The good news from today’s bearish USDA report was that crop prices posted only modest losses.
Soybeans closed down only about one percent and DECEMBER corn fell about 1.7 percent.
Canola and spring wheat were little changed.
USDA’s monthly supply and demand report pegged US. corn production at 14.185 billion bushels, based on an average yield of 169.9 bu. per acre.
That was up from last month’s 14.153 billion bu. for production and 169.5 bu. per acre for yield.
The soybean crop was pegged at a record 4.431 billion bu. with an average yield of 49.9 bu. per acre.
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That was up from last month’s 4.381 billion bu., based on a yield of 49.4 bu. per acre.
Both numbers were higher than what the trade expected.
USDA reaised its forecast of global wheat production because of a 3.5 million tonnes increase in Russia’s crop, which more than offset a one million tonne decline in Australia’s crop.
However adjustments to domestic use and exports cause the year end wheat global wheat stocks number to decline slightly.
HARVEST WEATHER
The summer like weather we’ve enjoyed ends today and a system bringing rain and cooler temeratures enters the picture on Wednesday and continues into the weekend.
Forecast maps from the U.S. Weather Service show over the next several days Alberta’s central and northern grain belt getting the largest accumulation in that province.
Accumulations are fairly light in Saskatchewan except in the extreme southeast.
Much of Manitoba’s grain belt should get a half inch or more.
ARGENTINA
Excess rainfall in Buenos Aries province in Argentina threated to reduce the amount of soybeans and corn planted there.
The province is the largest grain producer in the country. Much will depend on the rains continue in October, the traditional start of the planting season.
The wheat crop is already planted in Argentina.
OUTSIDE MARKETS
The Toronto Stock Exchange composite rose 103.11 points or 0.69 percent to close at 15,143.41.
Canada’s competition watchdog said on Monday it will not challenge a proposed merger between Agrium Inc and Potash Corp, saying the transaction was unlikely to substantially lessen competition in the fertilizer industry.
The Dow Jones Industrial Average rose 61.49 points, or 0.28 percent, to 22,118.86, the S&P 500 gained 8.38 points, or 0.34 percent, to 2,496.49 and the Nasdaq Composite added 22.02 points, or 0.34 percent, to 6,454.28.
Light crude oil nearby futures in New York were up 16 cents at US$48.21 per barrel.
In the afternoon, the Canadian dollar was trading around US82.04 cents, down from 82.48 cents the previous trading day. The U.S. dollar was C$1.2189.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 484.40s -1.30 -0.27%
Canola Jan 18 491.30s -1.30 -0.26%
Canola Mar 18 498.00s -1.50 -0.30%
Canola May 18 501.80s -0.90 -0.18%
Canola Jul 18 503.30s -0.50 -0.10%
Milling Wheat Oct 17 231.00s -2.00 -0.86%
Milling Wheat Dec 17 234.00s -2.00 -0.85%
Milling Wheat Mar 18 241.00s -2.00 -0.82%
Durum Wheat Oct 17 281.00s unch unch
Durum Wheat Dec 17 285.00s unch unch
Durum Wheat Mar 18 289.00s unch unch
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 17 944-2s -10-4 -1.10%
Soybeans Nov 17 950-4s -9-4 -0.99%
Soybeans Jan 18 960-6s -9-2 -0.95%
Soybeans Mar 18 969-4s -9-0 -0.92%
Soybeans May 18 978-4s -8-6 -0.89%
Soybean Meal Sep 17 295.1s -3.8 -1.27%
Soybean Meal Oct 17 296.7s -3.7 -1.23%
Soybean Meal Dec 17 300.0s -3.6 -1.19%
Soybean Oil Sep 17 34.84s +0.05 +0.14%
Soybean Oil Oct 17 34.93s +0.05 +0.14%
Soybean Oil Dec 17 35.19s +0.04 +0.11%
Corn Sep 17 340-0s -5-4 -1.59%
Corn Dec 17 351-4s -6-0 -1.68%
Corn Mar 18 363-6s -6-0 -1.62%
Corn May 18 372-0s -5-6 -1.52%
Corn Jul 18 378-4s -5-4 -1.43%
Oats Sep 17 235-4s unch unch
Oats Dec 17 234-2s unch unch
Oats Mar 18 242-0s unch unch
Oats May 18 241-4s +0-2 +0.10%
Oats Jul 18 244-2s +0-6 +0.31%
Wheat Sep 17 419-4s +7-2 +1.76%
Wheat Dec 17 442-0s +7-2 +1.67%
Wheat Mar 18 462-0s +6-6 +1.48%
Wheat May 18 476-0s +6-0 +1.28%
Wheat Jul 18 489-0s +5-4 +1.14%
Minneapolis
Spring Wheat Sep 17 626-2s unch unch
Spring Wheat Dec 17 641-6s -0-4 -0.08%
Spring Wheat Mar 18 653-2s -0-6 -0.11%
Spring Wheat May 18 653-2s +2-0 +0.31%
Spring Wheat Jul 18 649-4s +6-0 +0.93%
Kansas City
Hard Red Wheat Sep 17 416-0s +6-6 +1.65%
Hard Red Wheat Dec 17 441-6s +7-0 +1.61%
Hard Red Wheat Mar 18 459-2s +7-0 +1.55%
Hard Red Wheat May 18 472-4s +6-6 +1.45%
Hard Red Wheat Jul 18 488-6s +6-0 +1.24%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Oct 17 106.275s -0.925 -0.86%
Live Cattle Dec 17 111.550s -1.325 -1.17%
Live Cattle Feb 18 115.250s -1.300 -1.12%
Feeder Cattle Sep 17 147.975s -0.475 -0.32%
Feeder Cattle Oct 17 149.150s -0.200 -0.13%
Feeder Cattle Nov 17 149.250s -0.050 -0.03%
Lean Hogs Oct 17 59.450s -2.125 -3.45%
Lean Hogs Dec 17 57.100s -1.525 -2.60%
Lean Hogs Feb 18 62.725s -0.950 -1.49%
