Weather problems pushed grain and oilseed prices higher on Monday.
A major storm that crossed the United States on the weekend did not deliver substantial rain to the driest regions of the hard red winter wheat belt.
But the rain did fall in the Midwest and Northern Plains, delaying the start of seeding.
Flooded fields and cold weather are also delaying the start of seeding in Western Canada.
Crop markets were also supported by growing concerns about dry weather in Germany, France and Great Britain and a dry trend in central and northern China.
After the markets close, the U.S. Department of Agriculture said seven percent of intended corn acreage had been seeded, behind the five-year average of eight percent, which was also analysts’ target. Last year 16 percent had been seeded.
The USDA winter wheat condition weekly report said the percentage rated poor to very poor in Kansas rose to 42 percent from 37 percent the week before.
In Oklahoma the poor to very poor rating rose to 69 percent from 60 percent and in Texas it was 68 percent up from 66 percent.
The gains in crop prices were notable because most markets fell during the day after Standard & Poor’s lowered its outlook for the United States long-term debt.
It said the political battle over the deficit could hurt the still shaky economic recovery.
S&P maintained its top-tier credit rating on U.S. sovereign debt, but lowered its outlook for the long-term credit rating to “negative” from “stable.”
Winnipeg (per tonne)
Canola May 11 $573.90, up $5.60
Canola Jul 11 $582.80, up $5.90
Canola Nov 11 $581.80, up $8.10
Canola Jan 12 $587.90, up $7.10
The previous day’s best basis was $6.40 under the May contract according to ICE Futures Canada in Winnipeg.
The May contract’s Relative Strength Index was 47. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
Western Barley May 11 $200, unchanged
Chicago (per bushel)
Soybeans May 11 $13.4425, up 12.5 cents
Soybeans Jul 11 $13.5575, up 12.5 cents
Soybeans Nov 11 $13.4925, up 9.5 cents
Corn May 11 $7.5175, up 9.75 cents
Corn Dec 11 $6.6825, up 12.25 cents
Oats May 11 $3.875, up 4.5 cents
Oats Dec 11 $4.065, up 4.5 cents
Minneapolis (per bushel)
Spring Wheat May 11 $9.14, up 25.0 cents
Spring Wheat Jul 11 $9.2275, up 25.0 cents
Spring Wheat Dec 11 $9.3975, up 26.0 cents
Light crude oil nearby futures in New York fell $2.54 to $107.12 US per barrel.
The Canadian dollar at noon was $1.0319 US, down from $1.0400 the previous trading day. The U.S. dollar at noon was 96.91 cents Cdn.
The Toronto Stock Exchange composite index fell 96.79 points, or 0.7 percent, to 13,702.33.
The Standard and Poor’s 500 index fell 14.54 points, or 1.10 percent, to 1305.14.
