Disappointing weather in North America this weekend — too little rain in some places, too much in others — made for rising crop prices Monday, with decent gains in canola, soybeans, wheat and soybean meal.
Rains too weak to repair damage to Western Canadian fields and saturating rain in parts of the U.S. combined to make future supplies of crops across much of North America look worse than expected a few days ago.
Old and new crop canola rose, with new crop values rising by $12.80 per tonne for the November ICE Futures contract.
Read Also
U.S. grains: Chicago wheat futures dip on global supply pressure; corn, soybeans fall
Chicago | Reuters – Chicago Board of Trade wheat futures fell on Friday and notched a weekly loss, as plentiful…
Combined with low Canadian canola stocks, both old crop and new crop supplies have been in hot demand.
Prices have been laddering up new highs as western Canadian drought concerns become more intense. Last autumn’s sub-$400 per tonne prices now seem hard to imagine possible.
Canola prices are also the highest for a nearby contract since September 2013.
The worries in the U.S. Midwest are from soaking rains that are delaying planting in some areas and hurting some already planted crops.
Soybean meal shot higher after breaking through a key technical resistance layer, inspiring a technically based rally.
Traders are in a bullish mood ahead of the U.S. Department of Agriculture’s June 30 reports on U.S. seeded acreage and quarterly grain stocks.
Analysts believe soybean acreage and stocks might be less than originally expected.
U.S stock markets generally rose as some traders became less scared about the Greek debt default situation. Or maybe they just had a good weekend and were in a non-fretting mood. Regardless, the possibility that the Greek government might agree to more spending reductions and income cuts for its already-deflating economy was felt to be positive.
U.S. home sales are doing well, suggesting the domestic U.S. economy was beginning a more robust economy.
Light crude oil nearby futures in New York were up 7 cents to US$59.68 per barrel.
The Canadian dollar at noon was US81.38 cents, down from 81.44 cents the previous trading day. The U.S. dollar at noon was C$1.2288.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2015 513.60 +9.90 +1.97%
Canola Jan 2016 510.10 +11.50 +2.31%
Canola Mar 2016 506.40 +11.20 +2.26%
Canola May 2016 502.00 +10.40 +2.12%
Milling Wheat Jul 2015 212.00 +3.00 +1.44%
Milling Wheat Oct 2015 217.00 +3.00 +1.40%
Milling Wheat Dec 2015 217.00 +3.00 +1.40%
Durum Wheat Jul 2015 298.00 unch 0.00%
Durum Wheat Oct 2015 298.00 unch 0.00%
Durum Wheat Dec 2015 303.00 unch 0.00%
Barley Jul 2015 204.00 -3.00 -1.45%
Barley Oct 2015 199.00 -3.00 -1.49%
Barley Dec 2015 204.00 -3.00 -1.45%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2015 989.5 +18 +1.85%
Soybeans Aug 2015 974.25 +19 +1.99%
Soybeans Sep 2015 961 +19 +2.02%
Soybeans Nov 2015 959.25 +19.5 +2.08%
Soybeans Jan 2016 964.75 +19.25 +2.04%
Soybeans Mar 2016 966 +18.75 +1.98%
Soybean Meal Jul 2015 333.6 +10.5 +3.25%
Soybean Meal Aug 2015 327.8 +11 +3.47%
Soybean Meal Sep 2015 322.8 +11.2 +3.59%
Soybean Oil Jul 2015 32.92 +0.37 +1.14%
Soybean Oil Aug 2015 32.99 +0.36 +1.10%
Soybean Oil Sep 2015 33.06 +0.35 +1.07%
Corn Jul 2015 360 +6.75 +1.91%
Corn Sep 2015 364.25 +5.5 +1.53%
Corn Dec 2015 373.5 +4.75 +1.29%
Corn Mar 2016 385 +5.25 +1.38%
Corn May 2016 392 +5 +1.29%
Oats Jul 2015 250 +6 +2.46%
Oats Sep 2015 257.5 +5.75 +2.28%
Oats Mar 2016 270.25 +6.25 +2.37%
Oats May 2016 275.25 +4.5 +1.66%
Wheat Jul 2015 501.25 +12.75 +2.61%
Wheat Sep 2015 506 +13.5 +2.74%
Wheat Dec 2015 519.5 +13.25 +2.62%
Wheat Mar 2016 532.75 +13 +2.50%
Wheat May 2016 540.75 +13 +2.46%
Minneapolis
Spring Wheat Jul 2015 553 +10 +1.84%
Spring Wheat Sep 2015 564 +10.25 +1.85%
Spring Wheat Dec 2015 577 +9.75 +1.72%
Spring Wheat Mar 2016 589.75 +8.75 +1.51%
Spring Wheat May 2016 597.5 +8 +1.36%
Kansas City
Hard Red Wheat Jul 2015 512 +8.75 +1.74%
Hard Red Wheat Sep 2015 521 +8 +1.56%
Hard Red Wheat Dec 2015 541 +9 +1.69%
Hard Red Wheat Mar 2016 555.25 +9.25 +1.69%
Hard Red Wheat May 2016 563.75 +8.75 +1.58%
ed.white@producer.com
-30-
