A sharp drop in the weekly condition of the U.S. spring wheat crop helped drive Minneapolis spring wheat about 1.5 percent higher with December closing just over US$6 per bushel, its highest point in two years.
Canola closed mixed with July down 20 cents at $509.50, consolidating after two days of strong gains fuelled by tight old crop stocks.
November rose $3.90 to close at $488.70, supported by concerns about dry weather in large parts of the Canadian Prairies. Also there are questions about how much canola has been seeded in northern areas where soils were too wet.
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Alberta Crop Report: Rains in the south, dryness in the north
Rain fell onto the southern half of Alberta last week, while hot and dry conditions persisted in the northern half, according to the province’s crop report released on July 18.
Strong winds across the Prairies have been sandblasting seedlings.
The canola “best basis” tracked by ICE Futures Canada moved to zero today indicating the tight supply of old crop canola.
It was an up day generally across the grains board with particularly big jumps higher in oats.
Soybeans were up only a couple of cents per bushel and there were modest gains in soy meal and soy oil.
Corn was up about one percent following wheat higher and on concerns that the hot dry weather in the U.S. this week could start to limit yields in the Midwest.
The concerns about dry weather in the spring wheat region lifted all three U.S. wheat contracts. Minneapolis wheat has gained about 50 cents since May 19.
WEATHER
Rain is forecast to arrive in the Canadian Prairies this weekend but at this point the maps show the larger accumulations in the northern grainbelt with only fairly small accumulations in southern Saskatchewan, which is the driest area.
Light amounts of rain for the U.S. northern Plains are in the longer range forecast for June 13-19. That week looks likely to have normal to below normal rain in the Canadian Prairies.
US CROP CONDITIONS
The U.S. Department of Agriculture late Monday rated 55 percent of the U.S. spring wheat crop in good to excellent condition, down from 62 percent a week earlier and 79 percent a year ago.
Corn ratings improved. The USDA rated 68 percent of the U.S. crop as good to excellent, up from 65 percent a week earlier
For winter wheat, 49 percent was rated good-to-excellent as compared with 50 percent a week ago, below an average trade estimate calling for a stable rating.
The U.S. soybean crop was 83 percent planted as of Sunday, ahead of the five-year average of 79 percent, according to the agency.
OUTSIDE MARKETS
Light crude oil nearby futures in New York rose 79 cents to US$48.19 per barrel.
In the afternoon, the Canadian dollar was trading around US74.36 cents, up slightly from the previous trading day. The U.S. dollar was C$1.345.
The Toronto Stock Exchange’s S&P/TSX composite index finished up 54.78 points, or 0.36 percent, at 15,464.56.
U.S. markets were cautious today as coming political and economic issues could roil trading this week. These include the general election in Great Britain, the European central bank policy meeting and former FBI director James Comey’s testimony before a U.S. Senate panel.
The Dow Jones Industrial Average fell 46.92 points, or 0.22 percent, to 21,137.12, the S&P 500 lost 6.76 points, or 0.28 percent, to 2,429.34 and the Nasdaq Composite dropped 20.63 points, or 0.33 percent, to 6,275.06.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017 509.50 -0.20 -0.04%
Canola Nov 2017 488.70 +3.90 +0.80%
Canola Jan 2018 494.50 +4.00 +0.82%
Canola Mar 2018 500.10 +4.70 +0.95%
Canola May 2018 502.30 unch 0.00%
Milling Wheat Jul 2017 260.00 +4.00 +1.56%
Milling Wheat Oct 2017 255.00 +3.00 +1.19%
Milling Wheat Dec 2017 257.00 +3.00 +1.18%
Durum Wheat Jul 2017 279.00 unch 0.00%
Durum Wheat Oct 2017 269.00 unch 0.00%
Durum Wheat Dec 2017 269.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 140.00 unch 0.00%
Barley Dec 2017 140.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2017 923.50 +1.50 +0.16%
Soybeans Aug 2017 927.00 +2.00 +0.22%
Soybeans Sep 2017 928.25 +2.75 +0.30%
Soybeans Nov 2017 931.75 +3.75 +0.40%
Soybeans Jan 2018 939.50 +3.75 +0.40%
Soybeans Mar 2018 944.75 +3.50 +0.37%
Soybean Meal Jul 2017 301.10 +0.50 +0.17%
Soybean Meal Aug 2017 302.70 +0.50 +0.17%
Soybean Meal Sep 2017 303.80 +0.50 +0.16%
Soybean Oil Jul 2017 31.39 +0.08 +0.26%
Soybean Oil Aug 2017 31.53 +0.08 +0.25%
Soybean Oil Sep 2017 31.66 +0.08 +0.25%
Corn Jul 2017 377.25 +4.25 +1.14%
Corn Sep 2017 385.50 +4.25 +1.11%
Corn Dec 2017 395.75 +3.75 +0.96%
Corn Mar 2018 405.25 +3.50 +0.87%
Corn May 2018 411.00 +3.25 +0.80%
Oats Jul 2017 256.25 +14.00 +5.78%
Oats Sep 2017 248.25 +10.75 +4.53%
Oats Dec 2017 236.25 +4.00 +1.72%
Oats Mar 2018 233.50 +4.00 +1.74%
Oats May 2018 233.00 +3.50 +1.53%
Wheat Jul 2017 435.75 +6.25 +1.46%
Wheat Sep 2017 450.25 +6.50 +1.46%
Wheat Dec 2017 471.00 +7.25 +1.56%
Wheat Mar 2018 488.50 +7.00 +1.45%
Wheat May 2018 500.00 +6.75 +1.37%
Minneapolis
Spring Wheat Jul 2017 598.75 +9.75 +1.66%
Spring Wheat Sep 2017 600.25 +8.75 +1.48%
Spring Wheat Dec 2017 600.00 +9.00 +1.52%
Spring Wheat Mar 2018 599.50 +7.00 +1.18%
Spring Wheat May 2018 600.50 +6.00 +1.01%
Kansas City
Hard Red Wheat Jul 2017 438.00 +8.00 +1.86%
Hard Red Wheat Sep 2017 455.75 +8.00 +1.79%
Hard Red Wheat Dec 2017 481.00 +7.75 +1.64%
Hard Red Wheat Mar 2018 495.25 +7.25 +1.49%
Hard Red Wheat May 2018 506.75 +6.75 +1.35%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 130.20 -1.90 -1.44%
Live Cattle (P) Aug 2017 123.60 -2.60 -2.06%
Live Cattle (P) Oct 2017 119.22 -2.33 -1.92%
Feeder Cattle (P) Aug 2017 155.38 -4.50 -2.81%
Feeder Cattle (P) Sep 2017 154.85 -4.50 -2.82%
Feeder Cattle (P) Oct 2017 153.00 -4.50 -2.86%
Lean Hogs (P) Jun 2017 81.65 +0.93 +1.15%
Lean Hogs (P) Jul 2017 81.375 +0.950 +1.18%
Lean Hogs (P) Aug 17 81.175 +0.950 +1.18%
