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.
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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 2015Â Â 516.20Â Â +4.30Â Â +0.84%
Canola Nov 2015Â Â 525.60Â Â +7.30Â Â +1.41%
Canola Jan 2016Â Â 523.50Â Â +9.10Â Â +1.77%
Canola Mar 2016Â Â 520.10Â Â +9.20Â Â +1.80%
Canola May 2016Â Â 516.00Â Â +8.80Â Â +1.74%
Milling Wheat Jul 2015Â Â 221.00Â Â +4.00Â Â +1.84%
Milling Wheat Oct 2015Â Â 226.00Â Â +4.00Â Â +1.80%
Milling Wheat Dec 2015Â Â 226.00Â Â +4.00Â Â +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 2015Â Â 1000.25Â Â +18.5Â Â +1.88%
Soybeans Aug 2015Â Â 987Â Â +19.75Â Â +2.04%
Soybeans Sep 2015Â Â 979.25Â Â +22.25Â Â +2.32%
Soybeans Nov 2015Â Â 977.75Â Â +21.75Â Â +2.28%
Soybeans Jan 2016Â Â 983Â Â +21.25Â Â +2.21%
Soybeans Mar 2016Â Â 982.75Â Â +19.75Â Â +2.05%
Soybean Meal Jul 2015Â Â 336.7Â Â +8.7Â Â +2.65%
Soybean Meal Aug 2015Â Â 330.5Â Â +8Â Â +2.48%
Soybean Meal Sep 2015Â Â 325.3Â Â +7.7Â Â +2.42%
Soybean Oil Jul 2015Â Â 33.36Â Â +0.09Â Â +0.27%
Soybean Oil Aug 2015Â Â 33.45Â Â +0.1Â Â +0.30%
Soybean Oil Sep 2015Â Â 33.54Â Â +0.12Â Â +0.36%
Corn Jul 2015Â Â 376.5Â Â +10Â Â +2.73%
Corn Sep 2015Â Â 382.75Â Â +11.25Â Â +3.03%
Corn Dec 2015Â Â 392.25Â Â +11.75Â Â +3.09%
Corn Mar 2016Â Â 403Â Â +11.5Â Â +2.94%
Corn May 2016Â Â 409.75Â Â +11.25Â Â +2.82%
Oats Jul 2015Â Â 260.75Â Â +4.25Â Â +1.66%
Oats Sep 2015Â Â 267Â Â +4.25Â Â +1.62%
Oats Dec 2015Â Â 270.75Â Â +1.75Â Â +0.65%
Oats Mar 2016Â Â 275Â Â +1.25Â Â +0.46%
Oats May 2016Â Â 278.75Â Â +0.25Â Â +0.09%
Wheat Jul 2015Â Â 532Â Â +14Â Â +2.70%
Wheat Sep 2015Â Â 538Â Â +14.75Â Â +2.82%
Wheat Dec 2015Â Â 548.5Â Â +13.5 Â +2.52%
Wheat Mar 2016Â Â 558.75Â Â +11.75Â Â +2.15%
Wheat May 2016Â Â 566.25Â Â +11.25Â Â +2.03%
Minneapolis
Spring Wheat Jul 2015Â Â 574.5Â Â +10.75Â Â +1.91%
Spring Wheat Sep 2015Â Â 587.25Â Â +11.5Â Â +2.00%
Spring Wheat Dec 2015Â Â 601Â Â +10.75Â Â +1.82%
Spring Wheat Mar 2016Â Â 613.75Â Â +10.75Â Â +1.78%
Spring Wheat May 2016Â Â 621.25Â Â +10.25Â Â +1.68%
Kansas City
Hard Red Wheat Jul 2015Â Â 535.25Â Â +10.75Â Â +2.05%
Hard Red Wheat Sep 2015Â Â 543.5Â Â +10.5Â Â +1.97%
Hard Red Wheat Dec 2015Â Â 562.25Â Â +10Â Â +1.81%
Hard Red Wheat Mar 2016Â Â 575.25Â Â +9.25Â Â +1.63%
Hard Red Wheat May 2016Â Â 584Â Â +9Â Â +1.57%