Canola and other crop futures fall again on good weather

Good weather across the U.S. Midwest again pressured crop futures lower.

Canola futures fell in sympathy with the falling soybean complex, however the declines today were not as sharp as on Tuesday.

November canola closed at $479.80, down $3.30 or 0.68 percent.

Corn took a harder hit, falling more than two percent.

All wheat contracts were lower with Minneapolis spring wheat and Chicago soft wheat down a little more than Kansas hard red winter.

Click here to watch this week’s video crop market update

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The USDA weekly crop condition ratings came out late Tuesday, delayed a day because of the the American July 4 holiday.

For U.S. corn, 75 percent was in good to excellent condition against 75 percent last week and 69 percent a year ago.

For soybeans, 70 percent was in good to excellent condition, down from 72 percent a week ago, but well up from 63 percent a year ago.

The spring wheat crop is 72 percent good to excellent, same as the week before and up from 70 percent last year at this time.

In winter wheat, 58 percent of the crop is harvested, a little ahead of the five year average.

Many areas of the Prairies have adequate to excessive moisture. About the only areas with less than normal rain accumulations are southern Alberta, up along the foothills and into the Red Deer area.

The longer term forecast for this weekend and early next week includes rain for much of the Prairies.

This morning the models indicated heavy accumulations around Red Deer but the afternoon update has pushed the heavier accumulations eastward toward the border with Saskatchewan.

The weather system is expected to deliver moisture to much of the Prairies.

Iowa is also expected to get good accumulations over the next seven days. It mostly missed the system on the July holiday weekend.

Almost all of the Midwest is expected to get some rain over the next seven days, keeping crops in good condition.

Light crude oil nearby futures in New York were up 83 cents to US$47.43 per barrel.

The Canadian dollar at noon was US76.89 cents, down from 77.23 cents the previous trading day. The U.S. dollar at noon was C$1.3005.

Minutes released today from the mid June meeting of the U.S. Federal Reserve show the central bankers were reluctant to raise interest rates while there was uncertainty about Briton leaving the European Union. Britons did vote to leave and since then stock markets have been on edge, worring about the impact on the British and European economies.

A report today on the U.S. services industry showed activity hit a seven-month high in June as new orders surged and companies hired more workers, suggesting the American economy regained speed in the second quarter.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 11.49 points, or 0.08 percent, at 14,231.06.

The Dow Jones industrial average rose 78 points, or 0.44 percent, to 17,918.62, the S&P 500 gained 11.18 points, or 0.54 percent, to 2,099.73 and the Nasdaq Composite added 36.26 points, or 0.75 percent, to 4,859.16.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 16 479.30 -3.30 -0.68%

Canola Nov 16 479.80 -3.30 -0.68%

Canola Jan 17 486.50 -3.40 -0.69%

Canola Mar 17 492.00 -3.30 -0.67%

Canola May 17 496.20 -2.90 -0.58%

Milling Wheat Jul 16 214.00 -4.00 -1.83%

Milling Wheat Oct 16 211.00 -3.00 -1.40%

Milling Wheat Dec 16 216.00 -2.00 -0.92%

Durum Wheat Jul 16 286.00 -2.00 -0.69%

Durum Wheat Oct 16 281.00 -2.00 -0.71%

Durum Wheat Dec 16 283.00 -2.00 -0.70%

Barley Jul 16 166.00 unch unch

Barley Oct 16 166.00 unch unch

Barley Dec 16 166.00 unch unch

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

Chicago

Soybeans Jul 16 1106-2s -10-6 -0.96%

Soybeans Aug 16 1101-4s -8-4 -0.77%

Soybeans Sep 16 1084-6s -6-6 -0.62%

Soybeans Nov 16 1073-2s -4-0 -0.37%

Soybeans Jan 17 1072-0s -2-4 -0.23%

Soybean Meal Jul 16 386.0s +0.6 +0.16%

Soybean Meal Aug 16 383.4s -0.8 -0.21%

Soybean Meal Sep 16 380.0s -1.0 -0.26%

Soybean Oil Jul 16 30.25s -0.57 -1.85%

Soybean Oil Aug 16 30.36s -0.59 -1.91%

Soybean Oil Sep 16 30.47s -0.58 -1.87%

Corn Jul 16 335-6s -8-2 -2.40%

Corn Sep 16 341-4s -9-2 -2.64%

Corn Dec 16 348-2s -9-6 -2.72%

Corn Mar 17 357-6s -9-6 -2.65%

Corn May 17 363-4s -9-4 -2.55%

Oats Jul 16 218-0s +2-0 +0.93%

Oats Sep 16 192-4s +2-4 +1.32%

Oats Dec 16 193-4s +2-0 +1.04%

Oats Mar 17 203-4s -0-6 -0.37%

Oats May 17 208-0s -0-6 -0.36%

Wheat Jul 16 415-6s -3-6 -0.89%

Wheat Sep 16 428-4s -5-0 -1.15%

Wheat Dec 16 448-0s -5-4 -1.21%

Wheat Mar 17 465-2s -5-6 -1.22%

Wheat May 17 477-0s -6-0 -1.24%

Minneapolis

Spring Wheat Jul 16 497-0s -6-6 -1.34%

Spring Wheat Sep 16 502-2s -6-0 -1.18%

Spring Wheat Dec 16 517-2s -6-0 -1.15%

Spring Wheat Mar 17 531-6s -6-4 -1.21%

Spring Wheat May 17 541-4s -6-4 -1.19%

Kansas City

Hard Red Wheat Jul 16 400-4s -1-4 -0.37%

Hard Red Wheat Sep 16 414-6s -1-6 -0.42%

Hard Red Wheat Dec 16 438-6s -2-2 -0.51%

Hard Red Wheat Mar 17 455-2s -2-4 -0.55%

Hard Red Wheat May 17 466-0s -2-4 -0.53%

Chicago livestock futures in US¢/pound

Live Cattle (P) Aug 16 112.800s -0.850 -0.75%

Live Cattle (P) Oct 16 113.100s -0.900 -0.79%

Live Cattle (P) Dec 16 113.975s -0.700 -0.61%

Feeder Cattle (P) Aug 16 144.575s +0.500 +0.35%

Feeder Cattle (P) Sep 16 143.700s +0.350 +0.24%

Feeder Cattle (P) Oct 16 142.475s +0.075 +0.05%

Lean Hogs (P) Jul 16 81.575s -0.475 -0.58%

Lean Hogs (P) Aug 16 80.625s -2.625 -3.15%

Lean Hogs (P) Oct 16 69.900s -2.250 -3.12%

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