A stronger U.S. dollar and rapid seeding progress pressured U.S. crop markets lower but canola rose a little on the weaker Canadian dollar and worries about damage caused by freezing temperatures on the weekend.
It is too early to be sure about the extent of damage from the freezing temperatures early Sunday and Monday morning on the eastern Prairies. Rain in Manitoba may well have protected crops from the frost.
Also, there is still time to reseed if necessary.
July canola closed at $460.30, up $5.00 (+1.10%)
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November closed at $453.30, up $4.10 (+0.91%)
U.S. housing starts reached their highest level in 7 ½ years in April, welcome news after weak first-quarter data. That helped the U.S. buck gain against most other currencies.
Wheat today fell back on the currency issue and on profit taking, after strong gains late last week and on Monday, associated with worries about excess rain in the U.S. southern Plains and frost on the northern Plains.
Chicago wheat today fell 2.2 percent while Minneapolis wheat fell 1.8 percent.
On Monday USDA rated 45 percent of the U.S. winter wheat crop as good to excellent, up from 44 percent the previous week. USDA rated 65 percent of the U.S. spring wheat crop as good to excellent.
Losses were limited by expectations of more heavy rain in the southern U.S. again this week. The rain could hurt the quality of the maturing crop.
However, any rally is limited by the prospect of an excellent crop in Europe, which will offer strong competition on the world market.
Weakness in wheat spilled over into corn. July corn fell 1.8 percent. Excellent planting progress in the U.S. also weighed on corn.
Planting progress and the stronger U.S. dollar also weighed on soybeans.
Weekly export inspections for U.S. corn and soybeans were a little better than expected.
Light crude oil nearby futures in New York were down $2.17 to US$57.26 per barrel.
The Canadian dollar at noon was US81.89 cents, down from 83.26 cents the previous trading day. The U.S. dollar at noon was C$1.2211.
The TSX composite closed at 15,121.02, up 12.90 points or 0.09 percent.
The Dow Jones industrial average rose 13.31 points, or 0.07 percent, to 18,312.19, a new record high.
The S&P 500 lost 1.38 points, or 0.06 percent, to 2,127.82 and the Nasdaq Composite dropped 8.41 points, or 0.17 percent, to 5,070.03.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2015Â Â Â Â Â Â Â Â 460.30Â Â Â Â Â Â Â Â +5.00Â Â Â Â Â Â Â Â +1.10%
Canola Nov 2015Â Â Â Â Â Â Â Â 453.30Â Â Â Â Â Â Â Â +4.10Â Â Â Â Â Â Â Â +0.91%
Canola Jan 2016Â Â Â Â Â Â Â Â 453.10Â Â Â Â Â Â Â Â +3.10Â Â Â Â Â Â Â Â +0.69%
Canola Mar 2016Â Â Â Â Â Â Â Â 452.10Â Â Â Â Â Â Â Â +2.30Â Â Â Â Â Â Â Â +0.51%
Canola May 2016Â Â Â Â Â Â Â Â 451.60Â Â Â Â Â Â Â Â +1.30Â Â Â Â Â Â Â Â +0.29%
Milling Wheat Jul 2015Â Â Â Â Â Â Â Â 217.00Â Â Â Â Â Â Â Â +8.00Â Â Â Â Â Â Â Â +3.83%
Milling Wheat Oct 2015Â Â Â Â Â Â Â Â 220.00Â Â Â Â Â Â Â Â +7.00Â Â Â Â Â Â Â Â +3.29%
Milling Wheat Dec 2015Â Â Â Â Â Â Â Â 220.00Â Â Â Â Â Â Â Â +7.00Â Â Â Â Â Â Â Â +3.29%
Durum Wheat Jul 2015        298.00        unch        0.00%
Durum Wheat Oct 2015        298.00        unch        0.00%
Durum Wheat Dec 2015        303.00        unch        0.00%
Barley Jul 2015        192.00        unch        0.00%
Barley Oct 2015        177.00        unch        0.00%
Barley Dec 2015        182.00        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 2015Â Â Â Â Â Â Â Â 946.25Â Â Â Â Â Â Â Â -8.25Â Â Â Â Â Â Â Â -0.86%
Soybeans Aug 2015Â Â Â Â Â Â Â Â 938Â Â Â Â Â Â Â Â -9.5Â Â Â Â Â Â Â Â -1.00%
Soybeans Sep 2015Â Â Â Â Â Â Â Â 926Â Â Â Â Â Â Â Â -11.75Â Â Â Â Â Â Â Â -1.25%
Soybeans Nov 2015Â Â Â Â Â Â Â Â 923.5Â Â Â Â Â Â Â Â -11.5Â Â Â Â Â Â Â Â -1.23%
Soybeans Jan 2016Â Â Â Â Â Â Â Â 930.5Â Â Â Â Â Â Â Â -11.75Â Â Â Â Â Â Â Â -1.25%
Soybeans Mar 2016Â Â Â Â Â Â Â Â 936.5Â Â Â Â Â Â Â Â -11.25Â Â Â Â Â Â Â Â -1.19%
Soybean Meal Jul 2015Â Â Â Â Â Â Â Â 307.1Â Â Â Â Â Â Â Â -0.9Â Â Â Â Â Â Â Â -0.29%
Soybean Meal Aug 2015Â Â Â Â Â Â Â Â 303.9Â Â Â Â Â Â Â Â -1.2Â Â Â Â Â Â Â Â -0.39%
Soybean Meal Sep 2015Â Â Â Â Â Â Â Â 301.4Â Â Â Â Â Â Â Â -1.5Â Â Â Â Â Â Â Â -0.50%
Soybean Oil Jul 2015Â Â Â Â Â Â Â Â 32.18Â Â Â Â Â Â Â Â -0.6Â Â Â Â Â Â Â Â -1.83%
Soybean Oil Aug 2015Â Â Â Â Â Â Â Â 32.21Â Â Â Â Â Â Â Â -0.6Â Â Â Â Â Â Â Â -1.83%
Soybean Oil Sep 2015Â Â Â Â Â Â Â Â 32.23Â Â Â Â Â Â Â Â -0.61Â Â Â Â Â Â Â Â -1.86%
Corn Jul 2015Â Â Â Â Â Â Â Â 362Â Â Â Â Â Â Â Â -6Â Â Â Â Â Â Â Â -1.63%
Corn Sep 2015Â Â Â Â Â Â Â Â 369.25Â Â Â Â Â Â Â Â -6Â Â Â Â Â Â Â Â -1.60%
Corn Dec 2015Â Â Â Â Â Â Â Â 380.25Â Â Â Â Â Â Â Â -5.5Â Â Â Â Â Â Â Â -1.43%
Corn Mar 2016Â Â Â Â Â Â Â Â 390.75Â Â Â Â Â Â Â Â -5.5Â Â Â Â Â Â Â Â -1.39%
Corn May 2016Â Â Â Â Â Â Â Â 398.25Â Â Â Â Â Â Â Â -5.25Â Â Â Â Â Â Â Â -1.30%
Oats Jul 2015Â Â Â Â Â Â Â Â 248Â Â Â Â Â Â Â Â -5.5Â Â Â Â Â Â Â Â -2.17%
Oats Sep 2015Â Â Â Â Â Â Â Â 254Â Â Â Â Â Â Â Â -5.25Â Â Â Â Â Â Â Â -2.03%
Oats Dec 2015Â Â Â Â Â Â Â Â 263Â Â Â Â Â Â Â Â -4.5Â Â Â Â Â Â Â Â -1.68%
Oats Mar 2016Â Â Â Â Â Â Â Â 269Â Â Â Â Â Â Â Â -4.25Â Â Â Â Â Â Â Â -1.56%
Oats May 2016Â Â Â Â Â Â Â Â 275.75Â Â Â Â Â Â Â Â -4.25Â Â Â Â Â Â Â Â -1.52%
Wheat Jul 2015Â Â Â Â Â Â Â Â 510.25Â Â Â Â Â Â Â Â -11.5Â Â Â Â Â Â Â Â -2.20%
Wheat Sep 2015Â Â Â Â Â Â Â Â 518.5Â Â Â Â Â Â Â Â -10.75Â Â Â Â Â Â Â Â -2.03%
Wheat Dec 2015Â Â Â Â Â Â Â Â 533.5Â Â Â Â Â Â Â Â -10Â Â Â Â Â Â Â Â -1.84%
Wheat Mar 2016Â Â Â Â Â Â Â Â 548Â Â Â Â Â Â Â Â -9.25Â Â Â Â Â Â Â Â -1.66%
Wheat May 2016Â Â Â Â Â Â Â Â 557.5Â Â Â Â Â Â Â Â -9Â Â Â Â Â Â Â Â -1.59%
Minneapolis
Spring Wheat Jul 2015Â Â Â Â Â Â Â Â 564.25Â Â Â Â Â Â Â Â -10.25Â Â Â Â Â Â Â Â -1.78%
Spring Wheat Sep 2015Â Â Â Â Â Â Â Â 575.5Â Â Â Â Â Â Â Â -10.5Â Â Â Â Â Â Â Â -1.79%
Spring Wheat Dec 2015Â Â Â Â Â Â Â Â 590.25Â Â Â Â Â Â Â Â -9.75Â Â Â Â Â Â Â Â -1.62%
Spring Wheat Mar 2016Â Â Â Â Â Â Â Â 603.75Â Â Â Â Â Â Â Â -9.75Â Â Â Â Â Â Â Â -1.59%
Spring Wheat May 2016Â Â Â Â Â Â Â Â 612.5Â Â Â Â Â Â Â Â -9.5Â Â Â Â Â Â Â Â -1.53%
Kansas City
Hard Red Wheat Jul 2015Â Â Â Â Â Â Â Â 540Â Â Â Â Â Â Â Â -15Â Â Â Â Â Â Â Â -2.70%
Hard Red Wheat Sep 2015Â Â Â Â Â Â Â Â 550.5Â Â Â Â Â Â Â Â -14Â Â Â Â Â Â Â Â -2.48%
Hard Red Wheat Dec 2015Â Â Â Â Â Â Â Â 567.25Â Â Â Â Â Â Â Â -13Â Â Â Â Â Â Â Â -2.24%
Hard Red Wheat Mar 2016Â Â Â Â Â Â Â Â 579.75Â Â Â Â Â Â Â Â -13.25Â Â Â Â Â Â Â Â -2.23%
Hard Red Wheat May 2016Â Â Â Â Â Â Â Â 588Â Â Â Â Â Â Â Â -12.5Â Â Â Â Â Â Â Â -2.08%
