Corn futures matched a record set in 2008 on Monday and wheat soared on drought in the U.S. southern plains.
Canola futures posted gains after another weekend when storms delivered more snow to southern regions of the already flood-threatened Canadian Prairies.
Soybeans fell.
Wheat fields in Texas and Oklahoma suffered through a hot, dry windy weekend. A dry week is predicted.
Talk is increasing about winter wheat acres being abandoned if rain does not soon arrive. Western Kansas is also dry, but the eastern half of the state has received moisture.
In the first national condition rating report of the season, USDA say only 37 percent of the U.S. winter wheat crop was rated in good to excellent condition as of April 3, compared with 65 percent a year ago.
It was the lowest ratings for the winter wheat crop since 2002. That year produced the worst yields of the decade with an average 38.2 bushels per acre.
That year saw greater than normal abandonment, with 41.8 million acres seeded to winter wheat, but only 29.8 million acres were harvested due to severe drought in Texas and Oklahoma. In Texas that year, 6.4 million acres were seeded to wheat, but only 2.7 million were harvested.
Corn rose on lingering support from the March 31 USDA report that lowered U.S. corn stocks. While the southern plains are dry, the Midwest got more rain on the weekend, delaying spring field work.
Soybeans fell on expectations of good harvest weather in South America this week.
Winnipeg (per tonne)
Canola May 11 $594.40, up $3.50
Canola Jul 11 $603.30, up $3.60
Canola Nov 11 $581.50, up $4.10
Canola Jan 12 $587.10, up $4.60
The previous day’s best basis was steady at $15.50 under the May contract according to ICE Futures Canada in Winnipeg.
The May contract’s Relative Strength Index was 58. 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 $13.84, down 9.75 cents
Soybeans Jul 11 $13.9525, down 9.0 cents
Soybeans Nov 11 $13.89, down 0.25 cents
Corn May 11 $7.6025, up 24.25 cents
Corn Dec 11 $6.455, up 8.0 cents
Oats May 11 $3.8575, up 10.75 cents
Oats Jul 11 $3.94, up 10.0 cents
Minneapolis (per bushel)
Spring Wheat May 11 $9.615, up 39.0 cents
Spring Wheat Jul 11 $9.6925, up 38.75 cents
Spring Wheat Dec 11 $9.815, up 36.5 cents
Light crude oil nearby futures in New York rose 53 cents to $108.47 US per barrel.
The Canadian dollar at noon was $1.0332 US, down from $1.0385 the previous trading day. The U.S. dollar at noon was 96.79 cents Cdn.
The Toronto Stock Exchange composite index rose 88.20 points, or 0.62 percent, to 14,218.35.
The Standard & Poor’s 500 index rose 0.46 points, or 0.03 percent, to 1,332.87.
