Spring wheat futures started Wednesday higher but wound up little changed by the close as traders looked at rainfall amounts in the Dakotas and Canada.
July Minneapolis wheat closed down a half cent per bushel while December was up 1.5 cents.
They remained at the highest point in about two and half years.
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Volume in Minneapolis wheat futures hit a record high of 33,453 traded contracts on Tuesday, topping the previous record from January of 27,095 contracts, the exchange said in a release.
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Farmers and the trade will be assessing how much good the recent rain has done and whether the dryness to date has caused permanent yield damage, particularly in the U.S. where the crop is further ahead in maturity.
The potential decline in spring wheat production must also be placed in the context of fairly good wheat prospects in other parts of the world.
Canola futures drifted lower again on the improved moisture in the Prairies and the continued strength in the Canadian dollar.
Without the momentum from spring wheat, corn and soybeans also fell a little. Also, areas of the Midwest are expected to get rain over the next five days.
OUTSIDE MARKETS
The U.S. Federal Reserve raise its benchmark interest rate by a quarter of a percentage point today, as expected. It indicated it would lift rates one more time this year.
Light crude oil nearby futures in New York fell $1.73 to US$44.73 per barrel. U.S. data showed an unexpectedly large weekly build in U.S. gasoline inventories and International Energy Agency data projected a big increase in non-OPEC output in 2018.
The Canadian dollar in the afternoon was trading at US75.49 cents, little changed from US75.55 cents the previous trading day. The U.S. dollar was C$1.325.
Falling oil weighed down the Toronto Stock Exchange’s S&P/TSX composite index. It lost 209.62 points, ending the session down 1.36 percent at 15,170.13. The Dow Jones Industrial Average rose 46.09 points, or 0.22 percent, to 21,374.56, the S&P 500 lost 2.43 points, or 0.10 percent, to 2,437.92 and the Nasdaq Composite dropped 25.48 points, or 0.41 percent, to 6,194.89.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017 509.60 -1.60 -0.31%
Canola Nov 2017 481.80 -2.70 -0.56%
Canola Jan 2018 487.60 -2.60 -0.53%
Canola Mar 2018 493.10 -2.60 -0.52%
Canola May 2018 495.30 unch 0.00%
Milling Wheat Jul 2017 268.00 -1.00 -0.37%
Milling Wheat Oct 2017 262.00 -1.00 -0.38%
Milling Wheat Dec 2017 265.00 -1.00 -0.38%
Durum Wheat Jul 2017 278.00 -1.00 -0.36%
Durum Wheat Oct 2017 266.00 -3.00 -1.12%
Durum Wheat Dec 2017 270.00 +1.00 +0.37%
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 931.75 -0.75 -0.08%
Soybeans Aug 2017 935.25 -1.00 -0.11%
Soybeans Sep 2017 936.25 -0.50 -0.05%
Soybeans Nov 2017 939.00 unch 0.00%
Soybeans Jan 2018 946.50 +0.25 +0.03%
Soybeans Mar 2018 952.00 +1.00 +0.11%
Soybean Meal Jul 2017 301.80 +0.30 +0.10%
Soybean Meal Aug 2017 303.60 +0.20 +0.07%
Soybean Meal Sep 2017 305.20 +0.20 +0.07%
Soybean Oil Jul 2017 32.09 unch 0.00%
Soybean Oil Aug 2017 32.21 unch 0.00%
Soybean Oil Sep 2017 32.33 unch 0.00%
Corn Jul 2017 377.00 -4.00 -1.05%
Corn Sep 2017 385.00 -3.50 -0.90%
Corn Dec 2017 395.50 -3.50 -0.88%
Corn Mar 2018 404.75 -3.50 -0.86%
Corn May 2018 410.50 -3.50 -0.85%
Oats Jul 2017 255.50 +2.25 +0.89%
Oats Sep 2017 245.75 +1.25 +0.51%
Oats Dec 2017 242.75 +2.00 +0.83%
Oats Mar 2018 239.75 +2.00 +0.84%
Oats May 2018 240.25 +2.00 +0.84%
Wheat Jul 2017 443.00 -2.00 -0.45%
Wheat Sep 2017 457.25 -2.00 -0.44%
Wheat Dec 2017 479.00 -1.75 -0.36%
Wheat Mar 2018 496.75 -1.50 -0.30%
Wheat May 2018 509.00 -1.75 -0.34%
Minneapolis
Spring Wheat Jul 2017 627.50 -0.50 -0.08%
Spring Wheat Sep 2017 634.50 unch 0.00%
Spring Wheat Dec 2017 630.25 +1.50 +0.24%
Spring Wheat Mar 2018 628.50 +3.25 +0.52%
Spring Wheat May 2018 622.00 +2.75 +0.44%
Kansas City
Hard Red Wheat Jul 2017 457.50 +0.50 +0.11%
Hard Red Wheat Sep 2017 475.00 +0.75 +0.16%
Hard Red Wheat Dec 2017 499.25 +1.00 +0.20%
Hard Red Wheat Mar 2018 511.75 +0.75 +0.15%
Hard Red Wheat May 2018 523.00 +1.25 +0.24%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 124.50 -3.00 -2.35%
Live Cattle (P) Aug 2017 117.88 -3.00 -2.48%
Live Cattle (P) Oct 2017 114.80 -2.58 -2.20%
Feeder Cattle (P) Aug 2017 146.12 -3.83 -2.55%
Feeder Cattle (P) Sep 2017 145.70 -4.00 -2.67%
Feeder Cattle (P) Oct 2017 144.10 -4.22 -2.85%
Lean Hogs (P) Jun 2017 83.00 +0.22 +0.27%
Lean Hogs (P) Jul 2017 82.58 +0.30 +0.36%
Lean Hogs (P) Aug 2017 80.40 +0.18 +0.22%
Canadian Dollar Jun 2017 0.7548 -0.0009 -0.12%
Crude Oil Jul 17 44.75 -1.71 -3.68%
