By D’Arce McMillan
Markets editor
Twitter @ darcemcmillan
November canola edged down $1.70 per tonne even though soybeans were slightly higher.
Soy oil was steady-to-down as traders pursued long soymeal-short soyoil spreads. Falling crude oil also weighed on soyoil.
Although there were minor moves in crop prices, reflecting concern about wet weather harvest delays in the U.S., the market was largely marking time ahead of Friday’s U.S. Department of Agriculture supply and demand report.
The market generally expects the USDA will raise its forecast of corn and soybean crops. The question is the size of the increase.
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Chicago cattle and lean hog futures continued to climb on Wednesday.
The market on average believes the increase in soy production will be greater than in corn production. Corn continued its modest rally today as traders balanced their corn-soy spreads.
Look for our coverage of the USDA report at Producer.com and on Twitter @ westernproducer.
The weekly U.S. crop export report today put soybean sales at 923,400 tonnes, topping expectations. Soymeal exports were 343,200 tonnes, also topping expectations.
Ukraine revised its rapeseed production and export estimates. It pegged the crop at 2.15 million tonnes, down nine percent from last year and exports at 1.94 million tonnes, down 12.7 percent.
Almost all of its exports go to the European Union.
USDA reported 784,800 tonnes of corn sold for export in the week ending Oct. 2, above analyst expectations that ranged from 550,000 to 750,000 tonnes.
Chicago wheat ended its multiday rally with the USDA report wheat export sales of 372,374 tonnes, falling short of what traders had expected.
Chicago wheat was down more than 2.5 percent while the losses in Minneapolis and Kansas wheat were slightly less.
Stock markets retreated after Wednesday’s sharp gains.
Yesterday the trade focused on expectations that U.S. interest rates would stay low while the economy struggles to expand. Today, the focus was on the struggling world economy and its potential to reduce corporate earnings.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 404.60 -1.70 -0.42%
Canola Jan 2015 411.30 -1.40 -0.34%
Canola Mar 2015 418.40 -1.30 -0.31%
Canola May 2015 424.00 -1.20 -0.28%
Canola Jul 2015 428.00 -1.20 -0.28%
Milling Wheat Oct 2014 207.00 -4.00 -1.90%
Milling Wheat Dec 2014 211.00 -4.00 -1.86%
Milling Wheat Mar 2015 219.00 -5.00 -2.23%
Durum Wheat Oct 2014 350.00 +10.00 +2.94%
Durum Wheat Dec 2014 356.50 +10.00 +2.89%
Durum Wheat Mar 2015 357.50 +10.00 +2.88%
Barley Oct 2014 115.50 unch 0.00%
Barley Dec 2014 117.50 unch 0.00%
Barley Mar 2015 120.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014 942 +7 +0.75%
Soybeans Jan 2015 950 +6.5 +0.69%
Soybeans Mar 2015 958.5 +6.5 +0.68%
Soybeans May 2015 966.75 +6.25 +0.65%
Soybeans Jul 2015 974 +6.25 +0.65%
Soybeans Aug 2015 976.75 +6.25 +0.64%
Soybean Meal Oct 2014 333 +3.2 +0.97%
Soybean Meal Dec 2014 313.5 +3.7 +1.19%
Soybean Meal Jan 2015 311.1 +3.1 +1.01%
Soybean Oil Oct 2014 32.88 unch 0.00%
Soybean Oil Dec 2014 33.01 -0.01 -0.03%
Soybean Oil Jan 2015 33.29 -0.01 -0.03%
Corn Dec 2014 344.75 +1.5 +0.44%
Corn Mar 2015 357.75 +1.25 +0.35%
Corn May 2015 366.5 +1.25 +0.34%
Corn Jul 2015 374 +0.75 +0.20%
Corn Sep 2015 381.5 +0.75 +0.20%
Oats Dec 2014 343.75 +0.5 +0.15%
Oats Mar 2015 328.75 +0.5 +0.15%
Oats May 2015 323.5 +0.5 +0.15%
Oats Jul 2015 318.75 +0.25 +0.08%
Oats Sep 2015 325 unch 0.00%
Wheat Dec 2014 493.25 -14.5 -2.86%
Wheat Mar 2015 505.25 -14 -2.70%
Wheat May 2015 511.75 -14.25 -2.71%
Wheat Jul 2015 519.5 -14.5 -2.72%
Wheat Sep 2015 530.75 -14.75 -2.70%
Minneapolis
Spring Wheat Dec 2014 553.5 -11.5 -2.04%
Spring Wheat Mar 2015 566 -12.75 -2.20%
Spring Wheat May 2015 575.5 -12.75 -2.17%
Spring Wheat Jul 2015 585.75 -12.25 -2.05%
Spring Wheat Sep 2015 596.25 -12.25 -2.01%
Kansas City
Hard Red Wheat Dec 2014 572.75 -13.75 -2.34%
Hard Red Wheat Mar 2015 575.25 -13.75 -2.33%
Hard Red Wheat May 2015 576.25 -14.75 -2.50%
Hard Red Wheat Jul 2015 571.75 -14.25 -2.43%
Hard Red Wheat Sep 2015 583.75 -14 -2.34%
Light crude oil nearby futures in New York dropped $1.54 at $85.77 US per barrel.
Brent broke below $90 a barrel on Thursday for the first time since the summer of 2012.
The Canadian dollar at noon was 89.69 cents US, up from 89.43 cents the previous trading day. The U.S. dollar at noon was $1.1149 Cdn.
In early, unofficial tallies —
The Toronto Stock Exchange Composite Index fell 205.87 points or 1.40 percent to 14,460.60.
The Dow Jones industrial average fell 334.97 points, or 1.97 percent, to 16,659.25, the S&P 500 lost 40.67 points, or 2.07 percent, to 1,928.22 and the Nasdaq Composite dropped 90.26 points, or 2.02 percent, to 4,378.34.
