Spring wheat edges higher Wednesday, canola steady

Spring wheat futures were the stand out performer Wednesday, rising more than one percent.

Other crop futures changed only modestly. January canola closed up 70 cents a tonne at $520.80.

WATCH THIS WEEK’S MARKET VIDEO ON PULSES AND CRUDE OIL

The market awaited Thursday’s USDA monthly supply and demand. The expectation is that it will lower U.S. yields and raise corn yields.

Wheat markets adjusted with Chicago and Kansas closing little chaned, but Minneapolis spring wheat rising on the relative tightness of that class compared to the burdensome world supplies of other wheat types.

India brought out a 50 percent duty on pea imports and raised the duty on wheat to 20 percent from 10.

The duty is a response to an oversupplied pulse market in India after good crops and large imports last crop year. Farmers there are seeding the winter crop and the government wants to encourage production and limit reliance on imported product.

The duty will hurt any pea shipments that were already bought and on route. They might be redirected to other countries.

Canada was already selling few pulses to India this fall because of its ample existing supply and issues over fumigation.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 39 cents at US$56.81 per barrel.

In the afternoon, the Canadian dollar was trading around US78.57 cents, up from 78.26 cents the previous trading day. The U.S. dollar was C$1.2728.

The Toronto Stock Exchange’s S&P/TSX composite index ended 26.44 points, or 0.16 percent lower, at 16,105.35.

The Dow Jones Industrial Average edged up 0.03 percent to close at 23,563.36, the S&P 500 gained 0.14 percent to 2,594.38 and the Nasdaq Composite rose 0.32 percent to close at 6,789.12.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17   518.30s  +0.70   +0.14%

Canola Jan 18   520.80s   +0.70   +0.13%

Canola Mar 18   527.90s   +0.80   +0.15%

Canola May 18   532.50s   +0.90   +0.17%

Canola Jul 18   535.60s   +0.60   +0.11%

 

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 Nov 17   988-0s   +2-0   +0.20%

Soybeans Jan 18   998-4s   +2-4   +0.25%

Soybeans Mar 18   1009-4s   +3-0   +0.30%

Soybeans May 18   1018-0s   +2-6   +0.27%

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Soybeans Jul 18   1026-2s   +2-6   +0.27%

 

Soybean Meal Dec 17   315.2s   -0.3   -0.10%

Soybean Meal Jan 18   317.4s   -0.3   -0.09%

Soybean Meal Mar 18 320.9s   -0.2   -0.06%

 

Soybean Oil Dec 17   35.37s   +0.35   +1.00%

Soybean Oil Jan 18   35.53s   +0.35   +0.99%

Soybean Oil Mar 18   35.75s   +0.35   +0.99%

Corn Dec 17   348-2s   +0-4   +0.14%

 

Corn Mar 18   361-2s   +0-2   +0.07%

Corn May 18   369-6s  unch   unch

Corn Jul 18   377-4s   +0-2   +0.07%

Corn Sep 18   384-4s   +0-2   +0.07%

Oats Dec 17   269-4s   -1-0   -0.37%

Oats Mar 18   275-6s   +3-0   +1.10%

 

Oats May 18   278-6s   +2-2   +0.81%

Oats Jul 18   279-2s   +2-2   +0.81%

Oats Sep 18   279-2s   +2-2   +0.81%

 

Wheat Dec 17   426-6s   -0-4   -0.12%

Wheat Mar 18   443-6s   -1-0   -0.22%

Wheat May 18   456-0s   -1-2   -0.27%

Wheat Jul 18   469-4s   -1-4   -0.32%

Wheat Sep 18   484-6s   -1-4   -0.31%

 

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Minneapolis

Spring Wheat Dec 17   643-4s   +8-6   +1.38%

Spring Wheat Mar 18   654-4s   +8-4   +1.32%

Spring Wheat May 18   660-2s   +7-2   +1.11%

Spring Wheat Jul 18   660-4s   +5-2   +0.80%

Spring Wheat Sep 18   644-2s   +3-2   +0.51%

 

Kansas City

Hard Red Wheat Dec 17   427-4s   +1-0   +0.23%

Hard Red Wheat Mar 18   445-0s   +1-2   +0.28%

Hard Red Wheat May 18   458-0s   +0-4   +0.11%

Hard Red Wheat Jul 18   474-0s   unch   unch

Hard Red Wheat Sep 18   490-0s   -1-0   -0.20%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Dec 17   122.925s   -1.700   -1.36%

Live Cattle Feb 18   128.575s   -1.800   -1.38%

Live Cattle Apr 18   128.375s   -1.000   -0.77%

 

Feeder Cattle Nov 17   157.325s   -2.550   -1.59%

Feeder Cattle Jan 18   156.900s   -3.625   -2.26%

Feeder Cattle Mar 18   154.500s   -2.850   -1.81%

 

Lean Hogs Dec 17   63.550s   -0.375   -0.59%

Lean Hogs Feb 18   69.750s   -1.125   -1.59%

Lean Hogs Apr 18   73.950s   -0.725   -0.97%

 

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