It was a mildly negative day on crop markets thanks to mostly good weather in major growing areas and expectations of ample global crop production.
Canola edged lower, with November settling below $500. It lost $3.20 to close at $498.80 per tonne.
The market awaits the first official forecast of Canadian crop production. Statistics Canada will release its farmer survey on Thursday morning.
There were minor adjustments in wheat markets with Kansas and Chicago winter wheat rising while Minneapolis spring wheat dipped.
Corn and soybeans were little changed.
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The torrential rain associated with Tropical Storm Harvey it expected to move northeast in the coming days into the Mississippi River Delta region, delivering heavy amount of moisture in eastern Texas, Louisiana, Arkansas and Tennesee.
The rain is expected to mostly miss the Midwest and southern Plains.
U.S. CROP CONDITIONS
The U.S. Department of Agriculture late on Monday said the U.S. spring wheat harvest was 76 percent complete, ahead of the five-year average of 66 percent.
The USDA late Monday rated 62 percent of the U.S. corn crop in good to excellent condition, unchanged from the previous week. Analysts had expected a slight improvement.
The USDA late Monday rated 61 percent of the U.S. soybean crop in good to excellent condition, up from 60 percent the previous week. Analysts had expected no change.
INDIA
Dry areas of central India that had been missing monsoon rains are getting moisture this week
AUSTRALIA
Rainfall amounts in dry areas of Australia have also improved this month.
DURUM
Although dry weather took a heavy toll on the crop in North America, durum cash prices are taking it on the chin in recent days.
In southeast Saskatchewan No. 1 durum 13.0 protein yesterday fell 46 cents a bushel to $7.73. the price peaked Aug. 11 at $8.97.
The weakness is likely linked to the start of harvest and the falling spring wheat price. Also current demand is not strong
According to a survey by Commodity News Service, the trade in Canada expects a durum crop of between 4.2 million to 5.3 million tonnes, down from last year’s 7.76 million
The USDA August report forecast U.S. durum production at 51 million bushels or 1.39 million tonnes. That was about half of what was produced last year.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 13 cents US$46.44 per barrel.
In the afternoon, the Canadian dollar was trading around US79.81 cents, down from 79.94 cents the previous trading day. The U.S. dollar was C$1.2530.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 30.67 points, or 0.2 percent, at 15,082.7.
The Dow Jones Industrial Average rose 56.97 points, or 0.26 percent, to 21,865.37, the S&P 500 gained 2.06 points, or 0.08 percent, to 2,446.3 and the Nasdaq Composite added 18.87 points, or 0.3 percent, to 6,301.89
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 498.80s -3.20 -0.64%
Canola Jan 18 505.50s -2.40 -0.47%
Canola Mar 18 511.30s -1.00 -0.20%
Canola May 18 514.10s +0.30 +0.06%
Canola Jul 18 515.30s +0.70 +0.14%
Milling Wheat Oct 17 245.00s -4.00 -1.61%
Milling Wheat Dec 17 248.00s -4.00 -1.59%
Milling Wheat Mar 18 256.00s -3.00 -1.16%
Durum Wheat Oct 17 299.00s -7.00 -2.29%
Durum Wheat Dec 17 300.00s -7.00 -2.28%
Durum Wheat Mar 18 305.00s +5.00 +1.67%
Barley Oct 17 145.00s unch unch
Barley Dec 17 148.00s unch unch
Barley Mar 18 151.00s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Sep 17 930-6s -4-4 -0.48%
Soybeans Nov 17 937-2s -4-0 -0.42%
Soybeans Jan 18 946-4s -3-6 -0.39%
Soybeans Mar 18 955-4s -3-6 -0.39%
Soybeans May 18 963-6s -3-4 -0.36%
Soybean Meal Sep 17 294.6s -0.9 -0.30%
Soybean Meal Oct 17 296.6s -0.6 -0.20%
Soybean Meal Dec 17 299.2s -0.2 -0.07%
Soybean Oil Sep 17 34.28s -0.31 -0.90%
Soybean Oil Oct 17 34.40s -0.31 -0.89%
Soybean Oil Dec 17 34.65s -0.31 -0.89%
Corn Sep 17 333-4s -2-4 -0.74%
Corn Dec 17 348-6s -2-2 -0.64%
Corn Mar 18 361-4s -2-4 -0.69%
Corn May 18 369-0s -2-2 -0.61%
Corn Jul 18 375-6s -2-2 -0.60%
Oats Sep 17 235-0s -3-4 -1.47%
Oats Dec 17 246-4s -5-2 -2.09%
Oats Mar 18 252-0s -5-0 -1.95%
Oats May 18 251-0s -6-2 -2.43%
Oats Jul 18 244-2s -6-0 -2.40%
Wheat Sep 17 402-6s +2-6 +0.69%
Wheat Dec 17 429-6s +1-6 +0.41%
Wheat Mar 18 453-4s +2-0 +0.44%
Wheat May 18 467-4s +1-4 +0.32%
Wheat Jul 18 480-0s +0-4 +0.10%
Minneapolis
Spring Wheat Sep 17 637-4s -7-2 -1.12%
Spring Wheat Dec 17 660-2s -4-0 -0.60%
Spring Wheat Mar 18 667-4s -3-0 -0.45%
Spring Wheat May 18 662-6s -2-2 -0.34%
Spring Wheat Jul 18 655-2s -3-2 -0.49%
Kansas City
Hard Red Wheat Sep 17 397-2s +0-4 +0.13%
Hard Red Wheat Dec 17 426-2s +0-6 +0.18%
Hard Red Wheat Mar 18 444-4s +0-4 +0.11%
Hard Red Wheat May 18 458-6s +0-4 +0.11%
Hard Red Wheat Jul 18 476-6s +0-2 +0.05%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Aug 17 105.250s -0.950 -0.89%
Live Cattle Oct 17 106.100s -2.275 -2.10%
Live Cattle Dec 17 109.175s -2.200 -1.98%
Feeder Cattle Aug 17 142.600s +0.175 +0.12%
Feeder Cattle Sep 17 143.025s -2.850 -1.95%
Feeder Cattle Oct 17 143.525s -2.875 -1.96%
Lean Hogs Oct 17 60.225s -1.400 -2.27%
Lean Hogs Dec 17 56.150s -1.425 -2.48%
Lean Hogs Feb 18 60.900s -1.575 -2.52%
