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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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 2015 460.30 +5.00 +1.10%
Canola Nov 2015 453.30 +4.10 +0.91%
Canola Jan 2016 453.10 +3.10 +0.69%
Canola Mar 2016 452.10 +2.30 +0.51%
Canola May 2016 451.60 +1.30 +0.29%
Milling Wheat Jul 2015 217.00 +8.00 +3.83%
Milling Wheat Oct 2015 220.00 +7.00 +3.29%
Milling Wheat Dec 2015 220.00 +7.00 +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 2015 946.25 -8.25 -0.86%
Soybeans Aug 2015 938 -9.5 -1.00%
Soybeans Sep 2015 926 -11.75 -1.25%
Soybeans Nov 2015 923.5 -11.5 -1.23%
Soybeans Jan 2016 930.5 -11.75 -1.25%
Soybeans Mar 2016 936.5 -11.25 -1.19%
Soybean Meal Jul 2015 307.1 -0.9 -0.29%
Soybean Meal Aug 2015 303.9 -1.2 -0.39%
Soybean Meal Sep 2015 301.4 -1.5 -0.50%
Soybean Oil Jul 2015 32.18 -0.6 -1.83%
Soybean Oil Aug 2015 32.21 -0.6 -1.83%
Soybean Oil Sep 2015 32.23 -0.61 -1.86%
Corn Jul 2015 362 -6 -1.63%
Corn Sep 2015 369.25 -6 -1.60%
Corn Dec 2015 380.25 -5.5 -1.43%
Corn Mar 2016 390.75 -5.5 -1.39%
Corn May 2016 398.25 -5.25 -1.30%
Oats Jul 2015 248 -5.5 -2.17%
Oats Sep 2015 254 -5.25 -2.03%
Oats Dec 2015 263 -4.5 -1.68%
Oats Mar 2016 269 -4.25 -1.56%
Oats May 2016 275.75 -4.25 -1.52%
Wheat Jul 2015 510.25 -11.5 -2.20%
Wheat Sep 2015 518.5 -10.75 -2.03%
Wheat Dec 2015 533.5 -10 -1.84%
Wheat Mar 2016 548 -9.25 -1.66%
Wheat May 2016 557.5 -9 -1.59%
Minneapolis
Spring Wheat Jul 2015 564.25 -10.25 -1.78%
Spring Wheat Sep 2015 575.5 -10.5 -1.79%
Spring Wheat Dec 2015 590.25 -9.75 -1.62%
Spring Wheat Mar 2016 603.75 -9.75 -1.59%
Spring Wheat May 2016 612.5 -9.5 -1.53%
Kansas City
Hard Red Wheat Jul 2015 540 -15 -2.70%
Hard Red Wheat Sep 2015 550.5 -14 -2.48%
Hard Red Wheat Dec 2015 567.25 -13 -2.24%
Hard Red Wheat Mar 2016 579.75 -13.25 -2.23%
Hard Red Wheat May 2016 588 -12.5 -2.08%
