Canola futures edged higher on Monday, supported by soybean oil and palm oil as well an uncertain Prairie harvesting weather.
Rain in amounts of a half-inch to more than an inch is expected over much of the southern Prairies on Friday-Saturday. The heaviest accumulations are expected in south central Saskatchewan close to the U.S. border.
Statistics Canada will report on Tuesday estimates for yield and production of major Canadian crops, based on satellite and other data.
Better, drier harvest weather in much of the U.S. Midwest weighed on corn prices on Monday, while soybeans rose for a third straight session.
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Chicago wheat gained modestly, held in check by corn’s slide and an ongoing disruption in Egyptian wheat imports.
Drier weather in southern and eastern areas of the U.S. Midwest should help crops dry this week and allow for early harvesting, according to MDA Weather Services. Rainy weather last week sparked a rally in corn and soy.
“It looks to me like we have five days of sunshine for all but the northern parts of the corn belt,” said Roy Huckabay, executive vice-president of The Linn Group brokerage.
Corn sagged early last week following monthly USDA crop forecasts that confirmed the prospect of a huge harvest, before recovering at the end of the week.
“There’s a lot of people in the trade saying (corn) could go down a whole lot more. That’s part of the reason people seem so willing to jump on the sell-corn bandwagon,” Illinois-based farmer consultant Matt Bennett said.
Spillover strength from Malaysian palm oil, a rival oilseed that rose on Monday on expectations of tight stocks, lifted soybeans, Huckabay said.
The U.S. Department of Agriculture on Monday reported export inspections of 755,120 tonnes of soybeans, less than the one million to 1.3 million tonnes expected.
Weekly crop progress data to be released by the U.S. Department of Agriculture after the market close will give an indication of rain disruption to harvesting.
The ratings will likely show no change in weekly condition ratings for corn and soybeans, according to a Reuters poll.
Egypt failed to attract a single offer at its state grain tender on Monday, forcing it to cancel its third consecutive wheat purchase tender during an ongoing standoff with suppliers over import policies.
Light crude oil nearby futures in New York were up 27 cents to US$43.30 per barrel.
The Canadian dollar at noon was US75.87 cents, up from 75.68 cents the previous trading day. The U.S. dollar at noon was C$1.3181.
It appears the weight of opinion in the market is that the U.S. Federal Reserve will leave interest rates unchanged at its meeting this week.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 45.54 points, or 0.32 percent, at 14,496.23.
The Dow Jones industrial average fell 3.77 points, or 0.02 percent, to 18,120.03, the S&P 500 lost 0.02 points, or -0 percent, to 2,139.14 and the Nasdaq Composite dropped 9.54 points, or 0.18 percent, to 5,235.03.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 16 461.20 +4.20 +0.92%
Canola Jan 17 467.90 +4.70 +1.01%
Canola Mar 17 472.60 +5.00 +1.07%
Canola May 17 476.80 +5.00 +1.06%
Canola Jul 17 479.80 +5.00 +1.05%
Milling Wheat Oct 16 213.00 +2.00 +0.95%
Milling Wheat Dec 16 216.00 +2.00 +0.93%
Milling Wheat Mar 17 221.00 +3.00 +1.38%
Durum Wheat Oct 16 273.00 +2.00 +0.74%
Durum Wheat Dec 16 274.00 +2.00 +0.74%
Durum Wheat Mar 17 280.00 +3.00 +1.08%
Barley Oct 16 135.00 unch unch
Barley Dec 16 135.00 unch unch
Barley Mar 17 137.00 unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2016 972.50 +6.25 +0.65%
Soybeans Jan 2017 977.75 +7.00 +0.72%
Soybeans Mar 2017 981.50 +7.50 +0.77%
Soybeans May 2017 986.75 +7.75 +0.79%
Soybeans Jul 2017 991.50 +7.75 +0.79%
Soybeans Aug 2017 988.75 +5.75 +0.58%
Soybean Meal Oct 2016 311.90 -1.10 -0.35%
Soybean Meal Dec 2016 311.10 -1.00 -0.32%
Soybean Meal Jan 2017 311.40 -0.80 -0.26%
Soybean Oil Oct 2016 32.83 +0.86 +2.69%
Soybean Oil Dec 2016 33.08 +0.86 +2.67%
Soybean Oil Jan 2017 33.31 +0.87 +2.68%
Corn Dec 2016 337.25 +1.00 +0.30%
Corn Mar 2017 347.50 +1.25 +0.36%
Corn May 2017 354.75 +1.25 +0.35%
Corn Jul 2017 361.50 +1.25 +0.35%
Corn Sep 2017 368.00 +1.50 +0.41%
Oats Dec 2016 173.00 -3.00 -1.70%
Oats Mar 2017 184.50 -2.50 -1.34%
Oats May 2017 190.00 -3.00 -1.55%
Oats Jul 2017 196.50 -3.75 -1.87%
Oats Sep 2017 196.50 -3.75 -1.87%
Wheat Dec 2016 404.00 +0.50 +0.12%
Wheat Mar 2017 424.75 -0.50 -0.12%
Wheat May 2017 438.25 -0.25 -0.06%
Wheat Jul 2017 448.00 -1.50 -0.33%
Wheat Sep 2017 462.75 -2.50 -0.54%
Minneapolis
Spring Wheat Dec 2016 492.50 -0.25 -0.05%
Spring Wheat Mar 2017 502.00 -0.50 -0.10%
Spring Wheat May 2017 511.00 -1.00 -0.20%
Spring Wheat Jul 2017 520.50 +0.25 +0.05%
Spring Wheat Sep 2017 530.25 -1.25 -0.24%
Kansas City
Hard Red Wheat Dec 2016 416.50 -1.50 -0.36%
Hard Red Wheat Mar 2017 433.00 -1.25 -0.29%
Hard Red Wheat May 2017 443.25 -2.00 -0.45%
Hard Red Wheat Jul 2017 453.50 -1.50 -0.33%
Hard Red Wheat Sep 2017 468.50 -2.00 -0.43%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Oct 2016 107.90 +0.10 +0.09%
Live Cattle (P) Dec 2016 107.35 -0.70 -0.65%
Live Cattle (P) Feb 2017 107.80 -0.50 -0.46%
Feeder Cattle (P) Sep 2016 135.45 +0.20 +0.15%
Feeder Cattle (P) Oct 2016 131.78 -0.92 -0.69%
Feeder Cattle (P) Nov 2016 129.80 -0.68 -0.52%
Lean Hogs (P) Oct 2016 54.92 -0.50 -0.90%
Lean Hogs (P) Dec 2016 48.18 -1.67 -3.35%
Lean Hogs (P) Feb 2017 52.68 -1.67 -3.07%3%
