Midwest weather worry drives crop futures higher again

Corn and soybeans saw some good gains on futures markets Wednesday and canola also rose.

The trade is focused on forecasts for temperatures in the mid to upper 30s C next week in the U.S. Midwest and Plains.

That could stress crops.

And the smaller corn crop in Brazil and hopes that American corn exporters will be able to capture more business supported corn.

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Second Harvest redirecting surplus food to those in need

Second Harvest, billed as Canada’s largest food rescuer, was on hand at Ag in Motion in Langham, Saskatchewan, from July 15 to 17 to connect with farmers and raise awareness of their presence on the Prairies.

In Western Canada, there is mostly dry weather in Saskatchewan today allowing farmers to check out the impact from the heavy rain in many areas at the start of the week.

Drier weather is expected in Saskatchewan over the next several days and the extended outlook to next week also looks fairly dry and hotter.

Alberta though looks like it could get thunderstorms today and into the start of the weekend.

Today Chicago wheat edged higher on short covering but Minneapolis spring wheat dipped slightly.

Wheat will have major difficulties rallying much because of the big yields coming from the U.S. winter wheat crop and the large world supplies.

Stock markets took a bit of a breather after a couple of strong gains this week. Still the Dow and S&P 500 climbed into new record high territory, riding fairly upbeat readings of the U.S. economy.

Today the Bank of Canada kept interest rates steady. It trimmed its 2016 gross domestic product forecast to 1.3 percent from the 1.7 percent forecast in April.

The Canadian dollar at noon was US77.13 cents, up from 76.83 cents the previous trading day. The U.S. dollar at noon was C$1.2965.

Oil fell following the U.S. weekly report on crude inventories. They fell 2.5 million barrels but the market expected a three million barrel decline.

Light crude oil nearby futures in New York fell $2.05 to US$44.75 per barrel.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 16.13 points, or 0.11 percent, at 14,493.80.

The Dow Jones industrial average rose 24.45 points, or 0.13 percent, to 18,372.12; the S&P 500 ticked up 0.29 points, or 0.01 percent, to 2,152.43 and the Nasdaq Composite fell 17.09 points, or 0.34 percent, to 5,005.73.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2016 482.20 +6.80 +1.43%

Canola Jan 2017 489.50 +7.50 +1.56%

Canola Mar 2017 495.80 +8.00 +1.64%

Canola May 2017 499.80 +7.60 +1.54%

Canola Jul 2017 503.60 +7.70 +1.55%

Milling Wheat Oct 2016 211.00 -2.00 -0.94%

Milling Wheat Dec 2016 215.00 -2.00 -0.92%

Durum Wheat Oct 2016 274.00 -1.00 -0.36%

Durum Wheat Dec 2016 277.00 -1.00 -0.36%

Barley Oct 2016 158.50 unch 0.00%

Barley Dec 2016 158.50 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 2016 1128.00 +20.75 +1.87%

Soybeans Aug 2016 1122.75 +20.50 +1.86%

Soybeans Sep 2016 1112.75 +20.00 +1.83%

Soybeans Nov 2016 1105.25 +18.25 +1.68%

Soybeans Jan 2017 1104.00 +17.50 +1.61%

Soybeans Mar 2017 1081.75 +14.25 +1.33%

Soybean Meal Jul 2016 388.50 +10.20 +2.70%

Soybean Meal Aug 2016 388.10 +9.40 +2.48%

Soybean Meal Sep 2016 386.40 +8.90 +2.36%

Soybean Oil Jul 2016 30.65 -0.06 -0.20%

Soybean Oil Aug 2016 30.73 -0.08 -0.26%

Soybean Oil Sep 2016 30.86 -0.08 -0.26%

Corn Jul 2016 365.75 +16.00 +4.57%

Corn Sep 2016 362.00 +9.75 +2.77%

Corn Dec 2016 369.75 +9.50 +2.64%

Corn Mar 2017 377.25 +8.50 +2.31%

Corn May 2017 382.00 +8.25 +2.21%

Oats Jul 2016 237.75 +1.25 +0.53%

Oats Sep 2016 209.75 +3.00 +1.45%

Oats Dec 2016 208.00 +2.25 +1.09%

Oats Mar 2017 212.25 +1.50 +0.71%

Oats May 2017 216.75 +1.50 +0.70%

Wheat Jul 2016 426.25 +2.25 +0.53%

Wheat Sep 2016 439.75 +1.25 +0.29%

Wheat Dec 2016 463.00 +2.00 +0.43%

Wheat Mar 2017 482.00 +2.50 +0.52%

Wheat May 2017 494.00 +2.75 +0.56%

Minneapolis

Spring Wheat Jul 2016 487.75 unch 0.00%

Spring Wheat Sep 2016 502.50 unch 0.00%

Spring Wheat Dec 2016 517.25 -0.25 -0.05%

Spring Wheat Mar 2017 531.75 -0.50 -0.09%

Spring Wheat May 2017 541.25 -0.50 -0.09%

Kansas City

Hard Red Wheat Jul 2016 407.75 unch 0.00%

Hard Red Wheat Sep 2016 422.50 -0.50 -0.12%

Hard Red Wheat Dec 2016 448.25 unch 0.00%

Hard Red Wheat Mar 2017 465.00 unch 0.00%

Hard Red Wheat May 2017 475.75 unch 0.00%

Chicago livestock futures in US¢/pound

Live Cattle (P) Aug 2016 111.45 +2.55 +2.34%

Live Cattle (P) Oct 2016 110.35 +1.45 +1.33%

Live Cattle (P) Dec 2016 112.15 +1.38 +1.25%

Feeder Cattle (P) Aug 2016 139.28 +0.68 +0.49%

Feeder Cattle (P) Sep 2016 138.53 +0.88 +0.64%

Feeder Cattle (P) Oct 2016 137.70 +1.10 +0.81%

Lean Hogs (P) Jul 2016 80.18 +0.23 +0.29%

Lean Hogs (P) Aug 2016 79.20 +0.03 +0.04%

Lean Hogs (P) Oct 2016 67.55 -0.20 -0.30%

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