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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Chicago soybean futures came under pressure on Thursday on a lack of Chinese demand for the U.S. oilseed while corn futures ticked higher on strong export sales data, analysts said.
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 2015 430.30 +2.40 +0.56%
Canola Mar 2015 433.00 +1.60 +0.37%
Canola May 2015 434.20 +1.50 +0.35%
Canola Jul 2015 435.10 +1.40 +0.32%
Canola Nov 2015 431.10 +1.00 +0.23%
Milling Wheat Dec 2014 226.00 +4.00 +1.80%
Milling Wheat Mar 2015 234.00 +4.00 +1.74%
Milling Wheat May 2015 237.00 +4.00 +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 2014 163.00 +3.00 +1.88%
Barley Mar 2015 166.00 +3.00 +1.84%
Barley May 2015 166.00 +3.00 +1.84%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015 1020.5 +15.75 +1.57%
Soybeans Mar 2015 1028 +16 +1.58%
Soybeans May 2015 1034.5 +16.25 +1.60%
Soybeans Jul 2015 1039.25 +16 +1.56%
Soybeans Aug 2015 1039.5 +15.25 +1.49%
Soybeans Sep 2015 1018.75 +13 +1.29%
Soybean Meal Dec 2014 370.8 +0.4 +0.11%
Soybean Meal Jan 2015 359.3 +3.2 +0.90%
Soybean Meal Mar 2015 347.3 +6.6 +1.94%
Soybean Oil Dec 2014 32.67 +0.16 +0.49%
Soybean Oil Jan 2015 32.78 +0.14 +0.43%
Soybean Oil Mar 2015 32.99 +0.13 +0.40%
Corn Dec 2014 373.25 +10 +2.75%
Corn Mar 2015 386.25 +10.25 +2.73%
Corn May 2015 395 +10 +2.60%
Corn Jul 2015 402.25 +10 +2.55%
Corn Sep 2015 408.5 +10.5 +2.64%
Oats Dec 2014 325.75 -0.75 -0.23%
Oats Mar 2015 328.25 -2 -0.61%
Oats May 2015 329.25 +0.25 +0.08%
Oats Jul 2015 329.75 +3.75 +1.15%
Oats Sep 2015 324.5 +2.75 +0.85%
Wheat Dec 2014 547.25 +9.5 +1.77%
Wheat Mar 2015 552.5 +11.5 +2.13%
Wheat May 2015 559.25 +12 +2.19%
Wheat Jul 2015 564.5 +11 +1.99%
Wheat Sep 2015 573.25 +11 +1.96%
Minneapolis
Spring Wheat Dec 2014 584.5 +13 +2.27%
Spring Wheat Mar 2015 591.5 +13.5 +2.34%
Spring Wheat May 2015 600 +13.5 +2.30%
Spring Wheat Jul 2015 607.75 +13.25 +2.23%
Spring Wheat Sep 2015 615.75 +13 +2.16%
Kansas City
Hard Red Wheat Dec 2014 602.25 +16 +2.73%
Hard Red Wheat Mar 2015 606.25 +17 +2.89%
Hard Red Wheat May 2015 608.75 +17 +2.87%
Hard Red Wheat Jul 2015 609.5 +17 +2.87%
Hard Red Wheat Sep 2015 620.5 +12.5 +2.06%
