All the major North American crop futures were in the red Wednesday as continuing reports of bountiful yields across the U.S. Midwest and other parts of the northern hemisphere further re-assured buyers that they won’t likely have to fight for supplies in the coming year.
Most crops were a few cents off Tuesday, with canola following soybeans down and ignoring strength in soyoil, the odd green man out in futures.
There hasn’t been much to move the crop markets beyond normal seasonal tendencies in recent sessions, so the usual slackness of demand, expectations of heavy supplies soon to hit the market and the ever-lessening worry about weather impacts assisted crop prices in falling further into a funk.
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Canola fell about half the amount of new crop soybeans, supported by a weakening Canadian dollar and momentarily peppy soyoil prices.
Wheat and corn were slightly less weak than soybeans.
Crops across the continent are close to harvest, with pockets of harvesting occurring, so each day of OK weather alleviates worries about potential losses.
The annual U.S. Pro Farmer tour of the major Midwest growing regions is still underway, with observers generally finding above-average yields in corn, pressuring all markets.
Wheat markets have suffered as anxieties about the Ukraine-Russia situation have mellowed in recent days. A healthy risk premium has been built into wheat prices in case of general disruption of Black Sea exports, but the present strife does not appear to be crippling Ukrainian or Russia exporting ability, so that premium is coming off.
Stock markets were generally higher Wednesday, with the Standard and Poors 500 index now just one point shy of its July all-time high.
Bond markets sold off on the release of the Federal Open Markets Committee minutes from the end of July, which showed that some Fed members want to start raising interest rates, but stocks did not seem to be directly affected.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 424.20 -2.70 -0.63%
Canola Jan 2015 429.30 -2.10 -0.49%
Canola Mar 2015 433.90 -0.40 -0.09%
Canola May 2015 433.20 +0.70 +0.16%
Canola Jul 2015 431.80 +2.50 +0.58%
Milling Wheat Oct 2014 201.00 -2.00 -0.99%
Milling Wheat Dec 2014 206.00 -2.00 -0.96%
Milling Wheat Mar 2015 214.00 -2.00 -0.93%
Durum Wheat Oct 2014 250.00 unch 0.00%
Durum Wheat Dec 2014 256.00 unch 0.00%
Durum Wheat Mar 2015 257.00 unch 0.00%
Barley Oct 2014 135.00 unch 0.00%
Barley Dec 2014 137.00 unch 0.00%
Barley Mar 2015 138.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Sep 2014 1119.75 -0.5 -0.04%
Soybeans Nov 2014 1038 -14.75 -1.40%
Soybeans Jan 2015 1045.75 -14.75 -1.39%
Soybeans Mar 2015 1052.5 -15.5 -1.45%
Soybeans May 2015 1058.5 -15.25 -1.42%
Soybeans Jul 2015 1062.75 -15.5 -1.44%
Soybean Meal Sep 2014 402.6 +2.8 +0.70%
Soybean Meal Oct 2014 353.1 -6 -1.67%
Soybean Meal Dec 2014 344.2 -8.5 -2.41%
Soybean Oil Sep 2014 32.86 +0.2 +0.61%
Soybean Oil Oct 2014 32.95 +0.2 +0.61%
Soybean Oil Dec 2014 33.22 +0.21 +0.64%
Corn Sep 2014 359.5 -3 -0.83%
Corn Dec 2014 367.5 -4.75 -1.28%
Corn Mar 2015 380.5 -5 -1.30%
Corn May 2015 388.75 -4.75 -1.21%
Corn Jul 2015 395.25 -5 -1.25%
Oats Sep 2014 363 -7.25 -1.96%
Oats Dec 2014 339.5 -0.25 -0.07%
Oats Mar 2015 323.5 +0.25 +0.08%
Oats May 2015 315.5 +0.75 +0.24%
Oats Jul 2015 312.75 +0.75 +0.24%
Wheat Sep 2014 539.5 -6.5 -1.19%
Wheat Dec 2014 550 -8.5 -1.52%
Wheat Mar 2015 568.75 -8.5 -1.47%
Wheat May 2015 580 -7.5 -1.28%
Wheat Jul 2015 587.25 -8.75 -1.47%
Minneapolis
Spring Wheat Sep 2014 610.25 -6.5 -1.05%
Spring Wheat Mar 2015 631.25 -6 -0.94%
Spring Wheat May 2015 639.75 -6 -0.93%
Spring Wheat Jul 2015 646.75 -6.75 -1.03%
Kansas City
Hard Red Wheat Sep 2014 618.75 -5.75 -0.92%
Hard Red Wheat Dec 2014 630.75 -6.75 -1.06%
Hard Red Wheat Mar 2015 639.5 -6.75 -1.04%
Hard Red Wheat May 2015 643.75 -7 -1.08%
Hard Red Wheat Jul 2015 634.25 -7.5 -1.17%
Light crude oil nearby futures in New York rose $1.59 at $96.07 US per barrel.
The Canadian dollar at noon was 91.37 cents US, down from 91.50 cents the previous trading day. The U.S. dollar at noon was $1.0944 Cdn.
