Tight old crop supply continues to support nearby canola futures but prices for new crop fell on Thursday .
May canola closed at $645.00, up $6.20.
July closed at $631.60, up $1.60.
New crop November closed at $577.70, down $4.40
Old crop soybeans were higher on strong weekly export sales but new crop soybeans were lower on profit taking.
• The CWB released its latest Pool Return Outlook this afternoon. The April PRO shows wheat values steady with the March PRO. Milling grade durum values rose by $1 to $3 per tonne, depending on grade and protein levels. Malting barley values are unchanged.
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• The Buenos Aires Grains Exchange is the latest group to cut its forecast for Argentina’s soybean and corn crops.
It cut a million tonnes off both production outlooks, estimating the soy harvest at 43 million tonnes and corn output of 19.8 million tonnes.
• Good wheat production prospects in the U.S. are generally keeping pressure on wheat futures, particularly spring wheat.
But some weather issues on the radar supported wheat futures today in Chicago and Kansas City.
Intense heat in Texas was raising concern as the crop heads there but the heat will have to continue for a while to have a significant impact.
Frost expected in the upper Midwest this weekend could hurt soft wheat crops.
Weaker production prospects in Europe caused the International Grains Council (IGC) today to cut its forecast for global wheat production in 2012-13.
Rain this month is helping to revive crops hurt by winter freezing and a long period of dry weather, but damage has been done.
• IGC pegged the world wheat crop at 676 million tonnes, down five million tonnes from its last monthly report and, well below 2011-12’s 695 million.
Global wheat consumption is seen at 680 million tonnes, down from ‘s 684 million in 2011-12.
Global year-end stocks will shrink to 206 million from 210 million in 2011-12, but that is considered comfortable.
It kept its corn production forecast steady at a record 900 million tonnes. That is up from 865 million in 2011-12.
It sees corn stocks rising to 135 million tonnes by the end of the 2012-13 from 128 million in 2011-12.
Winnipeg (per tonne)
Canola May 12 $645.00, up $6.20 +0.97%
Canola Jul 12 $631.60, up $1.60 +0.25%
Canola Nov 12 $577.70, down $4.40 -0.76%
Canola Jan 13 $581.30, down $4.50 -0.77%
The previous trading day’s best basis in the par region was +$2.40 over the May contract, said ICE Futures Canada.
The 14-day relative strength index was unavailable.
Western Barley May 12 $242.00, unchanged
Western Barley Jul 12 $237.00, unchanged
Milling Wht Oct 12 $252.00, down $1.00 -0.40%
Milling Wht Dec 12 $257.00, down $1.00 -0.39%
Milling Wht Mar 13 $267.00, down $1.00 -0.37%
Durum Wht Oct 12 $277.50, unchanged
Durum Wht Dec 12 $282.00, unchanged
Durum Wht Mar 13 $288.60, unchanged
Barley Oct 12 $183.00, unchanged
Barley Dec 12 $186.70, unchanged
Barley Mar 13 $188.20, unchanged
Chicago (per bushel)
Soybeans May 12 $14.8125, up 7.75 cents +0.53%
Soybeans Jul 12 $14.8025, up 4.25 +0.29%
Soybeans Nov 12 $13.5875, down 11.75 -0.86%
Corn May 12 $6.24, up 13.0 +2.13%
Corn Jul 12 $6.075, up 6.5 +1.08%
Corn Dec 12 $5.35, down 3.0 -0.56%
Oats May 12 $3.3775, down 1.5 -0.44%
Oats Jul 12 $3.405, down 1.25 -0.37%
Oats Dec 12 $3.47, up 0.25 +0.07%
Minneapolis (per bushel)
Spring Wheat May 12 $7.6775, down 15.0 cents -1.92%
Spring Wheat Jul 12 $7.73, down 13.0 -1.65%
Spring Wheat Sep 12 $7.7025, down 11.25 -1.44%
Spring Wheat Dec 12 $7.7375, down 14.0 -1.78%
The nearby New York light sweet crude contract rose 43 cents to $104.55 US.
The Canadian dollar noon rate is $1.0162 US, up from $1.0154 the day before.
The U.S. dollar at noon was 98.41 Cdn.
The Toronto Stock Exchange Composite Index closes up 34.79 points, or 0.29 percent, at 12,145.85.
The Dow Jones industrial average rose 113.83 points, or 0.87 percent, to 13,204.55 at the close.
The Standard & Poor’s 500 Index rose 9.30 points, or 0.67 percent, to 1,399.99.
The Nasdaq Composite Index rose 20.98 points, or 0.69 percent, to 3,050.61.
