Concerns about excessive rain in Argentina lifted oilseed futures on Wednesday.
And concerns about dry weather in Oklahoma and Kansas lifted wheat futures.
Markets generally were buoyant including crop markets, as traders expect policies by the incoming Trump presidency will spark investment and economic growth.
Soybeans rose almost two percent today, but gains in canola were muted by a rising loonie that took strength from rising crude oil prices.
Soybean traders are watching Argentina where heavy rain recently has caused flooding and more rain is in the forecast.
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Ukraine 2025 wheat crop seen at 21.8 million tons, corn at 28 million-29 million says farm union
Ukraine’s 2025 wheat harvest is forecast at a maximum of 21.8 million metric tons, down from 22.7 million tons in 2024, the UAC farmers’ union said on Wednesday, slightly raising its outlook for this year’s corn crop.
Wet fields mean farmers might not be able to seed all the soybeans they hoped to. Also some fields might have to be reseeded.
But in the U.S. southern plains the concern is lack of rain.
WHEAT
Kansas winter wheat futures rallied almost three percent on the dryness and on state crop condition reports from Kansas and Oklahoma on Monday that showed significant percentages (Kansas 19 percent, Oklahoma 25 percent) of poor to very poor crop conditions.
There is no moisture for the area in forecasts for the next two weeks.
FEDERAL RESERVE
The U.S. Federal Reserve released the minutes from its December meeting. They showed members of the board more united in their belief of improved economic growth in 2017, in part because of the business-friendly attitude of President-elect Trump.
But that could also stoke inflation, raising the potential for the Fed to be more aggressive about raising interest rates.
If it does, and if the Bank of Canada keeps its rates steady, then that could put downward pressure on the Canadian dollar.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 113.72 points, or 0.74 percent, at 15,516.75, its highest close since Sept. 12, 2014.
The Dow Jones Industrial Average rose 60.4 points, or 0.3 percent, to close at 19,942.16, the S&P 500 gained 12.92 points, or 0.57 percent, to end at 2,270.75 and the Nasdaq Composite added 47.92 points, or 0.88 percent, to finish at 5,477.01.
Light crude oil nearby futures in New York were up 93 cents to US$53.26 per barrel. The trade expects the weekly U.S. oil stocks report will show a significant draw down and there are signs that OPEC will follow through on its plan to cut production this year
Rising crude lifted the Canadian dollar. At noon it was US75.23 cents, up from 74.42 cents the previous trading day. The U.S. dollar at noon was C$1.3293.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2017 503.60 +3.50 +0.70%
Canola May 2017 510.10 +3.30 +0.65%
Canola Jul 2017 514.80 +3.50 +0.68%
Canola Nov 2017 494.40 +3.80 +0.77%
Canola Jan 2018 495.80 +4.00 +0.81%
Milling Wheat Mar 2017 238.00 +3.00 +1.28%
Milling Wheat May 2017 240.00 +2.00 +0.84%
Milling Wheat Jul 2017 241.00 +2.00 +0.84%
Durum Wheat Mar 2017 319.00 unch 0.00%
Durum Wheat May 2017 322.00 unch 0.00%
Durum Wheat Jul 2017 326.00 unch 0.00%
Barley Mar 2017 142.00 unch 0.00%
Barley May 2017 144.00 unch 0.00%
Barley Jul 2017 145.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2017 1006.25 +19.50 +1.98%
Soybeans Mar 2017 1015.25 +20.25 +2.04%
Soybeans May 2017 1023.50 +20.00 +1.99%
Soybeans Jul 2017 1030.00 +19.75 +1.95%
Soybeans Aug 2017 1028.00 +18.50 +1.83%
Soybeans Sep 2017 1012.25 +17.25 +1.73%
Soybean Meal Jan 2017 315.30 +7.00 +2.27%
Soybean Meal Mar 2017 319.10 +7.00 +2.24%
Soybean Meal May 2017 321.50 +6.50 +2.06%
Soybean Oil Jan 2017 34.98 +0.41 +1.19%
Soybean Oil Mar 2017 35.21 +0.40 +1.15%
Soybean Oil May 2017 35.45 +0.40 +1.14%
Corn Mar 2017 359.75 +4.00 +1.12%
Corn May 2017 365.75 +4.25 +1.18%
Corn Jul 2017 372.25 +4.00 +1.09%
Corn Sep 2017 379.00 +4.00 +1.07%
Corn Dec 2017 386.75 +3.25 +0.85%
Oats Mar 2017 237.75 +2.25 +0.96%
Oats May 2017 237.00 +2.00 +0.85%
Oats Jul 2017 236.75 +0.50 +0.21%
Oats Sep 2017 236.75 unch 0.00%
Oats Dec 2017 236.75 -1.25 -0.53%
Wheat Mar 2017 418.50 +12.00 +2.95%
Wheat May 2017 429.25 +11.25 +2.69%
Wheat Jul 2017 442.00 +10.50 +2.43%
Wheat Sep 2017 454.50 +9.50 +2.13%
Wheat Dec 2017 470.75 +9.00 +1.95%
Minneapolis
Spring Wheat Mar 2017 544.50 +7.00 +1.30%
Spring Wheat May 2017 540.50 +6.25 +1.17%
Spring Wheat Jul 2017 543.25 +6.50 +1.21%
Spring Wheat Sep 2017 548.25 +6.00 +1.11%
Spring Wheat Dec 2017 556.50 +5.50 +1.00%
Kansas City
Hard Red Wheat Mar 2017 426.50 +12.50 +3.02%
Hard Red Wheat May 2017 438.00 +12.50 +2.94%
Hard Red Wheat Jul 2017 449.25 +12.75 +2.92%
Hard Red Wheat Sep 2017 463.25 +12.75 +2.83%
Hard Red Wheat Dec 2017 481.25 +12.25 +2.61%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Feb 2017 115.68 +0.81 +0.71%
Live Cattle (P) Apr 2017 114.73 +0.78 +0.68%
Live Cattle (P) Jun 2017 104.30 +0.15 +0.14%
Feeder Cattle (P) Jan 2017 128.50 -1.70 -1.31%
Feeder Cattle (P) Mar 2017 123.75 -1.28 -1.02%
Feeder Cattle (P) Apr 2017 123.68 -1.10 -0.88%
Lean Hogs (P) Feb 2017 64.60 +1.10 +1.73%
Lean Hogs (P) Apr 2017 67.98 +1.08 +1.61%
Lean Hogs (P) May 2017 72.45 +0.75 +1.05%
