Canola drifts lower as combines roll, wheat up on Australia rain

Canola futures drifted lower on Tuesday on commercial hedging while American crop futures edged higher.

Harvest should progress across the Prairies this week thanks to mostly sunny dry weather.

A weather disturbance enters the picture on Saturday in southern Alberta, spreading into southern Saskatchewan on Sunday when Environment Canada sees a 60 percent chance of rain in many areas.

U.S. grains bounced back a little from losses on Monday, supported by short covering.

The market is starting to adjust to reflect its expectations for the U.S. Department of Agriculture year end stocks report to be issued Friday.

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Minneapolis spring wheat saw the strongest gain today, supported by quality problems in Canada’s crop and word that eastern Australia’s wheat crop is being hit by heavy rain late in the growing season.

Gains in U.S. crop futures today were kept in check by the advancing harvest, even though it is running a little behind the norm because of heavy rain in the northern Midwest last week.

The USDA said late Monday the U.S. soybean harvest was 10 percent complete by Sunday, behind the five-year average of 13 percent and just behind an average of analyst estimates for 11 percent.

The USDA left its soybean condition ratings unchanged, with 73 percent of the crop seen as good to excellent.

Rich Feltes, vice president for research at R.J. O’Brien, said early yield results for U.S. soybeans have been impressive.

“On a national basis we are seeing … very few (anecdotal harvest) yields that are below USDA’s number, at 50-plus (bushels per acre),” Feltes said.

The U.S. corn harvest was 15 percent complete as of Sunday, behind the five-year average of 19 percent and behind an average of analyst estimates for 17 percent.

The corn condition ratings were unchanged, with 74 percent of the crop seen as good to excellent.

It said the U.S. winter wheat crop was 30 percent planted as of Sunday, matching the five-year average but slightly behind an average of analyst expectations for 32 percent.

In Australia farmers in the eastern grain belt are worrying about grain quality after heavy rain earlier this month, and fresh forecasts for more rain this week.

Australian farmers will start their harvest in a few weeks.

Excess rain hurting crop quality has been a problem in many regions of the world this year.

As noted earlier, USDA on Friday reports U.S. stockpiles of wheat, corn and soybeans as of Sept. 1. A Reuters poll shows traders expect stocks to be above levels at the same time in 2015.

An estimated 80.9 million people watched the first presidential debate between Hillary Clinton and Donald Trump, said CNN.

Crude oil fell on fading expectations for an OPEC agreement to limit production.

The Toronto Stock Exchange’s S&P/TSX composite index fell 61.42 points, or 0.42 per cent, at 14,558.04.

The Dow Jones industrial average rose 133.34 points, or 0.74 percent, to 18,228.17, the S&P 500 gained 13.82 points, or 0.64 percent, to 2,159.92 and the Nasdaq Composite added 48.22 points, or 0.92 percent, to 5,305.71.

Light crude oil nearby futures in New York were down $1.26 to US$44.67 per barrel.

The Canadian dollar at noon was US75.48 cents, down from 75.77 cents the previous trading day. The U.S. dollar at noon was C$1.3248.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2016 465.60 -1.80 -0.39%

Canola Jan 2017 473.10 -1.50 -0.32%

Canola Mar 2017 478.40 -1.50 -0.31%

Canola May 2017 483.50 -1.40 -0.29%

Canola Jul 2017 486.60 -1.80 -0.37%

Milling Wheat Oct 2016 215.00 -3.00 -1.38%

Milling Wheat Dec 2016 217.00 -3.00 -1.36%

Milling Wheat Mar 2017 221.00 -3.00 -1.34%

Durum Wheat Oct 2016 274.00 unch 0.00%

Durum Wheat Dec 2016 275.00 unch 0.00%

Durum Wheat Mar 2017 280.00 unch 0.00%

Barley Oct 2016 132.50 unch 0.00%

Barley Dec 2016 132.50 -0.50 -0.38%

Barley Mar 2017 134.50 -0.50 -0.37%

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

Chicago

Soybeans Nov 2016 952.50 +7.25 +0.77%

Soybeans Jan 2017 958.75 +7.25 +0.76%

Soybeans Mar 2017 965.25 +8.00 +0.84%

Soybeans May 2017 971.00 +8.00 +0.83%

Soybeans Jul 2017 975.75 +7.75 +0.80%

Soybeans Aug 2017 974.75 +7.75 +0.80%

Soybean Meal Oct 2016 299.30 +1.70 +0.57%

Soybean Meal Dec 2016 299.60 +2.00 +0.67%

Soybean Meal Jan 2017 300.80 +2.30 +0.77%

Soybean Oil Oct 2016 33.12 unch 0.00%

Soybean Oil Dec 2016 33.35 unch 0.00%

Soybean Oil Jan 2017 33.59 unch 0.00%

Corn Dec 2016 331.75 +2.75 +0.84%

Corn Mar 2017 341.75 +2.75 +0.81%

Corn May 2017 348.75 +2.75 +0.79%

Corn Jul 2017 355.75 +3.00 +0.85%

Corn Sep 2017 362.75 +3.00 +0.83%

Oats Dec 2016 174.50 +1.25 +0.72%

Oats Mar 2017 184.75 unch 0.00%

Oats May 2017 189.75 unch 0.00%

Oats Jul 2017 197.75 +0.50 +0.25%

Oats Sep 2017 198.75 +0.50 +0.25%

Wheat Dec 2016 404.00 +8.00 +2.02%

Wheat Mar 2017 426.00 +6.25 +1.49%

Wheat May 2017 439.50 +5.75 +1.33%

Wheat Jul 2017 448.50 +5.00 +1.13%

Wheat Sep 2017 462.50 +5.00 +1.09%

Minneapolis

Spring Wheat Dec 2016 502.75 +8.25 +1.67%

Spring Wheat Mar 2017 511.00 +9.00 +1.79%

Spring Wheat May 2017 518.75 +9.25 +1.82%

Spring Wheat Jul 2017 527.00 +9.25 +1.79%

Spring Wheat Sep 2017 536.50 +9.50 +1.80%

Kansas City

Hard Red Wheat Dec 2016 419.25 +5.25 +1.27%

Hard Red Wheat Mar 2017 436.00 +5.25 +1.22%

Hard Red Wheat May 2017 446.00 +5.25 +1.19%

Hard Red Wheat Jul 2017 456.00 +5.25 +1.16%

Hard Red Wheat Sep 2017 469.50 +5.25 +1.13%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Oct 2016 103.82 -3.01 -2.82%

Live Cattle (P) Dec 2016 103.12 -3.01 -2.84%

Live Cattle (P) Feb 2017 103.65 -2.65 -2.49%

Feeder Cattle (P) Sep 2016 134.82 -1.23 -0.90%

Feeder Cattle (P) Oct 2016 126.85 -4.20 -3.20%

Feeder Cattle (P) Nov 2016 123.37 -4.51 -3.53%

Lean Hogs (P) Oct 2016 51.70 -1.35 -2.54%

Lean Hogs (P) Dec 2016 46.45 -2.15 -4.42%

Lean Hogs (P) Feb 2017 51.30 -1.65 -3.12%

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