Weather woes lift canola and other crop prices

Canola and other crop prices rose Thursday on weather challenges.

Dry weather in the western Prairies, excess rain in the Midwest and a heat wave in France all added support.

July canola closed at $516.20, up $4.30.

Most traded November rose to $525.60, up $7.30.

Temperatures are expected to reach 30 C or more across much of Alberta and Saskatchewan on the weekend. No rain is expected on the weekend in the western Prairies.

Areas of southern Manitoba saw storms and rain yesterday. Temperatures in the high 20s C in Manitoba will likely be welcome to advance crops.

Read Also

U.S. livestock: Cattle fall sharply as Trump says he’s working to lower beef costs

Chicago cattle futures fell sharply on Friday after U.S. President Donald Trump said his administration was working to lower the…

Indeed crops are behind normal development in many places.

Saskatchewan Agriculture’s crop report said almost 45 percent of oilseed crops are behind the normal pace of development and about 36-37 percent of spring cereals and pulses are also behind. About 12 percent of fall cereals are behind.

The west central region of Saskatchewan is furthest behind with 62 percent of oilseeds behind normal development.

Corn and soybeans rose as a system moved across the U.S. Midwest yesterday dropping as much as seven inches of rain in southern Iowa and northern Missouri.

A large part of the Midwest has had double the usual rainfall this month and scattered reports of issues such as root rot are arising.

In France, the forecast is for a heat wave next week with temperatures rising as high as 40 C, which will cause heat stress as crops are filling.

And there has been heavy rain in Russian wheat growing areas east of the Black Sea that could cause quality problems as the harvest is just beginning.

But Mother Nature smiled on Australia where in east and west agricultural areas received welcome rain in the past week to relieve crops. There had been little rain in May and early June in many areas.

The heavy rain in the Midwest caused corn futures to rise as much as three percent on short covering. Corn has risen 6.7 percent so far this week on the excess rain issue.

Farmer selling moderated the rise in corn.

The stronger corn price hit Chicago feeder cattle futures hard, dropping the 4.5 cent limit.

Soybeans also rose on the same issue but could not break through the $10 a bushel resistance.

Feed barley prices in the Lethbridge area are pretty close to the $5 a bushel level.

Light crude oil nearby futures in New York were down 57 cents to US$59.70 per barrel.

The Canadian dollar at noon was US80.99 cents, up from 80.55 cents the previous trading day. The U.S. dollar at noon was C$1.2347.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 50.01 points, or 0.33 percent, at 14,897.5.

The Dow Jones industrial average fell 73.64 points, or 0.41 percent, to 17,892.43, the S&P 500 lost 6.09 points, or 0.29 percent, to 2,102.49 and the Nasdaq Composite dropped 10.22 points, or 0.2 percent, to 5,112.19

Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 2015 516.20 +4.30 +0.84%

Canola Nov 2015 525.60 +7.30 +1.41%

Canola Jan 2016 523.50 +9.10 +1.77%

Canola Mar 2016 520.10 +9.20 +1.80%

Canola May 2016 516.00 +8.80 +1.74%

Milling Wheat Jul 2015 221.00 +4.00 +1.84%

Milling Wheat Oct 2015 226.00 +4.00 +1.80%

Milling Wheat Dec 2015 226.00 +4.00 +1.80%

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 203.00 unch 0.00%

Barley Oct 2015 198.00 unch 0.00%

Barley Dec 2015 203.00 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Jul 2015 1000.25 +18.5 +1.88%

Soybeans Aug 2015 987 +19.75 +2.04%

Soybeans Sep 2015 979.25 +22.25 +2.32%

Soybeans Nov 2015 977.75 +21.75 +2.28%

Soybeans Jan 2016 983 +21.25 +2.21%

Soybeans Mar 2016 982.75 +19.75 +2.05%

Soybean Meal Jul 2015 336.7 +8.7 +2.65%

Soybean Meal Aug 2015 330.5 +8 +2.48%

Soybean Meal Sep 2015 325.3 +7.7 +2.42%

Soybean Oil Jul 2015 33.36 +0.09 +0.27%

Soybean Oil Aug 2015 33.45 +0.1 +0.30%

Soybean Oil Sep 2015 33.54 +0.12 +0.36%

Corn Jul 2015 376.5 +10 +2.73%

Corn Sep 2015 382.75 +11.25 +3.03%

Corn Dec 2015 392.25 +11.75 +3.09%

Corn Mar 2016 403 +11.5 +2.94%

Corn May 2016 409.75 +11.25 +2.82%

Oats Jul 2015 260.75 +4.25 +1.66%

Oats Sep 2015 267 +4.25 +1.62%

Oats Dec 2015 270.75 +1.75 +0.65%

Oats Mar 2016 275 +1.25 +0.46%

Oats May 2016 278.75 +0.25 +0.09%

Wheat Jul 2015 532 +14 +2.70%

Wheat Sep 2015 538 +14.75 +2.82%

Wheat Dec 2015 548.5 +13.5 +2.52%

Wheat Mar 2016 558.75 +11.75 +2.15%

Wheat May 2016 566.25 +11.25 +2.03%

Minneapolis

Spring Wheat Jul 2015 574.5 +10.75 +1.91%

Spring Wheat Sep 2015 587.25 +11.5 +2.00%

Spring Wheat Dec 2015 601 +10.75 +1.82%

Spring Wheat Mar 2016 613.75 +10.75 +1.78%

Spring Wheat May 2016 621.25 +10.25 +1.68%

Kansas City

Hard Red Wheat Jul 2015 535.25 +10.75 +2.05%

Hard Red Wheat Sep 2015 543.5 +10.5 +1.97%

Hard Red Wheat Dec 2015 562.25 +10 +1.81%

Hard Red Wheat Mar 2016 575.25 +9.25 +1.63%

Hard Red Wheat May 2016 584 +9 +1.57%

Your reading list