Spring wheat rallies again, but oilseeds fall

Canola futures fell Tuesday on weaker soy oil and beneficial weather in Western Canada.

But Minneapolis spring wheat futures resumed their climb after the USDA weekly crop condition report.

July Minneapolis spring wheat closed at US$6.56 ¼ per bushel, up 16 ¾ cents or 2.6 percent. December was $6.58 ½, up 15 ¼ cents.

The July price works about to about C$8.69 per bushel. The cash price for No.1 CWRS 13.5 percent protein in southwest Saskatchewan was C$7.60, or $1.08 behind the Minneapolis price, according to PDQinfo.ca

Wheat was the standout on a day when commodities generally were under downward pressure, particularly crude oil.

Read Also

National Day for Truth and Reconciliation: Acknowledging the past, seeking a better future

How can the treaty rights of Indigenous peoples be honoured in a way that gives them a proper seat at the table when it comes to farming in Canada?

WHEAT

The crop condition report pegged the amount of U.S. spring wheat rated good to excellent at 41 percent, down from 45 percent last week and 76 percent last year.

Rain coverage last week in the drought areas of the western Dakotas and Montana was not enough to fix the moisture deficit.

North Dakota’s state crop condition report said only 18 percent of the durum was good to excellent. Last year at the same time that rating stood at 77 percent.

The state grows most of the durum in the United States.

North Dakota’s 1.5 million acre canola crop is also struggling. Only 36 percent was considered in good to excellent shape, down from 41 percent last week and 86 percent last year at the same time.

WEATHER CHALLENGES

Meanwhile in France a heat wave this week is stressing crops there.

And in Ukraine where the winter wheat harvest is about to begin, crops in some parts are under stress from dryness.

In Western Australia state, where the winter wheat crop was recently seeded, there also is concern about lack of rain.

About 35 percent of Australia’s wheat crop and 48 percent of its canola is grown in Western Australia, which is the country’s largest wheat exporting state.

OILSEEDS

Crop conditions in western Canada are a mixed bag but recent rain has helped.

The USDA soybean crop condition report said 67 percent of the crop was good to excellent, a one percentage point improvement from the previous week.

Last year 73 percent was good to excellent.

Chicago soy oil fell more than two percent today, partly due to falling crude oil prices and on weakness in palm oil. Analysts think palm exports will slow in coming week in the wake of the high demand period associated with the Muslim Ramadan holy month.

CORN

Chicago corn contracts were down more than one percent.

The good-to-excellent rating for corn was 67 percent the same as last week but the excellent category picked up a couple of points from good.

Last year 75 percent was good to excellent.

The weather in the U.S. Midwest is expected to be good leading into July when the corn crop begins to flower.

OUTSIDE MARKETS

Crude oil fell into bear market territory on rising production in Libya and Nigeria adding to global oversupply.

Light crude oil nearby futures in New York were down 97 cents to US$43.23 per barrel.

In the afternoon, the Canadian dollar was trading around US75.37 cents, down from 75.67 cents the previous trading day. The U.S. dollar was C$1.3268.

The Toronto Stock Exchange’s S&P/TSX composite index was down 116.44 points, or 0.8 percent, at 15,149.60.

The Dow Jones Industrial Average fell 61.85 points, or 0.29 percent, to 21,467.14, the S&P 500 lost 16.43 points, or 0.67 percent, to 2,437.03 and the Nasdaq Composite dropped 50.98 points, or 0.82 percent, to 6,188.03.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 2017 510.40 -6.90 -1.33%

Canola Nov 2017 483.40 -6.30 -1.29%

Canola Jan 2018 489.20 -6.50 -1.31%

Canola Mar 2018 495.00 -6.40 -1.28%

Canola May 2018 497.20 unch 0.00%

Milling Wheat Jul 2017 276.00 +7.00 +2.60%

Milling Wheat Oct 2017 268.00 +7.00 +2.68%

Milling Wheat Dec 2017 270.00 +6.00 +2.27%

Durum Wheat Jul 2017 277.00 unch 0.00%

Durum Wheat Oct 2017 267.00 unch 0.00%

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 927.75 -10.00 -1.07%

Soybeans Aug 2017 931.50 -10.25 -1.09%

Soybeans Sep 2017 933.25 -10.50 -1.11%

Soybeans Nov 2017 938.75 -9.75 -1.03%

Soybeans Jan 2018 946.25 -9.25 -0.97%

Soybeans Mar 2018 952.25 -8.50 -0.88%

Soybean Meal Jul 2017 300.90 -0.60 -0.20%

Soybean Meal Aug 2017 302.60 -0.70 -0.23%

Soybean Meal Sep 2017 304.00 -1.00 -0.33%

Soybean Oil Jul 2017 32.02 -0.80 -2.44%

Soybean Oil Aug 2017 32.14 -0.81 -2.46%

Soybean Oil Sep 2017 32.27 -0.80 -2.42%

Corn Jul 2017 370.00 -5.25 -1.40%

Corn Sep 2017 378.00 -5.25 -1.37%

Corn Dec 2017 388.00 -5.25 -1.34%

Corn Mar 2018 397.75 -4.75 -1.18%

Corn May 2018 403.50 -4.50 -1.10%

Oats Jul 2017 261.25 -7.00 -2.61%

Oats Sep 2017 256.75 -5.25 -2.00%

Oats Dec 2017 251.25 -1.75 -0.69%

Oats Mar 2018 242.25 -5.50 -2.22%

Oats May 2018 243.00 -5.25 -2.11%

Wheat Jul 2017 472.50 +5.50 +1.18%

Wheat Sep 2017 487.75 +4.75 +0.98%

Wheat Dec 2017 509.00 +5.25 +1.04%

Wheat Mar 2018 523.00 +4.75 +0.92%

Wheat May 2018 533.75 +4.25 +0.80%

Minneapolis

Spring Wheat Jul 2017 656.25 +16.75 +2.62%

Spring Wheat Sep 2017 659.25 +15.50 +2.41%

Spring Wheat Dec 2017 658.50 +15.25 +2.37%

Spring Wheat Mar 2018 656.00 +13.75 +2.14%

Spring Wheat May 2018 651.25 +11.75 +1.84%

Kansas City

Hard Red Wheat Jul 2017 474.25 +1.75 +0.37%

Hard Red Wheat Sep 2017 492.25 +1.50 +0.31%

Hard Red Wheat Dec 2017 517.75 +1.25 +0.24%

Hard Red Wheat Mar 2018 532.25 +2.00 +0.38%

Hard Red Wheat May 2018 541.25 +1.75 +0.32%

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

Live Cattle (P) Jun 2017 120.35 +0.35 +0.29%

Live Cattle (P) Aug 2017 115.90 -0.20 -0.17%

Live Cattle (P) Oct 2017 113.50 -0.20 -0.18%

Feeder Cattle (P) Aug 2017 143.92 -1.08 -0.74%

Feeder Cattle (P) Sep 2017 143.32 -1.16 -0.80%

Feeder Cattle (P) Oct 2017 141.75 -1.15 -0.80%

Lean Hogs (P) Jul 2017 85.00 +1.10 +1.31%

Lean Hogs (P) Aug 2017 81.65 +0.18 +0.22%

Lean Hogs (P) Oct 2017 69.70 +0.33 +0.48%

Your reading list