Canola futures dipped on Wednesday as traders took profits after a three day rally.
The soy complex and other grain futures on American exchanges were also fell in what was a down day generally in crops.
Traders were adjusting positions ahead of Thursday’s USDA prospective planting survey report. USDA will also release its quarterly grain stocks report. Watch for our coverage at Producer.com on Thursday morning.
The trade generally believes corn acreage will be up about two percent over last year and soybeans will be up about 0.5 percent.
U.S. wheat futures tumbled more than two percent today, as long term forecasts for rain in some dry areas of the southern Plains eased concerns about crop stress.
Although a portion of the HRW wheat belt could remain dry, updated forecasts indicate a better chance for rain in the central and southeast Plains over the next two weeks, the Commodity Weather Group said in a note, Reuters reported
“The 16- to 30-day continues to trend wetter in the southern Plains and could offer some needed moisture, particularly late in the period,” CWG added.
CBOT May corn was down 6 cents, or 1.6 percent, at $3.67 per bushel after touching a two-month high of $3.74 early in the session. The contract fell below its 100-day moving average after closing above the key technical level on Tuesday for the first time since October.
CBOT May soybeans shed 7 cents, or 0.9 percent, to $9.09 a bushel after hitting a 3 ½ month high a day earlier.
Analysts on average expect March 1 soybean stocks at their largest since 2007 and corn stocks at their highest since 1987.
The market is still digesting news that China is scrapping its stockpiling scheme for corn, a move that could reduce Chinese imports of feed grains. Beijing intends to allow markets to set prices for the grain, the State Administration of Grain said in a statement.
Light crude oil nearby futures in New York were up four cents to US$38.32 per barrel.
The Canadian dollar at noon was US77.15 cents, up from 76.02 cents the previous trading day. The U.S. dollar at noon was C$1.2962.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2016 474.60 -3.50 -0.73%
Canola Jul 2016 479.70 -3.40 -0.70%
Canola Nov 2016 477.20 -4.70 -0.98%
Canola Jan 2017 480.30 -5.10 -1.05%
Canola Mar 2017 481.90 -5.20 -1.07%
Milling Wheat May 2016 238.00 -3.00 -1.24%
Milling Wheat Jul 2016 238.00 -3.00 -1.24%
Milling Wheat Oct 2016 235.00 -4.00 -1.67%
Durum Wheat May 2016 297.00 +1.00 +0.34%
Durum Wheat Jul 2016 288.00 unch 0.00%
Durum Wheat Oct 2016 282.00 -3.00 -1.05%
Barley May 2016 176.00 unch 0.00%
Barley Jul 2016 178.00 unch 0.00%
Barley Oct 2016 178.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2016 909 -7 -0.76%
Soybeans Jul 2016 916.25 -6.5 -0.70%
Soybeans Aug 2016 918.5 -6.25 -0.68%
Soybeans Sep 2016 919 -6 -0.65%
Soybeans Nov 2016 923 -5.5 -0.59%
Soybeans Jan 2017 926.5 -5.25 -0.56%
Soybean Meal May 2016 271.9 -1.3 -0.48%
Soybean Meal Jul 2016 274.6 -1.2 -0.44%
Soybean Meal Aug 2016 275.9 -1 -0.36%
Soybean Oil May 2016 33.79 -0.26 -0.76%
Soybean Oil Jul 2016 34.01 -0.27 -0.79%
Soybean Oil Aug 2016 34.1 -0.27 -0.79%
Corn May 2016 367 -6 -1.61%
Corn Jul 2016 371.5 -5.75 -1.52%
Corn Sep 2016 376 -5.75 -1.51%
Corn Dec 2016 384 -5.5 -1.41%
Corn Mar 2017 392.75 -5.25 -1.32%
Oats May 2016 185.25 -4.5 -2.37%
Oats Jul 2016 196.25 -3.5 -1.75%
Oats Sep 2016 205.25 -1.75 -0.85%
Oats Dec 2016 215.25 +0.25 +0.12%
Oats Mar 2017 219.75 +0.25 +0.11%
Wheat May 2016 464 -12.75 -2.67%
Wheat Jul 2016 471.5 -12.25 -2.53%
Wheat Sep 2016 481.5 -11.75 -2.38%
Wheat Dec 2016 496 -11 -2.17%
Wheat Mar 2017 509.75 -10.5 -2.02%
Minneapolis
Spring Wheat May 2016 515.25 -7 -1.34%
Spring Wheat Jul 2016 523.25 -7 -1.32%
Spring Wheat Sep 2016 533 -7 -1.30%
Spring Wheat Dec 2016 546.75 -6.5 -1.17%
Spring Wheat Mar 2017 560.5 -5.5 -0.97%
Kansas City
Hard Red Wheat May 2016 465.75 -16 -3.32%
Hard Red Wheat Jul 2016 477 -15.75 -3.20%
Hard Red Wheat Sep 2016 491.25 -15.5 -3.06%
Hard Red Wheat Dec 2016 511.5 -15.5 -2.94%
Hard Red Wheat Mar 2017 524 -15 -2.78%
