Spring wheat slips after recent rally

Chicago corn fell more than two percent Monday and spring wheat dipped slightly after strong gains last week.

Minneapolis July hard red spring wheat fell 3.25 cents on hopes that last week’s rain helped the American crop.

“There are expectations that spring wheat (crop condition) numbers could improve a bit,” said Ken Ball, a broker with P.I. Financial in Winnipeg.

However after the market closed, the United States Department of Agriculture weekly crop condition report showed the good to excellent percentage of spring wheat fell to 41 percent, down from 45 percent last week and 76 percent last year. Rain accumulations in western parts of the Dakotas and Montana were disappointing.

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North Dakota grows most of the durum in the United States. The state reported only 18 percent of the durum was good to excellent. Last year at the same time that rating stood at 77 percent.

Dryness in large areas of the United States northern plains and the Canadian prairies is seen as threatening yield prospects, although recent rain on the Canadian Prairies has improve the outlook here.

The bad conditions in the Dakotas and problems with poor protein levels in the U.S. winter wheat crop has allowed wheat to break out of the generally dour mood of the crop markets.

“It’s the first market to kick up its heels off the lows and run a bit,” said Ball.

Markets were also talking about a heatwave in France this week that is stressing crops there.

Soybeans fell a cent, but canola rose.

“(Canola) had a relatively firm day. It traded stronger than U.S. markets,” said Ball.

While recent rain has helped the Canadian canola crop, the crop in North Dakota is struggling. On 36 percent was considered in good to excellent shape, down from 41 percent last week and 86 percent last year at the same time.

North Dakota farmers planned to seed 1.5 million acres of canola this year.

Soybean oil eased lower.

Soybeans have been a dull market recently.

“The U.S. soybean market is really just killing time right now,” said Ball.

“It’s just meandering around, waiting to see how crops evolve going into July.”

Corn fell Monday on forecasts for cooler weather arriving at the Midwest just as the crop hits its flowering period.

Across North America, crop markets are in full weather market mode, with weather events being the focus of most traders.

Weather has been mostly a real mixed bag across North America, with dryness and wetness, heat and coolness colliding to neutralize any clear direction for most markets except wheat.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 54 cents to US$44.20 per barrel.

In the afternoon, the Canadian dollar was trading around US75.67 cents, down from 75.62 cents the previous trading day. The U.S. dollar was C$1.3215.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 73.5 points, or 0.48 percent, at 15,266.04.

The Dow Jones Industrial Average rose 144.71 points, or 0.68 percent, to end at 21,528.99, the S&P 500 gained 20.31 points, or 0.83 percent, to 2,453.46 and the Nasdaq Composite rose 87.26 points, or 1.42 percent, to 6,239.01.

Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017   517.30   +3.20   +0.62%
Canola Nov 2017   489.70   +1.50   +0.31%
Canola Jan 2018   495.70   +1.60   +0.32%
Canola Mar 2018   501.40   +1.70   +0.34%
Canola May 2018   503.60   unch   0.00%

Milling Wheat Jul 2017   269.00   -3.00   -1.10%
Milling Wheat Oct 2017   261.00   -1.00   -0.38%
Milling Wheat Dec 2017   264.00   -1.00   -0.38%

Durum Wheat Jul 2017   277.00   -1.00   -0.36%
Durum Wheat Oct 2017   267.00   +1.00   +0.38%
Durum Wheat Dec 2017   270.00   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   937.75   -1.25   -0.13%
Soybeans Aug 2017   941.75   -1.50   -0.16%
Soybeans Sep 2017   943.75   -1.25   -0.13%
Soybeans Nov 2017   948.50   -1.50   -0.16%
Soybeans Jan 2018   955.50   -1.50   -0.16%
Soybeans Mar 2018   960.75   -2.00   -0.21%

Soybean Meal Jul 2017   301.50   +0.60   +0.20%
Soybean Meal Aug 2017   303.30   +0.60   +0.20%
Soybean Meal Sep 2017   305.00   +0.60   +0.20%

Soybean Oil Jul 2017   32.82   -0.29   -0.88%
Soybean Oil Aug 2017   32.95   -0.29   -0.87%
Soybean Oil Sep 2017   33.07   -0.30   -0.90%

Corn Jul 2017   375.25   -9.00   -2.34%
Corn Sep 2017   383.25   -8.75   -2.23%
Corn Dec 2017   393.25   -9.00   -2.24%
Corn Mar 2018   402.50   -8.75   -2.13%
Corn May 2018   408.00   -8.25   -1.98%

Oats Jul 2017   268.25   -1.00   +0.37%
Oats Sep 2017   262.00   -2.75   -1.04%
Oats Dec 2017   253.00   +0.50   +0.20%
Oats Mar 2018   247.75   -0.75   -0.30%
Oats May 2018   248.25   -0.50   -0.20%

Wheat Jul 2017   467.00   +1.75   +0.38%
Wheat Sep 2017   483.00   +1.50   +0.31%
Wheat Dec 2017   503.75   +1.00   +0.20%
Wheat Mar 2018   518.25   +0.50   +0.10%
Wheat May 2018   529.50   +1.00   +0.19%

Minneapolis
Spring Wheat Jul 2017   639.50   -3.25  – 0.51%
Spring Wheat Sep 2017   643.75   -3.25   -0.50%
Spring Wheat Dec 2017   643.25   -1.00   -0.16%
Spring Wheat Mar 2018   642.25   +0.25   +0.04%
Spring Wheat May 2018   639.50   -1.25   -0.20%

Kansas City
Hard Red Wheat Jul 2017   472.50   -1.00   -0.21%
Hard Red Wheat Sep 2017   490.75   -0.75   -0.15%
Hard Red Wheat Dec 2017   516.50   -0.50   -0.10%

Hard Red Wheat Mar 2018   530.25   +0.50   +0.09%
Hard Red Wheat May 2018   539.50   +1.00   +0.19%

Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017   120.00   -1.85   -1.52%
Live Cattle (P) Aug 2017   116.10   -2.15   -1.82%
Live Cattle (P) Oct 2017   113.70   -1.78   -1.54%

Feeder Cattle (P) Aug 2017   145.00   -3.20   -2.16%
Feeder Cattle (P) Sep 2017   144.48   -2.97   -2.01%
Feeder Cattle (P) Oct 2017   142.90   -3.10   -2.12%

Lean Hogs (P) Jul 2017   83.90   +1.55   +1.88%
Lean Hogs (P) Aug 2017   81.48   +2.36   +2.98%
Lean Hogs (P) Oct 2017   69.38   +2.60   +3.89%