Most crop futures up on Midwest heat

Traders’ attention was fixated on weather outlooks on Thursday with heat in the Midwest lifting soybeans and corn.

That helped canola close up, but off the highs set in the morning.

November canola closed up $2.90 or 0.57 percent at $510.40 per tonne. The rising loonie, which traded near US79.5 cents, limited gains.

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Also, the potential for rain on Friday-Saturday in the eastern Prairies limited the rally.

November soybeans saw a stronger rally, climbing 1.4 percent. December corn rallied just over two percent to lead the parade.

US WEATHER

Temperature highs in a large part of the Midwest today are topping 95 F. Similar heat is expected on Friday, stressing corn that is pollinating.

Rain in Midwest in the next few days is concentrated along the border of Illinois and Wisconsin and Iowa and Minnesota. The rain is expected to mostly miss western Iowa and Nebraska.

WHEAT

All three U.S. wheat contracts closed a little higher. The rally in wheat has stalled in recent days as the trade tries to balance out the shortage of high protein quality wheat against the adequate supply of other types of wheat.

AUSTRALIA

Cropping areas in the western and eastern parts of the country got light showers but rainfall deficits remain large.

DURUM

Today Italy enacted rules requiring all pasta and rice packages sold in he country to have a label of origin showing where the produce was grown.

The rule will run as an experiment for two years.

Canada’s durum sector worries that the need to segregate durum supplies by country grown will lead to increased costs that will depress the price paid for Canadian durum.

Canadian durum exports to Italy are in the neighbourhood of $250 million a year.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 33 cents US$46.79 per barrel.

In the afternoon, the Canadian dollar was trading around US79.42 cents, up from 79.38 cents the previous trading day. The U.S. dollar was C$1.2591.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 19.93 points, or 0.13 percent, at 15,264.64.

The Dow Jones Industrial Average fell 28.97 points, or 0.13 percent, to close at 21,611.78, the S&P 500 lost 0.38 point, or 0.02 percent, to 2,473.45 and the Nasdaq Composite added 4.96 points, or 0.08 percent, to 6,390.00

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2017   510.40   +2.90   +0.57%

Canola Jan 2018   514.90   +3.00   +0.59%

Canola Mar 2018   517.90   +3.00   +0.58%

Canola May 2018   518.00   +4.00   +0.78%

Canola Jul 2018   519.30   +4.80   +0.93%

 

Milling Wheat Oct 2017   294.00   +1.00   +0.34%

Milling Wheat Dec 2017   301.00   unch   0.00%

Milling Wheat Mar 2018   306.00   +2.00   +0.66%

 

Durum Wheat Oct 2017   284.00   unch   0.00%

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Durum Wheat Dec 2017   286.00   unch   0.00%

Durum Wheat Mar 2018   287.00   unch   0.00%

 

Barley Oct 2017   140.00   unch   0.00%

Barley Dec 2017   140.00   unch   0.00%

Barley Mar 2018   140.00   unch   0.00%

 

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

 

Chicago

Soybeans Aug 2017   1013.25   +13.75   +1.38%

Soybeans Sep 2017   1018.25   +14.00   +1.39%

Soybeans Nov 2017   1027.00   +15.00   +1.48%

Soybeans Jan 2018   1035.50   +14.25   +1.40%

Soybeans Mar 2018   1036.25   +13.00   +1.27%

Soybeans May 2018   1038.75   +12.75   +1.24%

 

Soybean Meal Aug 2017   330.50   +4.30   +1.32%

Soybean Meal Sep 2017   332.50   +4.00   +1.22%

Soybean Meal Oct 2017   334.50   +4.20   +1.27%

 

Soybean Oil Aug 2017   33.97   +0.51   +1.52%

Soybean Oil Sep 2017   34.11   +0.53   +1.58%

Soybean Oil Oct 2017   34.22   +0.51   +1.51%

 

Corn Sep 2017   391.00   +8.25   +2.16%

Corn Dec 2017   404.75  +8.25   +2.08%

Corn Mar 2018   415.25   +8.00   +1.96%

Corn May 2018   420.00   +7.75   +1.88%

Corn Jul 2018   424.50   +7.50   +1.80%

 

Oats Sep 2017   295.75   +3.50   +1.20%

Oats Dec 2017   297.50   +4.50   +1.54%

Oats Mar 2018   295.50   +3.25   +1.11%

Oats May 2018   294.50   +3.25   +1.12%

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Oats Jul 2018   293.25   +3.25   +1.12%

 

Wheat Sep 2017   505.75   +4.00   +0.80%

Wheat Dec 2017   529.25   +3.75   +0.71%

Wheat Mar 2018   549.50   +4.00   +0.73%

Wheat May 2018   560.00   +3.00   +0.54%

Wheat Jul 2018   564.25   +2.50   +0.45%

 

Minneapolis

Spring Wheat Sep 2017   778.00   +2.50   +0.32%

Spring Wheat Dec 2017   783.00   +3.50   +0.45%

Spring Wheat Mar 2018   779.00   +6.00   +0.78%

Spring Wheat May 2018   768.00   +8.00   +1.05%

Spring Wheat Jul 2018   749.50   +7.75   +1.04%

 

Kansas City

Hard Red Wheat Sep 2017   503.75   +4.75   +0.95%

Hard Red Wheat Dec 2017   530.25   +4.75   +0.90%

Hard Red Wheat Mar 2018   547.25   +5.25   +0.97%

Hard Red Wheat May 2018   560.25   +3.75   +0.67%

Hard Red Wheat Jul 2018   571.00   +4.00   +0.71%

 

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Aug 2017   115.88   -1.56   -1.33%

Live Cattle (P) Oct 2017   117.08   -1.86   -1.56%

Live Cattle (P) Dec 2017   118.10   -1.76   -1.47%

 

Feeder Cattle (P) Aug 2017   152.28   -2.47   -1.60%

Feeder Cattle (P) Sep 2017   152.32   -2.22   -1.44%

Feeder Cattle (P) Oct 2017   150.85   -2.23   -1.46%

 

Lean Hogs (P) Aug 2017   81.10   -1.36   -1.65%

Lean Hogs (P) Oct 2017   67.85   -0.80   -1.17%

Lean Hogs (P) Dec 2017   62.95   +0.15   +0.24%

 

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