Crop markets down on weak US exports and ample supply

A half-cent drop in the loonie helped canola futures on Thursday avoid most of the 1.85 percent drop in nearby soybean futures.
May canola closed at $453.30 down 10 cents or 0.02 percent.
November closed at $444.00 down $1.30 or 1.29 percent.
The USDA released its monthly supply and demand report today.
It was mostly a ho-hum affair, but was assessed to be slightly negative for corn and soybeans.
Another negative factor for U.S. crop futures was a rally in the U.S. buck.
Wednesday’s minutes from the last Federal Reserve meeting show governors think there is still a chance for an interest rate hike in June if employment and economic data warrants it.
A higher U.S. interest rate would strengthen the greenback.
Another depressing factor for soybeans was the morning U.S. weekly export sales report that showed cancellation of soybean export sales, a net reduction of 175,700 tonnes. This emphasized the strong competition from South America’s bumper crop.
Some traders felt the USDA monthly supply and demand report was a negative factor. There was a tiny increase in its forecast for 2014-15 year end global stocks to 89.55 million tonnes, up from 89.53 million last month.
USDA pegged domestic year-end soybean stocks at 370 million bushels, down from 385 million month before and in line with the trade’s expectation.
USDA increased its forecast for Argentina’s soybean crop to 57 million tonnes from 56 million last month.
It did not change its outlook of 94.5 million tonnes for Brazil.
Wheat futures fell on slack export demand and the forecast for rain in the U.S. southern Plains this weekend.
Corn closed down. The USDA report had mixed news for corn.
It pegged domestic year-end stocks at 1.827 billion bu., compared to the trade’s expectation of 1.854 billion.
USDA put global year-end corn stocks at 188.46 million tonnes, while the trade expected only 186.91 million.
The Canadian Grain Commission said that in Week 34 of the crop year, ending March 29, canola exports totaled 254,600 tonnes, up from the previous week’s 198,900 tonnes.
Canola exports monitored by the CGC now total 4.22 million tonnes. That is up 11 percent from last year at the same time when 3.79 million tonnes had been exported.
Light crude oil nearby futures in New York were up 37 cents to US$50.79 per barrel.
The Canadian dollar at noon was US79.49 cents, down from 79.95 cents the previous trading day. The U.S. dollar at noon was C$1.2580.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 112.71 points, or 0.74 percent, at 15,326.31. That was its highest close since September.
The Dow Jones industrial average rose 56.08 points, or 0.31 percent, to 17,958.59, the S&P 500 gained 9.26 points, or 0.44 percent, to 2,091.16 and the Nasdaq Composite added 23.74 points, or 0.48 percent, to 4,974.57.

Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 453.30 -0.10 -0.02%
Canola Jul 2015 452.70 -0.70 -0.15%
Canola Nov 2015 444.00 -1.30 -0.29%
Canola Jan 2016 444.50 -1.30 -0.29%
Canola Mar 2016 444.00 -1.30 -0.29%

Milling Wheat May 2015 235.00 -2.00 -0.84%
Milling Wheat Jul 2015 232.00 -3.00 -1.28%
Milling Wheat Oct 2015 233.00 -2.00 -0.85%

Durum Wheat May 2015 323.00 unch 0.00%
Durum Wheat Jul 2015 313.00 unch 0.00%
Durum Wheat Oct 2015 318.00 unch 0.00%

Barley May 2015 205.00 unch 0.00%
Barley Jul 2015 204.00 unch 0.00%
Barley Oct 2015 189.00 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 2015 953.5 -18 -1.85%
Soybeans Jul 2015 958.25 -18.25 -1.87%
Soybeans Aug 2015 957.25 -18.25 -1.87%
Soybeans Sep 2015 950 -16.25 -1.68%
Soybeans Nov 2015 945.25 -15.25 -1.59%
Soybeans Jan 2016 951.5 -15 -1.55%

Soybean Meal May 2015 312.1 -7.8 -2.44%
Soybean Meal Jul 2015 312 -7.7 -2.41%
Soybean Meal Aug 2015 311.6 -7.3 -2.29%

Soybean Oil May 2015 30.84 -0.11 -0.36%
Soybean Oil Jul 2015 31.03 -0.11 -0.35%
Soybean Oil Aug 2015 31.11 -0.1 -0.32%

Corn May 2015 378 -1.25 -0.33%
Corn Jul 2015 385.75 -1.5 -0.39%
Corn Sep 2015 393.5 -1.5 -0.38%
Corn Dec 2015 403.5 -1.25 -0.31%
Corn Mar 2016 413.75 -1 -0.24%

Oats May 2015 269 -1 -0.37%
Oats Jul 2015 271.5 +1.5 +0.56%
Oats Sep 2015 275 unch 0.00%
Oats Dec 2015 278 +2 +0.72%
Oats Mar 2016 284.5 +1 +0.35%

Wheat May 2015 518.75 -7.5 -1.43%
Wheat Jul 2015 517.5 -6.25 -1.19%
Wheat Sep 2015 525.5 -6.75 -1.27%
Wheat Dec 2015 540 -6.5 -1.19%
Wheat Mar 2016 554.25 -5.75 -1.03%

Minneapolis
Spring Wheat May 2015 574 -6.5 -1.12%
Spring Wheat Jul 2015 579 -6.5 -1.11%
Spring Wheat Sep 2015 585.5 -6.5 -1.10%
Spring Wheat Dec 2015 596.25 -6.25 -1.04%
Spring Wheat Mar 2016 607.5 -6.5 -1.06%

Kansas City
Hard Red Wheat May 2015 551.5 -9.75 -1.74%
Hard Red Wheat Jul 2015 556.25 -9.5 -1.68%
Hard Red Wheat Sep 2015 567.75 -8.75 -1.52%
Hard Red Wheat Dec 2015 583.5 -8 -1.35%
Hard Red Wheat Mar 2016 595.25 -7.5 -1.24%

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