Wheat fell about one percent Tuesday, adding to the four percent drop on Monday after weekend rain gave good coverage to the dry U.S. southern Plains.
More rain is expected in the region this week, rescuing a crop that had been under stress prior to the rain.
The U.S. Department of Agriculture late Monday rated 42 percent of all U.S. winter wheat as good to excellent, down from 44 percent a week earlier.
The Kansas hard red winter wheat crop had fallen to 28 percent good to excellent, down from 33 percent the week before.
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U.S. wheat is priced higher than other exporters and this lack of competitiveness also weighed on wheat futures Tuesday.
Canola and soybeans rose a little on bargain buying and short covering after recent declines.
Gains were limited by strong competition from the large South American soy crop.
Corn also edged higher on bargain buying and short covering.
Reuters reported that analyst Dorab Mistry has dropped his forecast for a modest spring rally in palm oil futures and now thinks values will be lackluster for the rest of the first half of the year and fall in the second half.
Prices currently work out to about $567 a tonne on the Malaysian exchange. He thinks they could fall to $514 in the second half of the year.
That weakness would spill over into other oil crops, including canola.
Light crude oil nearby futures in New York today were up $1.38 to US$53.29 per barrel.
The Canadian dollar at noon was US80.14 cents, up from 79.35 cents the previous trading day. The U.S. dollar at noon was C$1.2478.
In early tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 5.69 points, or 0.04 percent, at 15,389.28.
The Dow Jones industrial average rose 59.79 points, or 0.33 percent, to 18,036.83, the S&P 500 gained 3.49 points, or 0.17 percent, to 2,095.92 and the Nasdaq Composite dropped 10.96 points, or 0.22 percent, to 4,977.29.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 456.20 +2.10 +0.46%
Canola Jul 2015 456.80 +2.10 +0.46%
Canola Nov 2015 447.90 +2.00 +0.45%
Canola Jan 2016 449.10 +2.20 +0.49%
Canola Mar 2016 448.40 +1.60 +0.36%
Milling Wheat May 2015 219.00 -11.00 -4.78%
Milling Wheat Jul 2015 222.00 -6.00 -2.63%
Milling Wheat Oct 2015 225.00 -3.00 -1.32%
Durum Wheat May 2015 323.00 unch 0.00%
Durum Wheat Oct 2015 318.00 unch 0.00%
Barley May 2015 205.00 unch 0.00%
Barley Jul 2015 205.00 unch 0.00%
Barley Oct 2015 190.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2015 960.25 +11.5 +1.21%
Soybeans Jul 2015 964 +11.25 +1.18%
Soybeans Aug 2015 962.5 +10.5 +1.10%
Soybeans Sep 2015 953.75 +10 +1.06%
Soybeans Nov 2015 948.25 +9 +0.96%
Soybeans Jan 2016 954.5 +8.75 +0.93%
Soybean Meal May 2015 313.6 +4.8 +1.55%
Soybean Meal Jul 2015 313.5 +4.4 +1.42%
Soybean Meal Aug 2015 312.4 +3.9 +1.26%
Soybean Oil May 2015 31.3 +0.26 +0.84%
Soybean Oil Jul 2015 31.48 +0.25 +0.80%
Soybean Oil Aug 2015 31.53 +0.24 +0.77%
Corn May 2015 373.5 +3 +0.81%
Corn Jul 2015 381 +3 +0.79%
Corn Sep 2015 388.75 +3 +0.78%
Corn Dec 2015 399 +3 +0.76%
Corn Mar 2016 409.5 +2.5 +0.61%
Oats May 2015 263.75 -0.25 -0.09%
Oats Jul 2015 268.25 +0.75 +0.28%
Oats Sep 2015 274 +1.25 +0.46%
Oats Dec 2015 276.25 -0.75 -0.27%
Oats Mar 2016 283.25 -0.5 -0.18%
Wheat May 2015 497 -5.25 -1.05%
Wheat Jul 2015 496.5 -3.75 -0.75%
Wheat Sep 2015 505.5 -3.75 -0.74%
Wheat Dec 2015 520.25 -3.25 -0.62%
Minneapolis
Spring Wheat May 2015 552 -8 -1.43%
Spring Wheat Jul 2015 560.75 -5.5 -0.97%
Spring Wheat Sep 2015 569 -4.5 -0.78%
Spring Wheat Dec 2015 580.25 -4 -0.68%
Spring Wheat Mar 2016 593 -3.5 -0.59%
Kansas City
Hard Red Wheat May 2015 521.75 -7.25 -1.37%
Hard Red Wheat Jul 2015 525.75 -6.5 -1.22%
Hard Red Wheat Sep 2015 538.5 -6.75 -1.24%
Hard Red Wheat Dec 2015 555.75 -5.5 -0.98%
Hard Red Wheat Mar 2016 569.25 -4.5 -0.78%
