An improved outlook for rain in the Midwest this weekend pressured crop futures lower and canola closed down.
Temperatures are also supposed to moderate in the Midwest next week, helping to relieve the stress on soybeans, which are setting pods.
Pressure also came from early harvest progress on what is expected to be a record large canola crop in Western Canada.
November canola closed at $522.30 per tonne, down $3.80. For the week, the November contract gained $6.60.
ICE Futures milling wheat and durum contracts were untraded, but the exchange dropped the price today.
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The trend of prices next week will likely be determined by the weather forecasts. If rain totals in the Midwest are disappointing or if the temperatures do not cool down, then crop values could rally again.
Otherwise if there is more benign weather in the Midwest, prices might weaken again as harvest approaches.
The next USDA crop size forecast comes out Sept. 12. Traders expect USDA’s crop condition report that will come out on Tuesday because of the Monday holiday will show a drop of 3 to 5 percentage points in the good-to-excellent rating for soybeans and a drop of 2 to 4 percentage points for corn due to the dry heat this week.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013Â Â Â Â Â Â 522.30Â Â Â Â Â Â -3.80Â Â Â Â Â Â -0.72%
Canola Jan 2014Â Â Â Â Â Â 527.70Â Â Â Â Â Â -4.40Â Â Â Â Â Â -0.83%
Canola Mar 2014Â Â Â Â Â Â 532.50Â Â Â Â Â Â -4.50Â Â Â Â Â Â -0.84%
Canola May 2014Â Â Â Â Â Â 536.50Â Â Â Â Â Â -4.50Â Â Â Â Â Â -0.83%
Canola Jul 2014Â Â Â Â Â Â 539.00Â Â Â Â Â Â -4.80Â Â Â Â Â Â -0.88%
Milling Wheat Oct 2013Â Â Â Â Â Â 254.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.39%
Milling Wheat Dec 2013Â Â Â Â Â Â 259.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.38%
Milling Wheat Mar 2014Â Â Â Â Â Â 265.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.38%
Durum Wheat Oct 2013Â Â Â Â Â Â 280.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.41%
Durum Wheat Dec 2013Â Â Â Â Â Â 282.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.40%
Durum Wheat Mar 2014Â Â Â Â Â Â 289.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.37%
Barley Oct 2013      189.00      unch      0.00%
Barley Dec 2013      194.00      unch      0.00%
Barley Mar 2014      194.00      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Sep 2013Â Â Â Â Â Â 1424Â Â Â Â Â Â -6Â Â Â Â Â Â -0.42%
Soybeans Nov 2013Â Â Â Â Â Â 1357.5Â Â Â Â Â Â -11Â Â Â Â Â Â -0.80%
Soybeans Jan 2014Â Â Â Â Â Â 1354.75Â Â Â Â Â Â -10Â Â Â Â Â Â -0.73%
Soybeans Mar 2014Â Â Â Â Â Â 1334.25Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.34%
Soybeans May 2014Â Â Â Â Â Â 1311.75Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.21%
Soybeans Jul 2014Â Â Â Â Â Â 1307.75Â Â Â Â Â Â +4Â Â Â Â Â Â +0.31%
Soybean Meal Sep 2013Â Â Â Â Â Â 468.2Â Â Â Â Â Â +0.8Â Â Â Â Â Â +0.17%
Soybean Meal Oct 2013Â Â Â Â Â Â 428.4Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.27%
Soybean Meal Dec 2013Â Â Â Â Â Â 423.7Â Â Â Â Â Â -6.4Â Â Â Â Â Â -1.49%
Soybean Oil Sep 2013Â Â Â Â Â Â 43.89Â Â Â Â Â Â +0.11Â Â Â Â Â Â +0.25%
Soybean Oil Oct 2013Â Â Â Â Â Â 43.97Â Â Â Â Â Â +0.07Â Â Â Â Â Â +0.16%
Soybean Oil Dec 2013Â Â Â Â Â Â 44.29Â Â Â Â Â Â +0.09Â Â Â Â Â Â +0.20%
Corn Sep 2013Â Â Â Â Â Â 495Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.45%
Corn Dec 2013Â Â Â Â Â Â 482Â Â Â Â Â Â +0.5Â Â Â Â Â Â +0.10%
Corn Mar 2014Â Â Â Â Â Â 494.5Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.05%
Corn May 2014Â Â Â Â Â Â 502.5Â Â Â Â Â Â +0.5Â Â Â Â Â Â +0.10%
Corn Jul 2014Â Â Â Â Â Â 508.75Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.25%
Oats Sep 2013Â Â Â Â Â Â 391.5Â Â Â Â Â Â -3.25Â Â Â Â Â Â -0.82%
Oats Dec 2013Â Â Â Â Â Â 340.5Â Â Â Â Â Â -7Â Â Â Â Â Â -2.01%
Oats Mar 2014Â Â Â Â Â Â 341.75Â Â Â Â Â Â -7Â Â Â Â Â Â -2.01%
Oats May 2014Â Â Â Â Â Â 344.25Â Â Â Â Â Â -6Â Â Â Â Â Â -1.71%
Oats Jul 2014Â Â Â Â Â Â 335.25Â Â Â Â Â Â -6Â Â Â Â Â Â -1.76%
Wheat Sep 2013Â Â Â Â Â Â 643.25Â Â Â Â Â Â +2Â Â Â Â Â Â +0.31%
Wheat Dec 2013Â Â Â Â Â Â 654Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.04%
Wheat Mar 2014Â Â Â Â Â Â 665.5Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.04%
Wheat May 2014Â Â Â Â Â Â 672.75Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.04%
Wheat Jul 2014Â Â Â Â Â Â 666.5Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.04%
Minneapolis
Spring Wheat Sep 2013Â Â Â Â Â Â 720.25Â Â Â Â Â Â -4Â Â Â Â Â Â -0.55%
Spring Wheat Dec 2013Â Â Â Â Â Â 730.25Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.38%
Spring Wheat Mar 2014Â Â Â Â Â Â 741.75Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.34%
Spring Wheat May 2014Â Â Â Â Â Â 750.75Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.33%
Spring Wheat Jul 2014Â Â Â Â Â Â 757.25Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.20%
Kansas City
KCBT Red Wheat Sep 2013Â Â Â Â Â Â 700.75Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.04%
KCBT Red Wheat Dec 2013Â Â Â Â Â Â 703.5Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.04%
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 711Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.04%
KCBT Red Wheat May 2014Â Â Â Â Â Â 715.75Â Â Â Â Â Â +0.5Â Â Â Â Â Â +0.07%
KCBT Red Wheat Jul 2014Â Â Â Â Â Â 707.75Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.46%
Light crude oil nearby futures in New York dropped $1.15 at $107.65 US per barrel.
The Canadian dollar at noon was 94.76 cents US, down from 95.00 cents the previous trading day. The U.S. dollar at noon was $1.0553 Cdn.
Worries about the U.S. Federal Reserve paring down its stimulus and about a possible Western military response to Syria’s use of chemical weapons weakened stock markets.
For the week, the TSX composite was down 0.8 percent, the Dow slid 1.3 percent, the S&P 500 fell 1.8 percent and the Nasdaq fell 1.9 percent.
In August the Dow fell 4.4 percent, the S&P 500 fell 3.1 percent and the Nasdaq fell one percent.
