Canola drifts lower to start week but spring wheat edges up

Canola futures edged a little lower and winter wheat fell, but spring wheat again posted a gain on Monday.

Minneapolis spring wheat July is now at about a $2.10 premium over Kansas hard red winter wheat.

July Kansas fell 11.25 cents on Monday while Minneapolis spring wheat rose 2.5 cents.

Analysts are wondering how much higher Minneapolis can climb when other wheat and corn are falling

Canola dipped on technical selling in light volume.

There were only minor moves in soybeans and corn. Midwest weather is mostly favourable for crop growth.

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Markets will be adjusting this week in advance of seeded acreage reports from Statistics Canada on Thursday and the U.S. Department of Agriculture on Friday. USDA also releases quarterly stocks on Friday.

US CROP CONDITION

After the market closed Monday, the USDA reported that the weekly condition of spring wheat dipped again to only 40 percent good to excellent, down from 41 percent the week before and 72 percent at the same point last year

Corn was unchanged at 67 percent good to excellent.

Soybeans slightly deteriorated to 66 percent good to excellent from 67 the week before.

As for the winter wheat crop, 41 percent is now harvested, a little ahead of the five year average of 39 percent.

Recent rain helped conditions in North Dakota, where most of the U.S. durum is grown.

Twenty-two percent was headed. There was no excellent durum and only 24 percent rated good, but that was up from just 18 percent good the week before. Last year 76 percent was rated good to excellent

Canola in North Dakota was rated 39 percent good to excellent, up from 36 percent the week before.

Last year 85 percent was good to excellent.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 37 cents US$43.38 per barrel.

In the afternoon, the Canadian dollar was trading around US75.49 cents, up from 75.38 cents the previous trading day. The U.S. dollar was C$1.3246.

The Toronto Stock Exchange’s S&P/TSX composite index .GSPTSE fell 3.54 points, or 0.02 percent, to 15,316.02.

The Dow Jones Industrial Average rose 14.79 points, or 0.07 percent, to 21,409.55, the S&P 500 lost 0.77 point, or 0.03 percent, to 2,439.07 and the Nasdaq Composite dropped 18.10 points, or 0.29 percent, to 6,247.15.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 2017 508.30 -1.30 -0.26%

Canola Nov 2017 474.10 -1.10 -0.23%

Canola Jan 2018 479.90 -1.10 -0.23%

Canola Mar 2018 485.50 -1.10 -0.23%

Canola May 2018 489.20 unch 0.00%

Milling Wheat Jul 2017 279.00 +3.00 +1.09%

Milling Wheat Oct 2017 272.00 +2.00 +0.74%

Milling Wheat Dec 2017 275.00 +3.00 +1.10%

Durum Wheat Jul 2017 277.00 unch 0.00%

Durum Wheat Oct 2017 267.00 unch 0.00%

Durum Wheat Dec 2017 270.00 unch 0.00%

Barley Jul 2017 138.00 unch 0.00%

Barley Oct 2017 140.00 unch 0.00%

Barley Dec 2017 140.00 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Jul 2017 906.75 +1.25 +0.14%

Soybeans Aug 2017 911.25 +1.75 +0.19%

Soybeans Sep 2017 912.50 +2.50 +0.27%

Soybeans Nov 2017 913.75 +1.75 +0.19%

Soybeans Jan 2018 921.75 +1.50 +0.16%

Soybeans Mar 2018 928.50 +2.25 +0.24%

Soybean Meal Jul 2017 294.10 +0.40 +0.14%

Soybean Meal Aug 2017 296.00 +0.90 +0.30%

Soybean Meal Sep 2017 296.80 +0.90 +0.30%

Soybean Oil Jul 2017 31.52 -0.17 -0.54%

Soybean Oil Aug 2017 31.65 -0.15 -0.47%

Soybean Oil Sep 2017 31.78 -0.14 -0.44%

Corn Jul 2017 359.00 unch 0.00%

Corn Sep 2017 367.25 +0.25 +0.07%

Corn Dec 2017 377.00 +0.25 +0.07%

Corn Mar 2018 387.00 +0.25 +0.06%

Corn May 2018 393.00 unch 0.00%

Oats Jul 2017 249.75 -3.50 -1.38%

Oats Sep 2017 251.25 -7.75 -2.99%

Oats Dec 2017 256.75 -3.75 -1.44%

Oats Mar 2018 258.00 -0.25 -0.10%

Oats May 2018 258.00 unch 0.00%

Wheat Jul 2017 450.00 -10.00 -2.17%

Wheat Sep 2017 465.50 -7.50 -1.59%

Wheat Dec 2017 488.00 -7.00 -1.41%

Wheat Mar 2018 504.50 -6.75 -1.32%

Wheat May 2018 515.75 -6.75 -1.29%

Minneapolis

Spring Wheat Jul 2017 663.75 +3.75 +0.57%

Spring Wheat Sep 2017 668.75 +4.75 +0.72%

Spring Wheat Dec 2017 666.50 +4.75 +0.72%

Spring Wheat Mar 2018 662.50 +3.75 +0.57%

Spring Wheat May 2018 657.50 +4.00 +0.61%

Kansas City

Hard Red Wheat Jul 2017 453.00 -10.50 -2.27%

Hard Red Wheat Sep 2017 471.50 -9.75 -2.03%

Hard Red Wheat Dec 2017 497.25 -9.75 -1.92%

Hard Red Wheat Mar 2018 511.75 -10.25 -1.96%

Hard Red Wheat May 2018 520.75 -16.00 -2.98%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Jun 2017 121.48 +2.08 +1.74%

Live Cattle (P) Aug 2017 118.28 +2.86 +2.48%

Live Cattle (P) Oct 2017 115.28 +2.78 +2.47%

Feeder Cattle (P) Aug 2017 149.45 +4.17 +2.87%

Feeder Cattle (P) Sep 2017 148.90 +4.42 +3.06%

Feeder Cattle (P) Oct 2017 147.20 +4.45 +3.12%

Lean Hogs (P) Jul 2017 87.02 +1.84 +2.16%

Lean Hogs (P) Aug 2017 78.67 +0.25 +0.32%

Lean Hogs (P) Oct 2017 68.38 +0.48 +0.71%

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