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IKAR in Mass and Industry Media
Bargain buying lifts canola but weather limits gains
Light bargain buying helped lift crop futures into positive territory on Wednesday.
The modest bounce today came after two down days this week, but gains were limited by forecasts for good weather in the U.S. Midwest.
The first part of August in the central United States is expected to be cooler than normal, which would help corn as it fills kernels and soybeans as it sets pods.
The weather outlook for the Canadian Prairies into the first couple of weeks of August remains fairly dry, but the cooler trend from the U.S. could extend into the Prairies.
November canola closed at $501.00 up $2.60 or 0.52 percent.
Corn drew support from a bullish U.S. corn yield estimate from commodity brokerage INTL FCStone, Reuters said.
The firm late Tuesday projected the U.S. corn crop at 13.59 billion bushels, with an average yield of 162.8 bu. per acre. The estimate was well below the USDA’s July forecast for a corn crop of 14.255 billion bu., with a trend-based yield of 170.4 bu per acre.
The USDA issues its next supply and demand forecasts on Aug. 10.
Russian agriculture consultancy IKAR on Tuesday increased its estimate for this year’s wheat production in Russia to a record 74-77 million tonne range.
“If Russia were indeed to harvest a crop at the upper edge of IKAR’s estimate, this would offset the weather-related crop shortfalls in the U.S.,” Commerzbank analysts said in a note, Reuters reported
Light crude oil nearby futures in New York were up 43 cents US$49.59 per barrel.
In the afternoon, the Canadian dollar was trading around US79.58 cents, down from 79.72 cents the previous trading day. The U.S. dollar was C$1.2566.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 63.53 points, or 0.42 percent, at 15,265.63, its highest close since June 28.
The Dow broke through 22,000 points to a new record high.
The Dow Jones Industrial Average rose 0.24 percent to end at 22,016.24. The S&P 500 gained 0.05 percent to 2,477.57 and the Nasdaq Composite was flat at 6,362.65.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 501.00s +2.60 +0.52%
Milling Wheat Oct 17 278.00s +4.00 +1.46%
Durum Wheat Oct 17 310.00s +2.00 +0.65%
Barley Oct 17 145.00s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Soybeans Aug 17 966-4s +7-0 +0.73%
Soybean Meal Aug 17 309.0s +0.7 +0.23%
Soybean Oil Aug 17 34.15s +0.29 +0.86%
Corn Sep 17 365-0s +2-4 +0.69%
Oats Sep 17 289-4s +9-2 +3.30%
Wheat Sep 17 460-6s -0-4 -0.11%
Spring Wheat Sep 17 722-2s +4-2 +0.59%
Hard Red Wheat Sep 17 464-4s -0-6 -0.16%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (Pit) Aug 17 114.525s +1.725 +1.53%
Feeder Cattle (Pit) Aug 17 150.250s +1.075 +0.72%
Lean Hogs (Pit) Aug 17 81.950s +2.150 +2.69%
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