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 2013 522.30 -3.80 -0.72%
Canola Jan 2014 527.70 -4.40 -0.83%
Canola Mar 2014 532.50 -4.50 -0.84%
Canola May 2014 536.50 -4.50 -0.83%
Canola Jul 2014 539.00 -4.80 -0.88%
Milling Wheat Oct 2013 254.00 -1.00 -0.39%
Milling Wheat Dec 2013 259.00 -1.00 -0.38%
Milling Wheat Mar 2014 265.00 -1.00 -0.38%
Durum Wheat Oct 2013 280.00 -4.00 -1.41%
Durum Wheat Dec 2013 282.00 -4.00 -1.40%
Durum Wheat Mar 2014 289.00 -4.00 -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 2013 1424 -6 -0.42%
Soybeans Nov 2013 1357.5 -11 -0.80%
Soybeans Jan 2014 1354.75 -10 -0.73%
Soybeans Mar 2014 1334.25 -4.5 -0.34%
Soybeans May 2014 1311.75 +2.75 +0.21%
Soybeans Jul 2014 1307.75 +4 +0.31%
Soybean Meal Sep 2013 468.2 +0.8 +0.17%
Soybean Meal Oct 2013 428.4 -5.5 -1.27%
Soybean Meal Dec 2013 423.7 -6.4 -1.49%
Soybean Oil Sep 2013 43.89 +0.11 +0.25%
Soybean Oil Oct 2013 43.97 +0.07 +0.16%
Soybean Oil Dec 2013 44.29 +0.09 +0.20%
Corn Sep 2013 495 -2.25 -0.45%
Corn Dec 2013 482 +0.5 +0.10%
Corn Mar 2014 494.5 +0.25 +0.05%
Corn May 2014 502.5 +0.5 +0.10%
Corn Jul 2014 508.75 +1.25 +0.25%
Oats Sep 2013 391.5 -3.25 -0.82%
Oats Dec 2013 340.5 -7 -2.01%
Oats Mar 2014 341.75 -7 -2.01%
Oats May 2014 344.25 -6 -1.71%
Oats Jul 2014 335.25 -6 -1.76%
Wheat Sep 2013 643.25 +2 +0.31%
Wheat Dec 2013 654 -0.25 -0.04%
Wheat Mar 2014 665.5 -0.25 -0.04%
Wheat May 2014 672.75 -0.25 -0.04%
Wheat Jul 2014 666.5 +0.25 +0.04%
Minneapolis
Spring Wheat Sep 2013 720.25 -4 -0.55%
Spring Wheat Dec 2013 730.25 -2.75 -0.38%
Spring Wheat Mar 2014 741.75 -2.5 -0.34%
Spring Wheat May 2014 750.75 -2.5 -0.33%
Spring Wheat Jul 2014 757.25 -1.5 -0.20%
Kansas City
KCBT Red Wheat Sep 2013 700.75 -0.25 -0.04%
KCBT Red Wheat Dec 2013 703.5 +0.25 +0.04%
KCBT Red Wheat Mar 2014 711 +0.25 +0.04%
KCBT Red Wheat May 2014 715.75 +0.5 +0.07%
KCBT Red Wheat Jul 2014 707.75 +3.25 +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.