Oilseeds drift lower, corn supported by big China order

It was another down day for oilseed futures on Tuesday but corn edged slightly higher and wheat futures were mixed.

May canola fell $3.70 to $514.20, and is bearing in on a support level of about $512.50 that has been the low spot so far in 2017.

May soy in Chicago today dipped below $10 per bushel for the first time since November.

The big soybean crops in South America are weighing down oilseed prices.

CORN

Corn is also under pressure from expected big South American crops, however today it got a little support from a report that China had bought at least three cargoes of American corn, totaling 195,000 tonnes, for delivery this spring and early summer. There was talk that additional cargoes might also be in the works.

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China sits on a huge stockpile of government owned corn but a large portion has quality problems. Regions of the country in the south need quality corn. It gets some corn from Ukraine, but port tie ups there caused the Chinese buyers to turn to the U.S., Reuters reported.

WHEAT

Chicago and Kansas winter wheat contracts were mostly lower but spring wheat Minneapolis edged slightly higher.

Cold weather this week might damage a small amount of the U.S. soft winter wheat crop.

The Kansas weekly crop condition report slightly downgraded the condition of the winter wheat crop in that state, lowering the good-to-excellent amount to 40 percent from 43 percent the week before.

The western part of the state seriously needs rain.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 68 cents to US$47.72 per barrel.

In the afternoon, the Canadian dollar was trading around US74.13 cents, down from 74.38 cents the previous trading day. The U.S. dollar was C$1.3490.

The TSX composite was down about one percent and major U.S. stock market indexes were all slightly lower in late trade.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2017 514.20 -3.70 -0.71%

Canola Jul 2017 518.00 -3.70 -0.71%

Canola Nov 2017 497.20 -2.30 -0.46%

Canola Jan 2018 502.90 -2.00 -0.40%

Canola Mar 2018 507.50 -1.70 -0.33%

Milling Wheat May 2017 232.00 unch 0.00%

Milling Wheat Jul 2017 234.00 unch 0.00%

Milling Wheat Oct 2017 226.00 unch 0.00%

Durum Wheat May 2017 282.00 unch 0.00%

Durum Wheat Jul 2017 281.00 unch 0.00%

Durum Wheat Oct 2017 268.00 unch 0.00%

Barley May 2017 137.00 unch 0.00%

Barley Jul 2017 138.00 unch 0.00%

Barley Oct 2017 138.00 unch 0.00%

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

Chicago

Soybeans Mar 2017 987.25 -9.00 -0.90%

Soybeans May 2017 999.25 -6.75 -0.67%

Soybeans Jul 2017 1009.00 -6.75 -0.66%

Soybeans Aug 2017 1010.00 -7.00 -0.69%

Soybeans Sep 2017 1001.00 -6.75 -0.67%

Soybeans Nov 2017 994.50 -7.75 -0.77%

Soybean Meal Mar 2017 323.30 -3.60 -1.10%

Soybean Meal May 2017 327.20 -3.70 -1.12%

Soybean Meal Jul 2017 330.60 -3.80 -1.14%

Soybean Oil Mar 2017 31.85 -0.02 -0.06%

Soybean Oil May 2017 32.30 +0.18 +0.56%

Soybean Oil Jul 2017 32.58 +0.19 +0.59%

Corn Mar 2017 353.75 -0.75 -0.21%

Corn May 2017 362.25 +1.25 +0.35%

Corn Jul 2017 369.75 +1.25 +0.34%

Corn Sep 2017 376.75 +1.00 +0.27%

Corn Dec 2017 384.25 +0.75 +0.20%

Oats Mar 2017 253.00 -16.50 -6.12%

Oats May 2017 253.75 +7.75 +3.15%

Oats Jul 2017 246.50 +6.75 +2.82%

Oats Sep 2017 239.00 unch 0.00%

Oats Dec 2017 237.50 +2.50 +1.06%

Wheat Mar 2017 412.00 -0.25 -0.06%

Wheat May 2017 430.50 unch 0.00%

Wheat Jul 2017 445.75 -0.75 -0.17%

Wheat Sep 2017 460.50 -1.00 -0.22%

Wheat Dec 2017 478.75 -1.00 -0.21%

Minneapolis

Spring Wheat Mar 2017 519.75 -3.75 -0.72%

Spring Wheat May 2017 532.50 +1.25 +0.24%

Spring Wheat Jul 2017 539.75 +0.75 +0.14%

Spring Wheat Sep 2017 546.50 +0.50 +0.09%

Spring Wheat Dec 2017 556.25 +0.50 +0.09%

Kansas City

Hard Red Wheat Mar 2017 433.25 +0.75 +0.17%

Hard Red Wheat May 2017 442.50 -0.25 -0.06%

Hard Red Wheat Jul 2017 454.50 -0.25 -0.05%

Hard Red Wheat Sep 2017 469.25 -0.75 -0.16%

Hard Red Wheat Dec 2017 489.50 -0.75 -0.15%

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

Live Cattle (P) Apr 2017 116.32 -1.43 -1.21%

Live Cattle (P) Jun 2017 106.90 -1.20 -1.11%

Live Cattle (P) Aug 2017 102.85 -0.70 -0.68%

Feeder Cattle (P) Mar 2017 127.85 -0.75 -0.58%

Feeder Cattle (P) Apr 2017 127.43 -0.67 -0.52%

Feeder Cattle (P) May 2017 126.52 -0.48 -0.38%

Lean Hogs (P) Apr 2017 70.83 +0.61 +0.87%

Lean Hogs (P) May 2017 75.32 +0.57 +0.76%

Lean Hogs (P) Jun 2017 79.17 +0.45 +0.57%

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