Crop conditions in the United States are among the best ever for this time of year and that pushed crop futures lower even as the Midwest and Plains endured the first heat wave of the summer.
November soybeans fell 3.6 percent, but November canola held on a little better, falling only 1.55 percent.
Crop conditions in Western Canada are also mostly good. Temperatures are also rising across the Prairies this week but lack of moisture is not an issue in most places.
Some analysts believe canola is under priced relative to soybeans and is due for a rebalancing but there is a stronger possibility that soybeans will fall than canola will rise.
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Temperatures in U.S. soybean and corn growing areas are in the mid to high 30s this week, but are expected to fall to the low 30s next week.
The corn condition rating was 76 percent good to excellent, unchanged from the previous week.
The spring wheat crop was 69 percent good to excellent, down one percentage point from the week before. Last year the condition was 70 percent good to excellent.
The winter wheat harvest was 76 percent compete, ahead of the five-year average of 73 percent.
Wheat yields are record high but protein levels are below normal.
There are also quality problems in the wheat crop in western Europe.
Light crude oil nearby futures in New York were down 59 cents to US$44.65 per barrel.
The Canadian dollar at noon was US76.75 cents, down from 77.02 cents the previous trading day. The U.S. dollar at noon was C$1.3029.
The Dow Jones industrial average rose 25.96 points, or 0.14 percent, to 18,559.01, a new record high close.
The S&P 500 lost 3.11 points, or 0.14 percent, to 2,163.78 and the Nasdaq Composite dropped 19.41 points, or 0.38 percent, to 5,036.37.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2016 463.40 -7.30 -1.55%
Canola Jan 2017 471.20 -7.20 -1.51%
Canola Mar 2017 478.40 -7.10 -1.46%
Canola May 2017 482.40 -7.00 -1.43%
Canola Jul 2017 486.50 -7.10 -1.44%
Milling Wheat Oct 2016 205.00 -4.00 -1.91%
Milling Wheat Dec 2016 210.00 -3.00 -1.41%
Durum Wheat Oct 2016 270.00 -1.00 -0.37%
Durum Wheat Dec 2016 273.00 unch 0.00%
Barley Oct 2016 150.00 unch 0.00%
Barley Dec 2016 150.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2016 1044.00 -34.25 -3.18%
Soybeans Sep 2016 1039.25 -35.75 -3.33%
Soybeans Nov 2016 1027.75 -38.50 -3.61%
Soybeans Jan 2017 1027.50 -37.50 -3.52%
Soybeans Mar 2017 1015.25 -33.75 -3.22%
Soybeans May 2017 1009.75 -33.50 -3.21%
Soybean Meal Aug 2016 359.70 -13.30 -3.57%
Soybean Meal Sep 2016 358.60 -13.60 -3.65%
Soybean Meal Oct 2016 356.70 -14.10 -3.80%
Soybean Oil Aug 2016 30.66 -0.28 -0.90%
Soybean Oil Sep 2016 30.78 -0.28 -0.90%
Soybean Oil Oct 2016 30.90 -0.28 -0.90%
Corn Sep 2016 341.75 -15.25 -4.27%
Corn Dec 2016 348.50 -14.75 -4.06%
Corn Mar 2017 357.50 -14.25 -3.83%
Corn May 2017 363.00 -13.50 -3.59%
Corn Jul 2017 368.00 -12.25 -3.22%
Oats Sep 2016 204.25 -2.75 -1.33%
Oats Dec 2016 202.75 -2.00 -0.98%
Oats Mar 2017 210.50 -1.25 -0.59%
Oats May 2017 215.00 -1.25 -0.58%
Oats Jul 2017 220.75 -1.25 -0.56%
Wheat Sep 2016 418.00 -11.50 -2.68%
Wheat Dec 2016 442.50 -12.00 -2.64%
Wheat Mar 2017 465.50 -12.25 -2.56%
Wheat May 2017 479.00 -13.00 -2.64%
Minneapolis
Spring Wheat Sep 2016 488.00 -10.00 -2.01%
Spring Wheat Dec 2016 504.00 -9.75 -1.90%
Spring Wheat Mar 2017 520.00 -9.50 -1.79%
Spring Wheat May 2017 529.75 -9.00 -1.67%
Spring Wheat Jul 2017 539.25 -9.00 -1.64%
Kansas City
Hard Red Wheat Sep 2016 410.50 -9.50 -2.26%
Hard Red Wheat Dec 2016 436.50 -9.50 -2.13%
Hard Red Wheat Mar 2017 453.50 -9.75 -2.10%
Hard Red Wheat May 2017 464.50 -9.75 -2.06%
Hard Red Wheat Jul 2017 474.50 -9.50 -1.96%
Chicago livestock futures in US¢/pound
Live Cattle (P) Aug 110.400 -2.050 -1.82%
Live Cattle (P) Oct 109.475 -1.150 -1.04%
Live Cattle (P) Dec 110.775 -1.250 -1.12%
Feeder Cattle (P) Aug 139.900 -1.275 -0.90%
Feeder Cattle (P) Sep 138.825 -1.375 -0.98%
Feeder Cattle (P) Oct 137.725 -1.450 -1.04%
Lean Hogs (P) Aug 77.350 -0.475 -0.61%
Lean Hogs (P) Oct 64.300 -1.075 -1.64%
Lean Hogs (P) Dec 58.400 -0.900 -1.52%
