In a reversal of recent market action canola and spring wheat settled a little lower on Wednesday but corn and soybeans rallied.
The markets are bouncing around with each updated weather forecast for the Midwest, both for moisture and for heat.
The heat in the Midwest was in the forefront today. There is rain in the seven day forecast for the upper Midwest but the big accumulations appear to be missing in western Iowa and Nebraska.
Investment funds were net buyers of corn and soybean futures and net sellers of wheat futures, traders told Reuters.
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The loonie continued to rally above US79 cents, limiting the upside of the canola market.
The recent cooler weather on the Prairies, along with scattered showers could help canola conditions in some areas. Also, previous Prairie forecasts that showed many days in the high 20s C and low 30s are now shifting to a more varied outlook with more days with highs only in the mid to low 20s.
There could be unsettled weather on Friday in central and eastern Saskatchewan as well as Manitoba, raising the potential for thundershowers.
However, today’s U.S. weather service’s seven-day forecast showed a drier outlook for eastern Saskatchewan than the Tuesday forecast. The map still shows rain in Manitoba later this week.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 72 cents at US$47.12 per barrel.
In the afternoon, the Canadian dollar was trading around US79.38 cents, up from 79.22 cents the previous trading day. The U.S. dollar was C$1.2598.
The Toronto Stock Exchange’s S&P/TSX composite index rose 95.14 points, or 0.63 percent, to finish at 15,244.71.
American stock indexes reached new record highs.
The Dow Jones Industrial Average rose 66.02 points, or 0.31 percent, to 21,640.75, the S&P 500 gained 13.22 points, or 0.54 percent, to 2,473.83 and the Nasdaq Composite added 40.74 points, or 0.64 percent, to 6,385.04.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2017Â Â 507.50Â Â -3.00Â Â -0.59%
Canola Jan 2018 511.90Â Â -2.80Â Â -0.54%
Canola Mar 2018Â Â 514.90Â Â -2.90Â Â -0.56%
Canola May 2018Â Â 514.00Â Â -3.40Â Â -0.66%
Canola Jul 2018Â Â 514.50Â Â -2.80Â Â -0.54%
Milling Wheat Oct 2017Â Â 293.00Â Â -2.00Â Â -0.68%
Milling Wheat Dec 2017Â Â 301.00Â Â -1.00Â Â -0.33%
Milling Wheat Mar 2018Â Â 304.00Â Â -2.00Â Â -0.65%
Durum Wheat Oct 2017  284.00  unch  0.00%
Durum Wheat Dec 2017  286.00  unch  0.00%
Durum Wheat Mar 2018  287.00  unch  0.00%
Barley Oct 2017  140.00  unch  0.00%
Barley Dec 2017  140.00  unch  0.00%
Barley Mar 2018  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 Aug 2017Â Â 999.75Â Â +9.75Â Â +0.98%
Soybeans Sep 2017Â Â 1004.00Â Â +9.50Â Â +0.96%
Soybeans Nov 2017Â Â 1012.50Â Â +10.25Â Â +1.02%
Soybeans Jan 2018Â Â 1021.00Â Â +10.00Â Â +0.99%
Soybeans Mar 2018Â Â 1023.00Â Â +10.25Â Â +1.01%
Soybeans May 2018Â Â 1025.75Â Â +10.00Â Â +0.98%
Soybean Meal Aug 2017Â Â 326.60Â Â +2.60Â Â +0.80%
Soybean Meal Sep 2017Â Â 328.70Â Â +2.70Â Â +0.83%
Soybean Meal Oct 2017Â Â 330.60Â Â +2.70Â Â +0.82%
Soybean Oil Aug 2017Â Â 33.46Â Â +0.30Â Â +0.90%
Soybean Oil Sep 2017Â Â 33.58Â Â +0.33Â Â +0.99%
Soybean Oil Oct 2017Â Â 33.67Â Â +0.27Â Â +0.81%
Corn Sep 2017Â Â 382.50Â Â +6.25Â Â +1.66%
Corn Dec 2017Â Â 396.25Â Â +6.00Â Â +1.54%
Corn Mar 2018Â Â 407.00Â Â +6.00Â Â +1.50%
Corn May 2018Â Â 412.25Â Â +6.25Â Â +1.54%
Corn Jul 2018Â Â 417.00Â Â +6.00Â Â +1.46%
Oats Sep 2017Â Â 293.00Â Â +0.75Â Â +0.26%
Oats Dec 2017Â Â 294.00Â Â +2.00Â Â +0.68%
Oats Mar 2018Â Â 292.25Â Â +2.50Â Â +0.86%
Oats May 2018Â Â 291.25Â Â +2.50Â Â +0.87%
Oats Jul 2018Â Â 290.00Â Â +2.50Â Â +0.87%
Wheat Sep 2017Â Â 503.00Â Â +0.50Â Â +0.10%
Wheat Dec 2017Â Â 526.75Â Â +1.50Â Â +0.29%
Wheat Mar 2018Â Â 546.50Â Â +2.25Â Â +0.41%
Wheat May 2018Â Â 557.00Â Â +2.00Â Â +0.36%
Wheat Jul 2018Â Â 561.75Â Â +1.75Â Â +0.31%
Minneapolis
Spring Wheat Sep 2017Â Â 775.50Â Â -5.00Â Â -0.64%
Spring Wheat Dec 2017Â Â 779.50Â Â -3.75Â Â -0.48%
Spring Wheat Mar 2018Â Â 773.00Â Â -3.50Â Â -0.45%
Spring Wheat May 2018Â Â 760.00Â Â -3.25Â Â -0.43%
Spring Wheat Jul 2018Â Â 741.75Â Â -3.50Â Â -0.47%
Kansas City
Hard Red Wheat Sep 2017Â Â 500.25Â Â -1.00Â Â -0.20%
Hard Red Wheat Dec 2017Â Â 526.75Â Â -1.00Â Â -0.19%
Hard Red Wheat Mar 2018Â Â 543.50Â Â -0.75Â Â -0.14%
Hard Red Wheat May 2018Â Â 556.50Â Â -2.00Â Â -0.36%
Hard Red Wheat Jul 2018Â Â 567.00Â Â -0.75Â Â -0.13%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Aug 2017Â Â 117.28Â Â +2.38Â Â +2.07%
Live Cattle (P) Oct 2017Â Â 118.88Â Â +2.11Â Â +1.81%
Live Cattle (P) Dec 2017Â Â 119.68Â Â +2.20Â Â +1.87%
Feeder Cattle (P) Aug 2017Â Â 154.50Â Â +3.35Â Â +2.22%
Feeder Cattle (P) Sep 2017Â Â 154.45Â Â +3.25Â Â +2.15%
Feeder Cattle (P) Oct 2017Â Â 152.95Â Â +3.02Â Â +2.01%
Lean Hogs (P) Aug 2017Â Â 82.58Â Â +2.02Â Â +2.51%
Lean Hogs (P) Oct 2017Â Â 68.80Â Â +0.92Â Â +1.36%
Lean Hogs (P) Dec 2017Â Â 62.95Â Â +0.30Â Â +0.48%