Strong U.S. domestic soybean crush and worries about Ukraine drove crop markets higher Tuesday.
Canola enjoyed the rise, climbing about 1.5 percent in old and new crop months.
The canola basis has also improved. ICE Futures Canada says the best basis has narrowed to $22.92 under the May contract. Last week it was at about $32 under May.
Wheat futures climbed by two to 3.4 percent, mostly on growing tension in Ukraine where the government is attempting to dislodge pro Moscow separatists who have taken over several government buildings in eastern Ukraine cities.
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Although the conflict has not disrupted Black Sea exports so far, the risk of problems grows.
Freezing weather in the U.S. Plains also supported wheat but so far the damage is expected to be minor.
Chicago wheat climbed above $7 per bushel, up 3.4 percent, enjoying technical support as it broke through the 20-day moving average.
Kansas City hard red winter and Minneapolis spring wheat were also up at least three percent.
A stronger than expected U.S. soybean weekly crush report supported soybean, meal and oil prices. It appears soybean prices were not high enough to ration demand of very tight domestic soybean stocks.
The rally in wheat helped lift corn but a forecast for warmer, dry weather by the end of the week limited gains as hopes climbed that Midwest seeding will soon get underway.
The cold, wet weather in many North American growing regions has been supporting crop prices.
Meanwhile, farmers in France and Germany are hoping for rain. A large area has had little rain since the start of March.
ICE Futures Canada, dollars per tonne
Â
Canola May 2014Â Â Â Â Â Â 470.90Â Â Â Â Â Â +6.90Â Â Â Â Â Â +1.49%
Canola Jul 2014Â Â Â Â Â Â 479.90Â Â Â Â Â Â +6.90Â Â Â Â Â Â +1.46%
Canola Nov 2014Â Â Â Â Â Â 494.80Â Â Â Â Â Â +7.50Â Â Â Â Â Â +1.54%
Canola Jan 2015Â Â Â Â Â Â 501.70Â Â Â Â Â Â +7.50Â Â Â Â Â Â +1.52%
Canola Mar 2015Â Â Â Â Â Â 508.30Â Â Â Â Â Â +7.30Â Â Â Â Â Â +1.46%
Milling Wheat May 2014Â Â Â Â Â Â 225.00Â Â Â Â Â Â +8.00Â Â Â Â Â Â +3.69%
Milling Wheat Jul 2014Â Â Â Â Â Â 223.00Â Â Â Â Â Â +8.00Â Â Â Â Â Â +3.72%
Milling Wheat Oct 2014Â Â Â Â Â Â 226.00Â Â Â Â Â Â +8.00Â Â Â Â Â Â +3.67%
Durum Wheat May 2014      250.00      unch      0.00%
Durum Wheat Jul 2014      250.00      unch      0.00%
Durum Wheat Oct 2014      252.00      unch      0.00%
Barley May 2014Â Â Â Â Â Â 140.00Â Â Â Â Â Â +1.50Â Â Â Â Â Â +1.08%
Barley Jul 2014Â Â Â Â Â Â 138.00Â Â Â Â Â Â +1.50Â Â Â Â Â Â +1.10%
Barley Oct 2014Â Â Â Â Â Â 138.00Â Â Â Â Â Â +1.50Â Â Â Â Â Â +1.10%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Â
Chicago
Soybeans May 2014Â Â Â Â Â Â 1501.25Â Â Â Â Â Â +25Â Â Â Â Â Â +1.69%
Soybeans Jul 2014Â Â Â Â Â Â 1487.5Â Â Â Â Â Â +24Â Â Â Â Â Â +1.64%
Soybeans Aug 2014Â Â Â Â Â Â 1409.5Â Â Â Â Â Â +17.25Â Â Â Â Â Â +1.24%
Soybeans Sep 2014Â Â Â Â Â Â 1290.5Â Â Â Â Â Â +13.5Â Â Â Â Â Â +1.06%
Soybeans Nov 2014Â Â Â Â Â Â 1229Â Â Â Â Â Â +9Â Â Â Â Â Â +0.74%
Soybeans Jan 2015Â Â Â Â Â Â 1234Â Â Â Â Â Â +8.75Â Â Â Â Â Â +0.71%
Soybean Meal May 2014Â Â Â Â Â Â 487.4Â Â Â Â Â Â +8.3Â Â Â Â Â Â +1.73%
Soybean Meal Jul 2014Â Â Â Â Â Â 474.4Â Â Â Â Â Â +5.8Â Â Â Â Â Â +1.24%
Soybean Meal Aug 2014Â Â Â Â Â Â 446.2Â Â Â Â Â Â +3.8Â Â Â Â Â Â +0.86%
Soybean Oil May 2014Â Â Â Â Â Â 42.83Â Â Â Â Â Â +0.57Â Â Â Â Â Â +1.35%
Soybean Oil Jul 2014Â Â Â Â Â Â 43.05Â Â Â Â Â Â +0.59Â Â Â Â Â Â +1.39%
Soybean Oil Aug 2014Â Â Â Â Â Â 42.9Â Â Â Â Â Â +0.61Â Â Â Â Â Â +1.44%
Corn May 2014Â Â Â Â Â Â 503.75Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.15%
Corn Jul 2014Â Â Â Â Â Â 509.75Â Â Â Â Â Â +0.5Â Â Â Â Â Â +0.10%
Corn Sep 2014Â Â Â Â Â Â 506.25Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.10%
Corn Dec 2014Â Â Â Â Â Â 503.25Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.05%
Corn Mar 2015Â Â Â Â Â Â 510.5Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.10%
Oats May 2014Â Â Â Â Â Â 399Â Â Â Â Â Â -4.5Â Â Â Â Â Â -1.12%
Oats Jul 2014Â Â Â Â Â Â 352.25Â Â Â Â Â Â -5.25Â Â Â Â Â Â -1.47%
Oats Sep 2014Â Â Â Â Â Â 341.25Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.22%
Oats Dec 2014Â Â Â Â Â Â 332.5Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.08%
Oats Mar 2015Â Â Â Â Â Â 331.5Â Â Â Â Â Â +2Â Â Â Â Â Â +0.61%
Wheat May 2014Â Â Â Â Â Â 701.75Â Â Â Â Â Â +23Â Â Â Â Â Â +3.39%
Wheat Jul 2014Â Â Â Â Â Â 709.75Â Â Â Â Â Â +23Â Â Â Â Â Â +3.35%
Wheat Sep 2014Â Â Â Â Â Â 718.75Â Â Â Â Â Â +22.5Â Â Â Â Â Â +3.23%
Wheat Dec 2014Â Â Â Â Â Â 731.5Â Â Â Â Â Â +22.5Â Â Â Â Â Â +3.17%
Wheat Mar 2015Â Â Â Â Â Â 743.5Â Â Â Â Â Â +22.5Â Â Â Â Â Â +3.12%
Â
Minneapolis
Spring Wheat May 2014Â Â Â Â Â Â 738.5Â Â Â Â Â Â +21.25Â Â Â Â Â Â +2.96%
Spring Wheat Jul 2014Â Â Â Â Â Â 747.25Â Â Â Â Â Â +21.5Â Â Â Â Â Â +2.96%
Spring Wheat Sep 2014Â Â Â Â Â Â 753.25Â Â Â Â Â Â +21.5Â Â Â Â Â Â +2.94%
Spring Wheat Dec 2014Â Â Â Â Â Â 763.75Â Â Â Â Â Â +20.5Â Â Â Â Â Â +2.76%
Spring Wheat Mar 2015Â Â Â Â Â Â 771.5Â Â Â Â Â Â +20.5Â Â Â Â Â Â +2.73%
Kansas City
KC HRW Wheat May 2014Â Â Â Â Â Â 765.5Â Â Â Â Â Â +23.5Â Â Â Â Â Â +3.17%
KC HRW Wheat Jul 2014Â Â Â Â Â Â 771.5Â Â Â Â Â Â +23.25Â Â Â Â Â Â +3.11%
KC HRW Wheat Sep 2014Â Â Â Â Â Â 777.25Â Â Â Â Â Â +22Â Â Â Â Â Â +2.91%
KC HRW Wheat Dec 2014Â Â Â Â Â Â 786.75Â Â Â Â Â Â +21.75Â Â Â Â Â Â +2.84%
KC HRW Wheat Mar 2015Â Â Â Â Â Â 790.75Â Â Â Â Â Â +21.5Â Â Â Â Â Â +2.79%
Light crude oil nearby futures in New York fell 30 cents at $103.75 US per barrel.
The Bank of Canada noon rate for the loonie was 91.07 cents US, down from 91.16 cents the previous trading day. The U.S. dollar at noon was $1.0981 Cdn.
Data showed a slightly greater-than-expected gain in U.S. consumer prices in March, driven by higher food and rental housing costs. That lifted prices early, but then the so-called momentum stocks — high tech, internet, biotech — again wavered. However, prices were climbing again late in the session.
In late session trade the TSX composite was up 23.84 points or 0.17 percent at 14,308.27.
Also in late session trade, the Dow Jones was up 74 points at 16,170.00 the S&P 500 was up 11.00 points at 1,835.50 and the Nasdaq was up 12.75 points 3,483.00.
