Video: Canadian Agriculture Markets – May 9, 2014

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.

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.