Crop futures drift lower ahead of StatsCan report

Crop futures, including canola, drifted a little lower on Wednesday.

Weather remains mostly dry, hot and windy in Western Canada. Harvest should be making good progress.

The heavy rain from Tropical Storm Harvey is not expected to make it into the U.S. Midwest or southern Plains. The Midwest is enjoying mild weather.

As it moves northeast, the storm’s rain might affect the lower Mississippi, which could temporarily interfer with shipping and grain exports.

Statistics Canada is set to release its first survey on 2017 crop production early Thursday morning. Turn to Producer.com to get the numbers once they are out.

The Midwest is expected to see cooler than normal weather next week, but the frost threat is limited.

The Canadian dollar today saw its biggest decline in a month.

Lower oil prices weakened the loonie. Also, speculators scaled back bullish bets on the loonie ahead of the Bank of Canada interest rate decision next Wednesday.

Most of the trade believes the next rate increase will not come until October.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 48 cents US$45.96 per barrel.

In the afternoon, the Canadian dollar was trading around US79.22 cents, down from 79.81 cents the previous trading day. The U.S. dollar was C$1.2623.

U.S. Gross domestic product was revised higher to show a three percent annual growth rate in the second quarter.

 

The Toronto Stock Exchange’s S&P/TSX composite index rose 50.43 points, or 0.33 percent, to 15,133.13.

 

The Dow Jones Industrial Average rose 27.06 points, or 0.12 percent, to end at 21,892.43, the S&P 500 gained 11.29 points, or 0.46 percent, to 2,457.59 and the Nasdaq Composite added 66.42 points, or 1.05 percent, to 6,368.31.

 

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17   498.10s   -0.70   -0.14%

Canola Jan 18   503.80s   -1.70   -0.34%

Canola Mar 18   509.50s   -1.80   -0.35%

Canola May 18   512.40s   -1.70   -0.33%

Canola Jul 18   513.80s   -1.50   -0.29%

 

Milling Wheat Oct 17   243.00s   -2.00   -0.82%

Milling Wheat Dec 17   246.00s   -2.00   -0.81%

Milling Wheat Mar 18   255.00s   -1.00   -0.39%

 

Durum Wheat Oct 17   298.00s   -1.00   -0.33%

Durum Wheat Dec 17   299.00s   -1.00   -0.33%

Durum Wheat Mar 18   304.00s   -1.00   -0.33%

 

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Barley Oct 17   145.00s   unch   unch

Barley Dec 17   148.00s   unch   unch

Barley Mar 18   151.00s   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.

 

Chicago

Soybeans Sep 17   923-0s   -7-6   -0.83%

Soybeans Nov 17   933-2s   -4-0   -0.43%

Soybeans Jan 18   942-6s   -3-6   -0.40%

Soybeans Mar 18   952-2s   -3-2   -0.34%

Soybeans May 18   960-6s   -3-0   -0.31%

 

Soybean Meal Sep 17   292.4s -2.2   -0.75%

Soybean Meal Oct 17   294.6s   -2.0   -0.67%

Soybean Meal Dec 17   297.4s   -1.8   -0.60%

 

Soybean Oil Sep 17   34.33s   +0.05   +0.15%

Soybean Oil Oct 17   34.44s   +0.04   +0.12%

Soybean Oil Dec 17   34.69s   +0.04   +0.12%

 

Corn Sep 17   329-4s   -4-0   -1.20%

Corn Dec 17   345-4s   -3-2   -0.93%

Corn Mar 18   358-2s   -3-2   -0.90%

Corn May 18   365-6s   -3-2   -0.88%

Corn Jul 18   372-2s   -3-4   -0.93%

 

Oats Sep 17   228-2s   -6-6   -2.87%

Oats Dec 17   243-2s   -3-2   -1.32%

Oats Mar 18   249-0s   -3-0   -1.19%

Oats May 18   247-6s   -3-2   -1.29%

Oats Jul 18   242-4s   -1-6   -0.72%

 

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Wheat Sep 17   403-4s   +0-6   +0.19%

Wheat Dec 17   429-6s   unch   unch

Wheat Mar 18   452-6s   -0-6   -0.17%

Wheat May 18   466-0s   -1-4   -0.32%

Wheat Jul 18   478-4s   -1-4   -0.31%

 

Minneapolis

Spring Wheat Sep 17   633-2s   -4-2   -0.67%

Spring Wheat Dec 17   655-6s   -4-4   -0.68%

Spring Wheat Mar 18   664-4s   -3-0   -0.45%

Spring Wheat May 18   660-0s   -2-6   -0.41%

Spring Wheat Jul 18   653-2s  -2-0   -0.31%

 

Kansas City

Hard Red Wheat Sep 17   400-2s   +3-0   +0.76%

Hard Red Wheat Dec 17   429-2s   +3-0   +0.70%

Hard Red Wheat Mar 18   447-4s   +3-0   +0.67%

Hard Red Wheat May 18   461-6s   +3-0   +0.65%

Hard Red Wheat Jul 18   479-4s   +2-6 +0.58%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Aug 17   105.550s   +0.300   +0.29%

Live Cattle Oct 17   106.125s   +0.025   +0.02%

Live Cattle Dec 17   109.350s   +0.175   +0.16%

 

Feeder Cattle Aug 17   142.900s   +0.300   +0.21%

Feeder Cattle Sep 17   143.750s   +0.725   +0.51%

Feeder Cattle Oct 17   144.125s   +0.600   +0.42%

 

Lean Hogs Oct 17   61.350s   +1.125   +1.87%

Lean Hogs Dec 17   57.200s   +1.050   +1.87%

Lean Hogs Feb 18   61.750s   +0.850   +1.40%

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