Â +1.58%
Soybeans May 2015Â Â Â Â Â Â 1034.5Â Â Â Â Â Â +16.25Â Â Â Â Â Â +1.60%
Soybeans Jul 2015Â Â Â Â Â Â 1039.25Â Â Â Â Â Â +16Â Â Â Â Â Â +1.56%
Soybeans Aug 2015Â Â Â Â Â Â 1039.5Â Â Â Â Â Â +15.25Â Â Â Â Â Â +1.49%
Soybeans Sep 2015Â Â Â Â Â Â 1018.75Â Â Â Â Â Â +13Â Â Â Â Â Â +1.29%
Soybean Meal Dec 2014Â Â Â Â Â Â 370.8Â Â Â Â Â Â +0.4Â Â Â Â Â Â +0.11%
Soybean Meal Jan 2015Â Â Â Â Â Â 359.3Â Â Â Â Â Â +3.2Â Â Â Â Â Â +0.90%
Soybean Meal Mar 2015Â Â Â Â Â Â 347.3Â Â Â Â Â Â +6.6Â Â Â Â Â Â +1.94%
Soybean Oil Dec 2014Â Â Â Â Â Â 32.67Â Â Â Â Â Â +0.16Â Â Â Â Â Â +0.49%
Soybean Oil Jan 2015Â Â Â Â Â Â 32.78Â Â Â Â Â Â +0.14Â Â Â Â Â Â +0.43%
Soybean Oil Mar 2015Â Â Â Â Â Â 32.99Â Â Â Â Â Â +0.13Â Â Â Â Â Â +0.40%
Corn Dec 2014Â Â Â Â Â Â 373.25Â Â Â Â Â Â +10Â Â Â Â Â Â +2.75%
Corn Mar 2015Â Â Â Â Â Â 386.25Â Â Â Â Â Â +10.25Â Â Â Â Â Â +2.73%
Corn May 2015Â Â Â Â Â Â 395Â Â Â Â Â Â +10Â Â Â Â Â Â +2.60%
Corn Jul 2015Â Â Â Â Â Â 402.25Â Â Â Â Â Â +10Â Â Â Â Â Â +2.55%
Corn Sep 2015Â Â Â Â Â Â 408.5Â Â Â Â Â Â +10.5Â Â Â Â Â Â +2.64%
Oats Dec 2014Â Â Â Â Â Â 325.75Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.23%
Oats Mar 2015Â Â Â Â Â Â 328.25Â Â Â Â Â Â -2Â Â Â Â Â Â -0.61%
Oats May 2015Â Â Â Â Â Â 329.25Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.08%
Oats Jul 2015Â Â Â Â Â Â 329.75Â Â Â Â Â Â +3.75Â Â Â Â Â Â +1.15%
Oats Sep 2015Â Â Â Â Â Â 324.5Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.85%
Wheat Dec 2014Â Â Â Â Â Â 547.25Â Â Â Â Â Â +9.5Â Â Â Â Â Â +1.77%
Wheat Mar 2015Â Â Â Â Â Â 552.5Â Â Â Â Â Â +11.5Â Â Â Â Â Â +2.13%
Wheat May 2015Â Â Â Â Â Â 559.25Â Â Â Â Â Â +12Â Â Â Â Â Â +2.19%
Wheat Jul 2015Â Â Â Â Â Â 564.5Â Â Â Â Â Â +11Â Â Â Â Â Â +1.99%
Wheat Sep 2015Â Â Â Â Â Â 573.25Â Â Â Â Â Â +11Â Â Â Â Â Â +1.96%
Minneapolis
Spring Wheat Dec 2014Â Â Â Â Â Â 584.5Â Â Â Â Â Â +13Â Â Â Â Â Â +2.27%
Spring Wheat Mar 2015Â Â Â Â Â Â 591.5Â Â Â Â Â Â +13.5Â Â Â Â Â Â +2.34%
Spring Wheat May 2015Â Â Â Â Â Â 600Â Â Â Â Â Â +13.5Â Â Â Â Â Â +2.30%
Spring Wheat Jul 2015Â Â Â Â Â Â 607.75Â Â Â Â Â Â +13.25Â Â Â Â Â Â +2.23%
Spring Wheat Sep 2015Â Â Â Â Â Â 615.75Â Â Â Â Â Â +13Â Â Â Â Â Â +2.16%
Kansas City
Hard Red Wheat Dec 2014Â Â Â Â Â Â 602.25Â Â Â Â Â Â +16Â Â Â Â Â Â +2.73%
Hard Red Wheat Mar 2015Â Â Â Â Â Â 606.25Â Â Â Â Â Â +17Â Â Â Â Â Â +2.89%
Hard Red Wheat May 2015Â Â Â Â Â Â 608.75Â Â Â Â Â Â +17Â Â Â Â Â Â +2.87%
Hard Red Wheat Jul 2015Â Â Â Â Â Â 609.5Â Â Â Â Â Â +17Â Â Â Â Â Â +2.87%
Hard Red Wheat Sep 2015Â Â Â Â Â Â 620.5Â Â Â Â Â Â +12.5Â Â Â Â Â Â +2.06%
