Oilseeds fell Thursday but corn rose a little in a day when commodities were down generally on gloomy economic news.
There was no major market moving crop news.
July canola closed at $624.40, down $2.10
November closed at $579.00, down $4.70
Oilseeds fell on speculator profit taking after the recent run up in prices. Weakness was limited by better than expected weekly exports of U.S. soybeans.
Also, end user canola demand is down a little because of poor crush margins.
Old crop corn was generally up on short covering after the large declines of the past couple of days and on good weekly exports of U>S. corn. New crop edged lower on good growing weather.
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• The Wheat Quality Council tour of the U.S. hard red winter wheat region scouting yields today pegged the Kansas wheat crop at 403.9 million bushels, compared with last year’s drought reduced 276.5 million.
The tour inspected 608 fields over three days in Kansas.
The forecast for average yield was 49.1 bushels per acre, the tour’s biggest yield projection since at least 1999.
• Winter wheat prices in several areas of the U.S. have fallen to a point where they are lower than corn, raising the prospect that more wheat will go into livestock feed rations.
This puts a floor under wheat and limits the gains that corn can make. The U.S. winter wheat crop looks like it will be large and will be harvested early, making grain available to feeders before the corn crop is harvested.
That should help relieve the pressure on the tight supply of old crop corn.
• The Buenos Aires Grains Exchange cut its forecast for Argentina’s soy crop to 41 million tonnes, down two million tonnes from 43 million tonnes a week ago.
It held its corn forecast at 19.8 million tonnes.
• Saskatchewan Agriculture’s first crop report of the year said two percent of the 2012 crop has been seeded. Last year less than one percent was seeded.
Provincially, seven percent of the peas, three percent of the lentils and two percent of the spring wheat and durum have been seeded to date. The southwestern region has six percent of the acres seeded, while the southeast has three percent.
• It was generally a risk-off day in the markets with many commodities under pressure after data from the Institute for Supply Management showed employment in the U.S. service sector declined in April to its lowest level since December. Also, more than half of U.S. retailers missed monthly same-store sales expectations for April.
The negativity was slightly offset by another report showing the number of Americans filing new claims for jobless benefits fell more than expected last week.
The offical U.S. government monthly jobs report for April comes out Friday.
Winnipeg (per tonne)
Canola May 12 $629.40, down $2.10 -0.33%
Canola Jul 12 $624.40, down $2.10 -0.34%
Canola Nov 12 $579.00, down $4.70 -0.81%
Canola Jan 13 $582.90, down $4.90 -0.83%
The previous trading day’s best basis in the par region rose to +$4.00 over the July contract, said ICE Futures Canada.
The 14-day relative strength index was 57.
Western Barley May 12 $242.00, unchanged
Western Barley Jul 12 $237.00, unchanged
Milling Wheat Oct 12 $248.00, unchanged
Milling Wheat Dec 12 $253.00, unchanged
Milling Wheat Mar 13 $262.00, unchanged
Durum Wheat Oct 12 $276.10, down $1.40 -0.50%
Durum Wheat Dec 12 $280.60, down $1.40 -0.50%
Durum Wheat Mar 13 $287.20, down $1.40 -0.49%
Barley Oct 12 $184.00, down $0.50 -0.27%
Barley Dec 12 $187.00, down $0.50 -0.27%
Barley Mar 13 $188.50, down $0.50 -0.26%
Chicago (per bushel)
Soybeans May 12 $14.6875, down 11.25 cents -0.76%
Soybeans Jul 12 $14.735, down 11.5 -0.77%
Soybeans Nov 12 $13.6775, down 0.5 -0.04%
Corn May 12 $6.5075, up 8.5 +1.32%
Corn Jul 12 $6.145, up 3.0 +0.49%
Corn Dec 12 $5.295, down 1.5 -0.28%
Oats May 12 $3.36, up 5.75 +1.74%
Oats Jul 12 $3.445, up 7.25 +2.15%
Oats Dec 12 $3.53, up 5.5 +1.58%
Minneapolis (per bushel)
Spring Wheat May 12 $7.43, down 1.5 cents -0.20%
Spring Wheat Jul 12 $7.455, down 5.5 -0.73%
Spring Wheat Sep 12 $7.4625, down 4.5 -0.60%
Spring Wheat Dec 12 $7.51, down 4.25 -0.56%
The nearby New York light sweet crude contract fell $2.68 to $102.54 US.
The Canadian dollar noon rate is $1.0134 US, up from $1.0110 the day before.
The U.S. dollar at noon was 98.68 Cdn.
In early tallies:
The Toronto Stock Exchange’s S&P/TSX composite index fell 215.15 points, or 1.8 percent, to 12,014.97, its biggest one-day drop since March 6.
The Dow Jones industrial average fell 61.98 points, or 0.47 percent, to end at 13,206.59.
The S&P 500 Index dropped 10.74 points, or 0.77 percent, to finish at 1,391.57.
The Nasdaq Composite lost 35.55 points, or 1.16 percent, to close at 3,024.30.
