Canola futures fell less than one percent but corn was down more than two percent on ideas that demand for American crops is waning as its currency rises and South American crops crowd on to the world market.
Canola fell less than soybeans as modest buying in thin volume offset some of the negativity in markets.
Canola exports of late have been below the level needed to meet Agriculture Canada’s export forecast of 9.2 million tonnes. However, as we mentioned last week, Chinese buyers have been in the market recently and that should help export volumes to pick up.
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Soybeans fell on weak U.S. export prospects and the prospect for a big jump in soybean acres in the U.S. this spring.
Corn futures suffered as China, the world’s second-largest corn consumer, has booked over 600,000 tonnes of corn from Ukraine this year and more deals from the Black Sea are expected as Beijing’s stockpiling dries up supplies and boosts domestic prices. Reuters reported.
Wheat rose in early overnight trading but then fell off during the trading day with a sharp drop right at the close.
Wheat had been supported by concerns about dry conditions in the southern U.S. Plains and the condition of crops in Russia.
The weekly crop condition reports in Kansas and Oklahoma showed deterioration from the previous week, but they are still in better condition than last year at this time.
After hitting a two week high, wheat began to sell off because it was pricing U.S. wheat out of the global market. Also, the fall in corn weighed on wheat.
The U.S. Federal Reserve provides a statement on monetary policy Wednesday and that will have a big impact on the U.S. dollar, which has been rising rapidly for months.
It is unlikely that the Fed will actually do anything, but its language about what it will do in the future will be closely watched.
Most analysts expect the fed will raise rates sometime in the second half of the year if the U.S. economy continues to grow and post good monthly job creation.
Two economic indicators came in weaker than expected with monthly housing starts falling to the lowest level in a year and U.S. manufacturing output in February falling for the third month in a row.
Light crude oil nearby futures in New York were down 42 cents to US$43.46 per barrel.
The Canadian dollar at noon was US78.31 cents, down slightly from 78.34 cents the previous trading day. The U.S. dollar at noon was C$1.2769.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 35.77 points, or 0.24 percent, at 14,898.53.
The Dow Jones industrial average fell 129.98 points, or 0.72 percent, to 17,847.44, the S&P 500 lost 7.02 points, or 0.34 percent, to 2,074.17 and the Nasdaq Composite added 7.93 points, or 0.16 percent, to 4,937.44.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015Â Â Â Â Â Â 457.10Â Â Â Â Â Â -3.60Â Â Â Â Â Â -0.78%
Canola Jul 2015Â Â Â Â Â Â 454.10Â Â Â Â Â Â -2.50Â Â Â Â Â Â -0.55%
Canola Nov 2015Â Â Â Â Â Â 443.40Â Â Â Â Â Â -3.00Â Â Â Â Â Â -0.67%
Canola Jan 2016Â Â Â Â Â Â 444.50Â Â Â Â Â Â -3.00Â Â Â Â Â Â -0.67%
Canola Mar 2016Â Â Â Â Â Â 447.10Â Â Â Â Â Â -3.00Â Â Â Â Â Â -0.67%
Milling Wheat May 2015Â Â Â Â Â Â 238.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.65%
Milling Wheat Jul 2015Â Â Â Â Â Â 240.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.64%
Milling Wheat Oct 2015Â Â Â Â Â Â 243.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.62%
Durum Wheat May 2015      323.00      unch      0.00%
Durum Wheat Jul 2015      313.00      unch      0.00%
Durum Wheat Oct 2015      318.00      unch      0.00%
Barley May 2015      184.00      unch      0.00%
Barley Jul 2015      186.00      unch      0.00%
Barley Oct 2015      177.00      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2015Â Â Â Â Â Â 954.5Â Â Â Â Â Â -14.75Â Â Â Â Â Â -1.52%
Soybeans Jul 2015Â Â Â Â Â Â 959.5Â Â Â Â Â Â -14.25Â Â Â Â Â Â -1.46%
Soybeans Aug 2015Â Â Â Â Â Â 959.25Â Â Â Â Â Â -13.25Â Â Â Â Â Â -1.36%
Soybeans Sep 2015Â Â Â Â Â Â 945.75Â Â Â Â Â Â -13.5Â Â Â Â Â Â -1.41%
Soybeans Nov 2015Â Â Â Â Â Â 940Â Â Â Â Â Â -11.5Â Â Â Â Â Â -1.21%
Soybeans Jan 2016Â Â Â Â Â Â 945Â Â Â Â Â Â -11.5Â Â Â Â Â Â -1.20%
Soybean Meal May 2015Â Â Â Â Â Â 317.5Â Â Â Â Â Â -6.2Â Â Â Â Â Â -1.92%
Soybean Meal Jul 2015Â Â Â Â Â Â 315.9Â Â Â Â Â Â -4.9Â Â Â Â Â Â -1.53%
Soybean Meal Aug 2015Â Â Â Â Â Â 315.3Â Â Â Â Â Â -3.9Â Â Â Â Â Â -1.22%
Soybean Oil May 2015Â Â Â Â Â Â 30.04Â Â Â Â Â Â -0.35Â Â Â Â Â Â -1.15%
Soybean Oil Jul 2015Â Â Â Â Â Â 30.24Â Â Â Â Â Â -0.34Â Â Â Â Â Â -1.11%
Soybean Oil Aug 2015Â Â Â Â Â Â 30.32Â Â Â Â Â Â -0.34Â Â Â Â Â Â -1.11%
Corn May 2015Â Â Â Â Â Â 371Â Â Â Â Â Â -8Â Â Â Â Â Â -2.11%
Corn Jul 2015Â Â Â Â Â Â 379Â Â Â Â Â Â -8Â Â Â Â Â Â -2.07%
Corn Sep 2015Â Â Â Â Â Â 386.75Â Â Â Â Â Â -8Â Â Â Â Â Â -2.03%
Corn Dec 2015Â Â Â Â Â Â 396.75Â Â Â Â Â Â -7.5Â Â Â Â Â Â -1.86%
Corn Mar 2016Â Â Â Â Â Â 406.75Â Â Â Â Â Â -7Â Â Â Â Â Â -1.69%
Oats May 2015Â Â Â Â Â Â 271Â Â Â Â Â Â -7Â Â Â Â Â Â -2.52%
Oats Jul 2015Â Â Â Â Â Â 273.5Â Â Â Â Â Â -7Â Â Â Â Â Â -2.50%
Oats Sep 2015Â Â Â Â Â Â 275.5Â Â Â Â Â Â -7.25Â Â Â Â Â Â -2.56%
Oats Dec 2015Â Â Â Â Â Â 274.75Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.54%
Oats Mar 2016Â Â Â Â Â Â 280.5Â Â Â Â Â Â -4.75Â Â Â Â Â Â -1.67%
Wheat May 2015Â Â Â Â Â Â 503.5Â Â Â Â Â Â -10.5Â Â Â Â Â Â -2.04%
Wheat Jul 2015Â Â Â Â Â Â 506.75Â Â Â Â Â Â -9.75Â Â Â Â Â Â -1.89%
Wheat Sep 2015Â Â Â Â Â Â 516.5Â Â Â Â Â Â -9.5Â Â Â Â Â Â -1.81%
Wheat Dec 2015Â Â Â Â Â Â 530.75Â Â Â Â Â Â -8.5Â Â Â Â Â Â -1.58%
Wheat Mar 2016Â Â Â Â Â Â 543.75Â Â Â Â Â Â -6.75Â Â Â Â Â Â -1.23%
Minneapolis
Spring Wheat May 2015Â Â Â Â Â Â 569.75Â Â Â Â Â Â -11.25Â Â Â Â Â Â -1.94%
Spring Wheat Jul 2015Â Â Â Â Â Â 575.25Â Â Â Â Â Â -11.25Â Â Â Â Â Â -1.92%
Spring Wheat Sep 2015Â Â Â Â Â Â 583.25Â Â Â Â Â Â -11Â Â Â Â Â Â -1.85%
Spring Wheat Dec 2015Â Â Â Â Â Â 593Â Â Â Â Â Â -10.5Â Â Â Â Â Â -1.74%
Spring Wheat Mar 2016Â Â Â Â Â Â 605Â Â Â Â Â Â -9.5Â Â Â Â Â Â -1.55%
Kansas City
Hard Red Wheat May 2015Â Â Â Â Â Â 542.75Â Â Â Â Â Â -12.25Â Â Â Â Â Â -2.21%
Hard Red Wheat Jul 2015Â Â Â Â Â Â 548.5Â Â Â Â Â Â -11.25Â Â Â Â Â Â -2.01%
Hard Red Wheat Sep 2015Â Â Â Â Â Â 560.5Â Â Â Â Â Â -11Â Â Â Â Â Â -1.92%
Hard Red Wheat Dec 2015Â Â Â Â Â Â 576.5Â Â Â Â Â Â -10.5Â Â Â Â Â Â -1.79%
Hard Red Wheat Mar 2016Â Â Â Â Â Â 589Â Â Â Â Â Â -9.75Â Â Â Â Â Â -1.63%