Ag commodities escaped market bloodbath

There was blood in the streets of the equity markets, but crop futures only saw a few drops of red on Monday.

Most crop futures, including canola, fell less than 10 cents per bushel, with March oats being the only contract rising.

Even in oats, prices barely nudged up in the March contract and were almost flat for following months.

On Tuesday, the U.S. Department of Agriculture’s monthly World Agricultural Supply and Demand Estimates are released, so traders were probably lightening positions in case of surprises. Watch Producer.com late Tuesday morning for coverage of the USDA report.

It’s the time of the year when little is left to know about the old North American crop and South America’s crops are only a little ways away from being known market quantities. As such, the situation keeps prices in the doldrums.

On average, traders expect to see the USDA to slightly increase its estimate of  U.S. year end stocks of wheat, corn and soybean. Traders expect it will reduce slightly global stocks of the major crops.

In other words, the U.S. might have a bit more of most crops, but the world is expected to have a bit less, according to Brugler Marketing.

Equity markets were pummelled by fears that stock market weakness and overseas weakness will hurt U.S. economic performance.

At one point the Dow 30 was down over 400 points.

Greek banks, as is their wont, are worrying markets again.

West Texas Intermediate crude oil futures fell back to $30 per barrel.

The Crop Connect conference highlighting pulse and soybeans crops is being held this week in Winnipeg.

Light crude oil nearby futures in New York were down $1.20 cents to US$29.69 per barrel.

The Canadian dollar at noon was US71.83 cents, down from 72.07 cents the previous trading day. The U.S. dollar at noon was C$1.3921.

Stock markets staged a late day recovery and closed above the low points of the session, but still posted significant losses on the day.

The Dow Jones industrial average closed down 177.92 points, or 1.1 percent, to 16,027.05, the S&P 500 lost 26.61 points, or 1.42 percent, to 1,853.44 and the Nasdaq Composite dropped 79.39 points, or 1.82 percent, to 4,283.75.

Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2016 465.10 -3.60 -0.77%
Canola May 2016 474.30 -3.60 -0.75%
Canola Jul 2016 480.30 -3.90 -0.81%
Canola Nov 2016 485.80 -2.80 -0.57%
Canola Jan 2017 488.70 -2.50 -0.51%

Milling Wheat Mar 2016 227.00 +2.00 +0.89%
Milling Wheat May 2016 230.00 +2.00 +0.88%
Milling Wheat Jul 2016 234.00 +2.00 +0.86%

Durum Wheat Mar 2016 317.00 +6.00 +1.93%
Durum Wheat May 2016 325.00 +7.00 +2.20%
Durum Wheat Jul 2016 310.00 +7.00 +2.31%

Barley Mar 2016 190.00 unch 0.00%
Barley May 2016 194.00 unch 0.00%
Barley Jul 2016 196.00 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago
Soybeans Mar 2016 862.5 -5 -0.58%
Soybeans May 2016 866.5 -4.75 -0.55%

Soybeans Jul 2016 872.5 -5.25 -0.60%
Soybeans Aug 2016 874.5 -5.5 -0.62%
Soybeans Sep 2016 874.5 -5.75 -0.65%
Soybeans Nov 2016 877.25 -6 -0.68%

Soybean Meal Mar 2016 264.5 -0.5 -0.19%
Soybean Meal May 2016 266.2 -0.5 -0.19%
Soybean Meal Jul 2016 268.8 -0.5 -0.19%

Soybean Oil Mar 2016 30.75 -0.48 -1.54%
Soybean Oil May 2016 30.99 -0.48 -1.53%
Soybean Oil Jul 2016 31.23 -0.47 -1.48%

Corn Mar 2016 362.25 -3.5 -0.96%
Corn May 2016 367 -3.75 -1.01%
Corn Jul 2016 372.25 -3.75 -1.00%
Corn Sep 2016 377.5 -3.5 -0.92%
Corn Dec 2016 385.5 -3.75 -0.96%

Oats Mar 2016 199 +2 +1.02%
Oats May 2016 201 -0.5 -0.25%
Oats Jul 2016 208.75 +0.75 +0.36%
Oats Sep 2016 214 +0.25 +0.12%
Oats Dec 2016 209.5 +0.25 +0.12%

Wheat Mar 2016 458.5 -8.25 -1.77%
Wheat May 2016 463 -7.5 -1.59%
Wheat Jul 2016 468.25 -7.5 -1.58%
Wheat Sep 2016 477 -7.25 -1.50%
Wheat Dec 2016 491 -7.25 -1.46%

Minneapolis
Spring Wheat Mar 2016 486.25 -5 -1.02%
Spring Wheat May 2016 492 -4.75 -0.96%
Spring Wheat Jul 2016 500 -4 -0.79%
Spring Wheat Sep 2016 510.25 -4 -0.78%
Spring Wheat Dec 2016 526 -4 -0.75%

Kansas City
Hard Red Wheat Mar 2016 445.5 -8.5 -1.87%
Hard Red Wheat May 2016 455.5 -8 -1.73%
Hard Red Wheat Jul 2016 465.25 -7.75 -1.64%
Hard Red Wheat Sep 2016 479.25 -7.5 -1.54%
Hard Red Wheat Dec 2016 499.5 -7.5 -1.48%

About the author

Comments

explore

Stories from our other publications