Crop prices halt fall on Wednesday

Crop prices halted their slide on Wednesday and canola closed slightly higher.

Soybeans gained back most of the losses it sustained Tuesday following the bearish USDA report. Corn closed unchanged.

Spring wheat edged slightly higher.

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The gains were mostly technical, although there was news of new U.S. soybean export sales.

Also a general rally in commodities as crude oil rose helped to lift crop prices.

Parts of the Canadian Prairies and the U.S. northern plains got rain today and much cooler temperatures.

WEATHER

The unsettled weather is expected to continue Thursday and Friday with the largest accumulations in Canada in southern Manitoba and the southeast corner of Saskatchewan.

Larger amounts were expected in Montana and North Dakota.

The rain will be welcome to dampen down fire threat and to raise moisture level in canola seed.

CHINA ETHANOL

China state media reported Beijing plans to roll out the use of a E10 gasoline – containing 10 percent ethanol – across the world’s largest car market by 2020.

This mark a major step toward the country’s goal of reducing its 200 million tonnes surplus of corn.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up $1.07 at US$49.30 per barrel.

In the afternoon, the Canadian dollar was trading around US82.10 cents, up from 82.04 cents the previous trading day. The U.S. dollar was C$1.2180.

Losses in metals more than offset gains in the energy sector of the Toronto Stock Exchange.

The S&P/TSX composite index fell 16.6 points, or 0.11 percent, to end at 15,126.81.

Wall street hit new record highs in the Dow, S&P and Nasdaq.

The Dow Jones Industrial Average rose rose 39.32 points, or 0.18 percent, to 22,158.18 The S&P 500 edged upgained 1.89 points, or 0.08 percent, to 2,498.37, and the Nada Composite added 5.91 points, or 0.09 percent, to 6,460.19.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17   487.10s   +2.70   +0.56%

Canola Jan 18   493.80s   +2.50   +0.51%

Canola Mar 18   500.30s   +2.30   +0.46%

Canola May 18   504.10s   +2.30   +0.46%

Canola Jul 18   505.60s +2.30   +0.46%

 

Milling Wheat Oct 17   232.00s   +2.00   +0.87%

Milling Wheat Dec 17   235.00s   +2.00   +0.86%

Milling Wheat Mar 18   240.00s   -1.00   -0.41%

 

Durum Wheat Oct 17   281.00s   unch   unch

Durum Wheat Dec 17   285.00s   unch   unch

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Durum Wheat Mar 18   289.00s   unch   unch

 

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   953-0s   +8-6   +0.93%

Soybeans Nov 17   960-4s   +10-0   +1.05%

Soybeans Jan 18   970-6s   +10-0   +1.04%

Soybeans Mar 18   979-2s   +9-6   +1.01%

Soybeans May 18   987-6s   +9-2   +0.95%

 

Soybean Meal Sep 17   300.3s   +5.2   +1.76%

Soybean Meal Oct 17   302.1s   +5.4   +1.82%

Soybean Meal Dec 17   305.4s   +5.4   +1.80%

 

Soybean Oil Sep 17   34.72s   -0.12   -0.34%

Soybean Oil Oct 17   34.83s   -0.10   -0.29%

Soybean Oil Dec 17   35.09s   -0.10   -0.28%

 

Corn Sep 17   338-4s   -1-4   -0.44%

Corn Dec 17   351-4s   unch   unch

Corn Mar 18   363-6s   unch   unch

Corn May 18   372-0s   unch   unch

Corn Jul 18   378-2s   -0-2   -0.07%

 

Oats Sep 17   239-0s   +3-4   +1.49%

Oats Dec 17   237-6s   +3-4   +1.49%

Oats Mar 18   245-2s   +3-2   +1.34%

Oats May 18   244-2s   +2-6   +1.14%

Oats Jul 18   245-4s   +1-2   +0.51%

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Wheat Sep 17   420-6s   +1-2   +0.30%

Wheat Dec 17   443-2s   +1-2   +0.28%

Wheat Mar 18   462-6s   +0-6   +0.16%

Wheat May 18   476-4s   +0-4   +0.11%

Wheat Jul 18   488-6s   -0-2   -0.05%

 

Minneapolis

Spring Wheat Sep 17   626-2s   unch   unch

Spring Wheat Dec 17   643-4s   +1-6   +0.27%

Spring Wheat Mar 18   655-2s   +2-0   +0.31%

Spring Wheat May 18   656-0s   +2-6   +0.42%

Spring Wheat Jul 18   655-4s   +6-0   +0.92%

 

Kansas City

Hard Red Wheat Sep 17   418-2s   +2-2   +0.54%

Hard Red Wheat Dec 17   444-2s   +2-4   +0.57%

Hard Red Wheat Mar 18   461-6s   +2-4   +0.54%

Hard Red Wheat May 18   475-2s   +2-6   +0.58%

Hard Red Wheat Jul 18   491-0s   +2-2   +0.46%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Oct 17   107.550s   +1.275   +1.20%

Live Cattle Dec 17   112.850s   +1.300   +1.17%

Live Cattle Feb 18   116.150s   +0.900   +0.78%

 

Feeder Cattle Sep 17   148.600s   +0.625   +0.42%

Feeder Cattle Oct 17   149.625s   +0.475   +0.32%

Feeder Cattle Nov 17   149.875s   +0.625   +0.42%

 

Lean Hogs Oct 17   59.575s   +0.125   +0.21%

Lean Hogs Dec 17   56.775s   -0.325   -0.57%

Lean Hogs Feb 18   62.075s   -0.650   -1.04%

 

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