Canola edges higher but wheat falls on Plains rain forecast

Canola grabbed the coattails of soybean oil, swung onto its back and rode a little higher Monday.

A weaker Canadian dollar also supported canola, which closed higher for the first time in a week.

Canola and soybean oil were exceptions in a grains market that mostly fell a few pennies per bushel.

WHEAT

Wheat was under the most pressure

Hard red winter wheat contracts fell eight cents a bu., while soft red winter wheat contracts fell six cents. Spring wheat, however, hardly budged on the day.

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Forecasts released in the morning calling for rain and snow later this week for the southern plains improved the yield outlooks for winter wheat. Later in the day, the seven-day forecast reduced the rain accumulation for western Kansas and Oklahoma where it has been exceptionally dry and warm. Nebraska and the southern Midwest are still expected to get good rain coverage.

Soybeans held firm, with only a fraction-of-a-penny loss.

Corn continued to be exported from the United States at a healthy clip, but volumes are not as impressive as the numbers reported one week ago.

There was not much news to move the grain markets.

South American weather continues generally good although rain in Brazil’s northern grain belt could hold up harvest later this week.

Paraguay’s agriculture minister said his country, now the world’s fourth largest soybean exporter, will probably produce a 10 million tonne crop, a new record. That crop is heading into the end of its harvesting period.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 56 cents to US$48.22 per barrel.

In the afternoon, the Canadian dollar was trading around US74.90 cents, down from 74.98 cents the previous trading day. The U.S. dollar was C$1.3351.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 48.17 points, or 0.31 percent, at 15,442.32.

The Dow Jones Industrial Average slipped 0.04 percent to end at 20,905.86 points, while the S&P 500 fell 0.20 percent to 2,373.47.

The Nasdaq Composite was almost unchanged, up 0.01 percent to finish at 5,901.53 after briefly hitting an intraday record high.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2017 505.40 +1.70 +0.34%

Canola Jul 2017 510.90 +2.10 +0.41%

Canola Nov 2017 492.70 +2.90 +0.59%

Canola Jan 2018 497.90 +2.50 +0.50%

Canola Mar 2018 502.50 +2.20 +0.44%

Milling Wheat May 2017 235.00 unch 0.00%

Milling Wheat Jul 2017 236.00 unch 0.00%

Milling Wheat Oct 2017 230.00 unch 0.00%

Durum Wheat May 2017 282.00 unch 0.00%

Durum Wheat Jul 2017 281.00 unch 0.00%

Durum Wheat Oct 2017 268.00 unch 0.00%

Barley May 2017 137.00 unch 0.00%

Barley Jul 2017 138.00 unch 0.00%

Barley Oct 2017 138.00 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 2017 999.50 -0.75 -0.07%

Soybeans Jul 2017 1009.50 -0.75 -0.07%

Soybeans Aug 2017 1011.00 -0.25 -0.02%

Soybeans Sep 2017 1001.25 -0.25 -0.02%

Soybeans Nov 2017 993.50 +0.75 +0.08%

Soybeans Jan 2018 998.50 unch 0.00%

Soybean Meal May 2017 326.60 -1.80 -0.55%

Soybean Meal Jul 2017 330.00 -1.70 -0.51%

Soybean Meal Aug 2017 329.40 -1.30 -0.39%

Soybean Oil May 2017 32.74 +0.46 +1.43%

Soybean Oil Jul 2017 33.02 +0.46 +1.41%

Soybean Oil Aug 2017 33.10 +0.44 +1.35%

Corn May 2017 363.50 -4.25 -1.16%

Corn Jul 2017 371.25 -3.75 -1.00%

Corn Sep 2017 378.50 -3.50 -0.92%

Corn Dec 2017 386.25 -3.50 -0.90%

Corn Mar 2018 396.00 -3.25 -0.81%

Oats May 2017 250.75 +0.50 +0.20%

Oats Jul 2017 241.25 -2.00 -0.82%

Oats Sep 2017 234.75 +1.75 +0.75%

Oats Dec 2017 234.50 -4.50 -1.88%

Oats Mar 2018 233.50 unch 0.00%

Wheat May 2017 430.25 -6.25 -1.43%

Wheat Jul 2017 445.50 -6.00 -1.33%

Wheat Sep 2017 460.75 -6.00 -1.29%

Wheat Dec 2017 479.50 -6.00 -1.24%

Wheat Mar 2018 493.75 -6.00 -1.20%

Minneapolis

Spring Wheat May 2017 548.25 +1.75 +0.32%

Spring Wheat Jul 2017 552.75 +1.25 +0.23%

Spring Wheat Sep 2017 558.25 -0.25 -0.04%

Spring Wheat Dec 2017 566.00 -1.25 -0.22%

Spring Wheat Mar 2018 575.25 -3.25 -0.56%

Kansas City

Hard Red Wheat May 2017 445.25 -8.50 -1.87%

Hard Red Wheat Jul 2017 457.25 -8.00 -1.72%

Hard Red Wheat Sep 2017 471.75 -8.25 -1.72%

Hard Red Wheat Dec 2017 492.00 -7.00 -1.40%

Hard Red Wheat Mar 2018 506.75 -5.25 -1.03%

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

Live Cattle (P) Apr 2017 118.90 -0.10 -0.08%

Live Cattle (P) Jun 2017 109.80 +0.42 +0.38%

Live Cattle (P) Aug 2017 105.65 +0.45 +0.43%

Feeder Cattle (P) Mar 2017 131.48 +0.28 +0.21%

Feeder Cattle (P) Apr 2017 132.45 +0.95 +0.72%

Feeder Cattle (P) May 2017 131.28 +0.98 +0.75%

Lean Hogs (P) Apr 2017 68.65 -0.35 -0.51%

Lean Hogs (P) May 2017 73.62 unch 0.00%

Lean Hogs (P) Jun 2017 77.38 +0.13 +0.17%

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