Canola higher on weather worries, wheat down on profit taking

WATCH FOR OUR WEEKLY VIDEO CROP MARKET UPDATE WEDNESDAY NIGHT AT PRODUCER.COM.
Canola futures rose Wednesday on continuing concern about frost damage as well as dry weather in much of Saskatchewan and Alberta.
Rain fell Tuesday in southwestern Alberta south of the TransCanada Highway and along the Canada-U.S. border in Manitoba and southeastern Saskatchewan.
There could be some showers in central Alberta tomorrow but accumulation is not expected to be significant.
Friday could see light rain in the Manitoba-Saskatchewan border area, but again, nothing substantial.

Read Also

CBOT Weekly: Grain prices showing weakness

Grain prices at the Chicago Board of Trade were on the weaker side for the week ended July 16 due to last week’s USDA report and ongoing trade tensions.

U.S. wheat futures fell on Wednesday, shrugging off weakness in the American dollar as investors locked in profits following two days of sharp gains, traders told Reuters.
Soybean futures ended lower too, pressured by commercial hedging after farmers booked sales on the cash market following a rally that pushed futures prices to their highest since May 21.
Reuters said huge global supplies contributed to the pressure hanging over soybeans. Informa Economics raised its estimate of the 2014-15 soy harvest from both Brazil and Argentina.
“Globally, we still have pretty big crops,” said Mark Schultz, chief analyst at Northstar Commodity Investment Co. “To go significantly higher is still going to be very, very difficult to do.”
Farmer selling also weighed on corn but the yellow grain managed to close steady to slightly firmer due to technical buying.
Traders told Reuters that updated weather forecasts called for some rain in dry production areas of Russia, adding pressure to wheat futures amid prospects for increased competition on the export market.
Light crude oil nearby futures in New York were down $1.62 to US$59.64 per barrel.
The Canadian dollar at noon was US80.41 cents, down from 80.50 cents the previous trading day. The U.S. dollar at noon was C$1.2436.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 49.94 points, or 0.33 percent, at 15,154.68.
The Dow Jones industrial average rose 64.33 points, or 0.36 percent, to 18,076.27, the S&P 500 gained 4.47 points, or 0.21 percent, to 2,114.07 and the Nasdaq Composite added 22.71 points, or 0.45 percent, to 5,099.23.

Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2015 490.40 +7.80 +1.62%
Canola Nov 2015 488.60 +9.00 +1.88%
Canola Jan 2016 485.70 +9.30 +1.95%
Canola Mar 2016 483.20 +8.90 +1.88%
Canola May 2016 480.10 +8.80 +1.87%

Milling Wheat Jul 2015 215.00 -3.00 -1.38%
Milling Wheat Oct 2015 217.00 -3.00 -1.36%
Milling Wheat Dec 2015 217.00 -3.00 -1.36%

Durum Wheat Jul 2015 298.00 unch 0.00%
Durum Wheat Oct 2015 298.00 unch 0.00%
Durum Wheat Dec 2015 303.00 unch 0.00%

Barley Jul 2015 191.00 unch 0.00%
Barley Oct 2015 181.00 unch 0.00%
Barley Dec 2015 186.00 unch 0.00%

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

Chicago
Soybeans Jul 2015 935.25 -5.5 -0.58%
Soybeans Aug 2015 924.5 -3 -0.32%
Soybeans Sep 2015 915 -2.25 -0.25%
Soybeans Nov 2015 915 -2 -0.22%

Soybeans Jan 2016 922.25 -1.5 -0.16%
Soybeans Mar 2016 927.5 -0.5 -0.05%

Soybean Meal Jul 2015 302.7 +0.9 +0.30%
Soybean Meal Aug 2015 296.4 -0.1 -0.03%
Soybean Meal Sep 2015 293.7 -0.1 -0.03%

Soybean Oil Jul 2015 34.73 +0.56 +1.64%
Soybean Oil Aug 2015 34.73 +0.55 +1.61%
Soybean Oil Sep 2015 34.75 +0.56 +1.64%

Corn Jul 2015 359 unch 0.00%
Corn Sep 2015 365.75 +0.5 +0.14%
Corn Dec 2015 376.75 +0.75 +0.20%
Corn Mar 2016 387.5 +1.25 +0.32%
Corn May 2016 394.75 +1.25 +0.32%

Oats Jul 2015 251.75 -1 -0.40%
Oats Sep 2015 257.75 -1.75 -0.67%
Oats Dec 2015 264.5 -1.5 -0.56%
Oats Mar 2016 271.5 unch 0.00%
Oats May 2016 278.25 unch 0.00%

Wheat Jul 2015 510.75 -1.75 -0.34%
Wheat Sep 2015 515 -2.25 -0.43%
Wheat Dec 2015 528.5 -2.25 -0.42%
Wheat Mar 2016 542.25 -2.25 -0.41%
Wheat May 2016 551.5 -2 -0.36%

Minneapolis
Spring Wheat Jul 2015 563 -8.25 -1.44%
Spring Wheat Sep 2015 571.75 -8.5 -1.46%
Spring Wheat Dec 2015 585.5 -9 -1.51%
Spring Wheat Mar 2016 598.5 -9.75 -1.60%
Spring Wheat May 2016 607.5 -10 -1.62%

Kansas City
Hard Red Wheat Jul 2015 529.25 -6.25 -1.17%
Hard Red Wheat Sep 2015 539 -6.5 -1.19%
Hard Red Wheat Dec 2015 556.25 -6.25 -1.11%
Hard Red Wheat Mar 2016 569.75 -6.5 -1.13%
Hard Red Wheat May 2016 578.75 -6.5 -1.11%