Crop futures fell across the board on Thursday as the market focused on ideal harvest weather in the U.S. Midwest and forecasts for rain next week in the dry U.S. southern Plains winter wheat region.
Canola futures fell with lower soybeans and soy oil and a stronger loonie, which gained almost a half cent.
Crude oil drifted lower on rising U.S. weekly stocks, adding downward pressure to oilseeds.
Soybeans and corn were under pressure from rapid progress in the U.S. Midwest harvest.
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November canola closed at $471.50, down $4.60, just a day after it broke above $480 but failed to hold on.
>>>>More Markets News: Currency devaluations cause oversupply.
Wheat was pressure lower by the expected rain next week in the southern Plains where farmers have been seeding winter wheat into dry soil.
The large surplus of global wheat supplies also weighed on wheat.
The decline in soybeans was limited by modest concern about weather in Brazil where there has been too much rain in the south and too little in the top soybean state of Mato Grosso. Brazilian farmers are seeding their soybean crop.
“As long as rainfall returns somewhat closer to normal by early November, which we do expect to occur, the dry weather seen during October should not have a notable impact on crops,” MDA Weather Services said in a note to clients, Reuters reported.
The Canadian dollar rose as the U.S. greenback weakened against major currencies following a report that showed U.S. inflation dipped by 0.2 percent.
That reduced the likelihood of a Federal Reserve interest rate hike. The Fed is watching inflation and employment data for signals that the U.S. economy is heating up.
Recent data indicates that the U.S. economy is not gathering the momentum that was expected, so the argument for the need to increase rates is diminished.
And to wind up, here is something not a markets story, but an amazing statement on the coming technologies that will change our lives. Google, Apple and Tesla are all testing cars that will drive themselves. But the mainstream auto makers are also in the game.
In Wire Magazine GM CEO Mary Barra said the company plans to introduce perhaps next year a Cadillac equipped with “super cruise,” a semi autonomous feature that will let a car handle itself on the freeway.
The Wired story says Barra said GM would “absolutely” make cars for an age when human driving is defunct. “We are disrupting ourselves,” Barra said.
Light crude oil nearby futures in New York were down 26 cents to US$46.38 per barrel.
The Canadian dollar at noon was US77.50 cents, up from 77.03 cents the previous trading day. The U.S. dollar at noon was C$1.2904.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 46.36 points, or 0.33 percent, at 13,828.97.
The Dow Jones industrial average rose 217.1 points, or 1.28 percent, to 17,141.85, the S&P 500 gained 29.64 points, or 1.49 percent, to 2,023.88 and the Nasdaq Composite added 87.25 points, or 1.82 percent, to 4,870.10.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 471.50 -4.60 -0.97%
Canola Mar 2016 477.80 -5.70 -1.18%
Canola May 2016 478.20 -5.60 -1.16%
Canola Jul 2016 477.80 -5.30 -1.10%
Milling Wheat Dec 2015 232.00 unch 0.00%
Milling Wheat Mar 2016 237.00 unch 0.00%
Milling Wheat May 2016 240.00 unch 0.00%
Durum Wheat Dec 2015 335.00 unch 0.00%
Durum Wheat Mar 2016 340.00 unch 0.00%
Durum Wheat May 2016 345.00 unch 0.00%
Barley Dec 2015 185.00 unch 0.00%
Barley Mar 2016 187.00 unch 0.00%
Barley May 2016 188.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2015 905.25 -5.25 -0.58%
Soybeans Jan 2016 909 -5.25 -0.57%
Soybeans Mar 2016 912.25 -4.75 -0.52%
Soybeans May 2016 916 -4.5 -0.49%
Soybeans Jul 2016 922 -3.75 -0.41%
Soybeans Aug 2016 921 -3.75 -0.41%
Soybean Meal Dec 2015 314 -1.8 -0.57%
Soybean Meal Jan 2016 312.8 -1.9 -0.60%
Soybean Meal Mar 2016 310.7 -1.5 -0.48%
Soybean Oil Dec 2015 28.58 -0.25 -0.87%
Soybean Oil Mar 2016 29.09 -0.24 -0.82%
Corn Dec 2015 375.5 -3.5 -0.92%
Corn Mar 2016 386.5 -3.25 -0.83%
Corn May 2016 392.75 -3.5 -0.88%
Corn Jul 2016 397.75 -3.5 -0.87%
Corn Sep 2016 396 -2.75 -0.69%
Oats Dec 2015 234.5 +2.75 +1.19%
Oats Mar 2016 236.5 +3 +1.28%
Oats May 2016 238.25 +2.25 +0.95%
Oats Jul 2016 241.75 +2.25 +0.94%
Oats Sep 2016 244 +2.25 +0.93%
Wheat Dec 2015 502.5 -5.75 -1.13%
Wheat Mar 2016 510.5 -5.75 -1.11%
Wheat May 2016 515.25 -6 -1.15%
Wheat Jul 2016 518.75 -6.25 -1.19%
Wheat Sep 2016 527 -6.75 -1.26%
Minneapolis
Spring Wheat Dec 2015 523.5 -2 -0.38%
Spring Wheat Mar 2016 537.25 -1.5 -0.28%
Spring Wheat May 2016 547 -1.25 -0.23%
Spring Wheat Jul 2016 556.25 -1.75 -0.31%
Spring Wheat Sep 2016 566.75 -0.75 -0.13%
Kansas City
Hard Red Wheat Dec 2015 496.25 -4.5 -0.90%
Hard Red Wheat Mar 2016 511.25 -4.5 -0.87%
Hard Red Wheat May 2016 521 -4.75 -0.90%
Hard Red Wheat Jul 2016 530.75 -5 -0.93%
Hard Red Wheat Sep 2016 544.25 -4.75 -0.87%
