The U.S. Department of Agriculture’s monthly reports had only a modest impact on markets on Friday.
Corn suffered perhaps the most on USDA’s forecast for 2013-14 world corn supplies at 168.42 million tonnes, above the market forecasts for 157.31 million.
USDA said that by the end of 2014-15, world corn stocks would be 181.73 million tonnes, well above analysts’ expectations.
Old crop soybeans rose on confirmation of very tight old crop domestic U.S. supply at 130 million bushels, short of trade expectations for 134 million. The increase in new crop futures was limited as USDA said U.S. stocks at the end of next year would climb to 330 million bu.
USDA pegged U.S. all winter wheat production at 1.403 billion bu. and the hard red winter wheat crop at 746 million bu., only slightly below the average of trade expectations.
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With no big surprise and falling corn futures, wheat futures also rolled back from the previous day.
But over the week, wheat made strong grains on the hot weather in the U.S. southern Plains that has stressed the crop and lowered yields. Minneapolis spring wheat on the week gained 20.25 cents or 2.6 percent.
The tension in Ukraine has supported wheat prices for several weeks. A vote Sunday on separation for eastern areas has the potential to increase the tension and stoke violence.
Canola was mixed on the day with new crop edging higher and new crop November falling slightly
July canola closed at $481.10 per tonne, up $1.20 on the day.
November closed at $485.90 down 10 cents.
On the week, July gained 70 cents and November rose $1.50.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2014 495.10 +1.20 +0.24%
Canola Jul 2014 481.10 +1.20 +0.25%
Canola Nov 2014 485.90 -0.10 -0.02%
Canola Jan 2015 491.00 -0.20 -0.04%
Canola Mar 2015 495.60 unch 0.00%
Milling Wheat May 2014 243.00 -4.00 -1.62%
Milling Wheat Jul 2014 248.00 -4.00 -1.59%
Milling Wheat Oct 2014 248.00 -4.00 -1.59%
Durum Wheat May 2014 247.00 unch 0.00%
Durum Wheat Jul 2014 247.00 unch 0.00%
Durum Wheat Oct 2014 242.00 unch 0.00%
Barley May 2014 139.50 unch 0.00%
Barley Jul 2014 140.50 unch 0.00%
Barley Oct 2014 140.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2014 1501 +26.75 +1.81%
Soybeans Jul 2014 1487 +17.5 +1.19%
Soybeans Aug 2014 1422.75 +15.5 +1.10%
Soybeans Sep 2014 1285.5 +4.5 +0.35%
Soybeans Nov 2014 1226.25 +2.25 +0.18%
Soybeans Jan 2015 1232.75 +2.25 +0.18%
Soybean Meal May 2014 497.5 +6.9 +1.41%
Soybean Meal Jul 2014 487.3 +6.6 +1.37%
Soybean Meal Aug 2014 462.1 +7.7 +1.69%
Soybean Oil May 2014 40.98 +0.04 +0.10%
Soybean Oil Jul 2014 41.18 +0.06 +0.15%
Soybean Oil Aug 2014 41.1 +0.04 +0.10%
Corn May 2014 505 -8.25 -1.61%
Corn Jul 2014 507.5 -9 -1.74%
Corn Sep 2014 501.75 -11.5 -2.24%
Corn Dec 2014 498.75 -12.75 -2.49%
Corn Mar 2015 506.25 -12.75 -2.46%
Oats May 2014 409.25 +0.25 +0.06%
Oats Jul 2014 353.25 +0.25 +0.07%
Oats Sep 2014 340.25 +0.25 +0.07%
Oats Dec 2014 329.75 -1.5 -0.45%
Oats Mar 2015 328.25 -1.25 -0.38%
Wheat May 2014 714 -12.75 -1.75%
Wheat Jul 2014 722.5 -12.75 -1.73%
Wheat Sep 2014 731 -12.75 -1.71%
Wheat Dec 2014 745.25 -12 -1.58%
Wheat Mar 2015 758.25 -11 -1.43%
Minneapolis
Spring Wheat May 2014 794.75 -0.25 -0.03%
Spring Wheat Jul 2014 795.25 -10.5 -1.30%
Spring Wheat Sep 2014 801.5 -11.5 -1.41%
Spring Wheat Dec 2014 811.25 -11.25 -1.37%
Spring Wheat Mar 2015 818.25 -11 -1.33%
Kansas City
KC HRW Wheat May 2014 819 -13.5 -1.62%
KC HRW Wheat Jul 2014 828.75 -13.75 -1.63%
KC HRW Wheat Sep 2014 834 -11.75 -1.39%
KC HRW Wheat Dec 2014 843.75 -10 -1.17%
KC HRW Wheat Mar 2015 846.75 -9.25 -1.08%
Light crude oil nearby futures in New York dropped 27 cents at $99.99 US per barrel.
The Canadian dollar at noon was 91.74 cents US, down from 92.10 cents the previous trading day. The U.S. dollar at noon was $1.0900 Cdn.
Canada’s employment report for April showed the economy lost 28,900 jobs, suggesting economic growth has not been gathering the speed that was expected in the second quarter. The market had expected a gain of 12,000 jobs.
The unemployment rate stayed at 6.9 percent because fewer people were in the labour market.
The Toronto Stock Exchange’s S&P/TSX composite index fell 11.97 points, or 0.08 percent, to 14,534.06.
The Dow Jones industrial average rose 32.37 points or 0.2 percent, to 16,583.34.
The S&P 500 gained 2.85 points or 0.15 percent, to 1,878.48.
The Nasdaq Composite added 20.374 points or 0.5 percent, to 4,071.869.
On the week, the TSX compose fell 1.6 percent, the Dow rose 0.4 percent, the S&P 500 dipped 0.1 percent and the Nasdaq fell 1.3 percent.
