A tough week for wheat and soybeans continued today, thanks to technical weakness and abundant global supplies.
Canola dropped alongside soybeans. May canola futures in Winnipeg fell $4.60, settling at $450.40 per tonne.
Nearby soybean contracts in Chicago sank 8.5 cents, ending the day at $9.855 per bu.
It was the fourth consecutive day of tanking soybean futures. A huge Brazilian soybean crop will enter the world market in a couple of weeks, and U.S exports are stymied by a pricey American dollar.
A truckers’ strike in Brazil and related impact on soy exports is now over, compounding the soybean losses.
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Weakness in palm oil futures also exerted pressure on vegetable oil markets.
The only positive sign for soy and oilseeds was news of heavy rains and flooding in Argentina.
Soft wheat futures in Chicago were dramatically lower Thursday as the May contract lost 15.5 cents per bu. to close at $4.805 per bu.
Chicago wheat has lost more than 25 cents per bu. in the last two days. Traders said the technical indicators for wheat are bearish and futures have more downside.
From a fundamental perspective, Russia’s agriculture minister said Wednesday that the winter wheat crop in the country’s southern region may be larger than anticipated.
Corn demonstrated some resilience, with May contracts gaining one cent Thursday to close at $3.905 per bu.
Oat futures also had a decent day, gaining 1.75 cents to finish at $2.865 per bu.
Light crude oil nearby futures in New York were down 77 cents to US$50.76 per barrel.
The Canadian dollar at noon was US80.12 cents, down from US80.39 cents the previous trading day. The U.S. dollar at noon was C$1.2482.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015 445.40 -4.60 -1.02%
Canola May 2015 450.40 -4.60 -1.01%
Canola Jul 2015 449.50 -4.80 -1.06%
Canola Nov 2015 444.60 -1.70 -0.38%
Canola Jan 2016 446.30 -2.00 -0.45%
Milling Wheat Mar 2015 221.00 -2.00 -0.90%
Milling Wheat May 2015 228.00 -3.00 -1.30%
Milling Wheat Jul 2015 230.00 -3.00 -1.29%
Durum Wheat Mar 2015 333.00 unch 0.00%
Durum Wheat May 2015 323.00 unch 0.00%
Durum Wheat Jul 2015 313.00 unch 0.00%
Barley Mar 2015 182.00 +2.00 +1.11%
Barley May 2015 184.00 +2.00 +1.10%
Barley Jul 2015 186.00 +2.00 +1.09%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2015 979.25 -9.75 -0.99%
Soybeans May 2015 985.5 -8.5 -0.86%
Soybeans Aug 2015 989 -9.25 -0.93%
Soybeans Sep 2015 974.75 -8.5 -0.86%
Soybeans Nov 2015 966 -6.75 -0.69%
Soybean Meal Mar 2015 334.4 +0.3 +0.09%
Soybean Meal May 2015 325.2 -1.9 -0.58%
Soybean Meal Jul 2015 323.4 -1.8 -0.55%
Soybean Oil Mar 2015 31.43 -0.6 -1.87%
Soybean Oil May 2015 31.57 -0.64 -1.99%
Soybean Oil Jul 2015 31.76 -0.64 -1.98%
Corn Mar 2015 382.75 +1.25 +0.33%
Corn May 2015 390.5 +1 +0.26%
Corn Jul 2015 398.25 +0.75 +0.19%
Corn Sep 2015 405.5 +0.75 +0.19%
Corn Dec 2015 414 +0.25 +0.06%
Oats Mar 2015 293.25 +0.5 +0.17%
Oats May 2015 286.5 +1.75 +0.61%
Oats Jul 2015 285.5 +1.75 +0.62%
Oats Sep 2015 284.75 +0.5 +0.18%
Oats Dec 2015 284.75 +0.5 +0.18%
Wheat Mar 2015 481.25 -12.25 -2.48%
Wheat May 2015 480.5 -15.5 -3.12%
Wheat Jul 2015 487.75 -15.25 -3.03%
Wheat Sep 2015 498.75 -14 -2.73%
Wheat Dec 2015 515 -13.5 -2.55%
Minneapolis
Spring Wheat Mar 2015 547 -10.25 -1.84%
Spring Wheat May 2015 558.5 -7.25 -1.28%
Spring Wheat Jul 2015 564.5 -7.25 -1.27%
Spring Wheat Sep 2015 571.25 -7 -1.21%
Spring Wheat Dec 2015 580.75 -7.75 -1.32%
Kansas City
Hard Red Wheat Mar 2015 514 -9.5 -1.81%
Hard Red Wheat May 2015 517 -10.25 -1.94%
Hard Red Wheat Jul 2015 523.75 -10.5 -1.97%
Hard Red Wheat Sep 2015 536.5 -10.25 -1.87%
Hard Red Wheat Dec 2015 553.5 -10.25 -1.82%
Robert.arnason@producer.com
