Canola dips on hedging; poor US exports sink wheat

May canola dipped less than a dollar a tonne on Thursday while wheat fell a little more.

Corn was the winner today with the nearby contract up almost one percent.

Canola drifted a little lower on commercial hedging and slightly weaker soybeans and soy oil.

Corn continued its recovery from the sharp drop following the USDA’s planting intentions report. Many traders believe that farmers will not follow through on their intention to plant 6.4 percent more corn acres.

Weekly exports also supported corn.

USDA reported export sales of U.S. corn in the week to March 31 at 945,200 tonnes for 2015-16 and 175,100 tonnes for 2016-17, in line with trade expectations.

Winter wheat contracts fell more than one percent, weighed down by forecast for rain in the dry southern plains in about a week. Also, weekly US exports were poor. Spring wheat also fell but the decline was less severe.

The USDA’s export sales report showed net cancellations of old-crop U.S. wheat totaling 58,100 tonnes in the week to March 31, the weakest results in the current marketing year. Analysts had expected old-crop net sales of 150,000 to 350,000 tonnes.

Light crude oil nearby futures in New York were down 49 cents to US$37.26 per barrel.

The Canadian dollar at noon was US75.97 cents, down from 76.47 cents the previous trading day. The U.S. dollar at noon was C$1.3163.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 81.02 points, or 0.61 percent, at 13,266.44.

The Dow Jones industrial average fell 173.95 points, or 0.98 percent, to 17,542.1, the S&P 500 lost 24.7 points, or 1.2 percent, to 2,041.96 and the Nasdaq Composite dropped 72.35 points, or 1.47 percent, to 4,848.37.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2016 482.20 -0.70 -0.14%

Canola Jul 2016 487.00 -1.00 -0.20%

Canola Nov 2016 484.30 -2.00 -0.41%

Canola Jan 2017 489.20 -1.80 -0.37%

Canola Mar 2017 491.00 -1.90 -0.39%

Milling Wheat May 2016 237.00 -1.00 -0.42%

Milling Wheat Jul 2016 237.00 -1.00 -0.42%

Milling Wheat Oct 2016 235.00 -1.00 -0.42%

Durum Wheat May 2016 296.00 -5.00 -1.66%

Durum Wheat Jul 2016 291.00 -4.00 -1.36%

Durum Wheat Oct 2016 277.00 -5.00 -1.77%

Barley May 2016 172.00 unch 0.00%

Barley Jul 2016 174.00 unch 0.00%

Barley Oct 2016 174.00 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 2016 904.5 -3.5 -0.39%

Soybeans Jul 2016 912.75 -3.25 -0.35%

Soybeans Aug 2016 915.75 -3 -0.33%

Soybeans Sep 2016 916.25 -2.5 -0.27%

Soybeans Nov 2016 919.5 -2.75 -0.30%

Soybeans Jan 2017 924.25 -2.75 -0.30%

Soybean Meal May 2016 266.8 -1.1 -0.41%

Soybean Meal Jul 2016 269.4 -1.1 -0.41%

Soybean Meal Aug 2016 270.8 -1.1 -0.40%

Soybean Oil May 2016 34.1 -0.16 -0.47%

Soybean Oil Jul 2016 34.37 -0.15 -0.43%

Soybean Oil Aug 2016 34.48 -0.15 -0.43%

Corn May 2016 361.5 +3.5 +0.98%

Corn Jul 2016 364 +3.25 +0.90%

Corn Sep 2016 367 +2.75 +0.75%

Corn Dec 2016 374.25 +2.75 +0.74%

Corn Mar 2017 384.25 +2.75 +0.72%

Oats May 2016 186.25 +2.75 +1.50%

Oats Jul 2016 194.5 +3.5 +1.83%

Oats Sep 2016 203 +2.75 +1.37%

Oats Dec 2016 210.75 +2.25 +1.08%

Oats Mar 2017 217.5 +4.25 +1.99%

Wheat May 2016 457 -6 -1.30%

Wheat Jul 2016 464.5 -5.25 -1.12%

Wheat Sep 2016 474.25 -5.25 -1.09%

Wheat Dec 2016 489 -5.25 -1.06%

Wheat Mar 2017 503.5 -5 -0.98%

Minneapolis

Spring Wheat May 2016 513.5 -3 -0.58%

Spring Wheat Jul 2016 522.25 -3 -0.57%

Spring Wheat Sep 2016 532 -3 -0.56%

Spring Wheat Dec 2016 545 -2.75 -0.50%

Spring Wheat Mar 2017 557.75 -2.5 -0.45%

Kansas City

Hard Red Wheat May 2016 454.25 -7 -1.52%

Hard Red Wheat Jul 2016 465.5 -6.75 -1.43%

Hard Red Wheat Sep 2016 480 -6.5 -1.34%

Hard Red Wheat Dec 2016 500.5 -6.5 -1.28%

Hard Red Wheat Mar 2017 513.5 -6.25 -1.20%

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