New crop futures fell Monday, including canola, continuing the trend, driven by expectations of big harvests in the United States, Western Canada and Europe.
Old crop August soybeans continued their gyrations, rising today on bargain buying and short covering ahead of its delivery period.
Soy meal and oil also fell as did Malaysian palm oil and European rapeseed.
The recent declines in canola have put it into technically weak territory, which is also fueling some of the downward pressure. The loonie was slightly stronger, also added pressure.
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While November canola closed at $490.40, down $6.50, it was up from its lowest point of the day at $486.30. That was the lowest since October 2010. Corn futures today were also the lowest since October 2010.
The forecast for the Canadian Prairies is for mostly sunny but cool weather this week. The first week of August is expected to be a little warmer but still no warmer than 25 C at most.
Today’s Manitoba crop report said the cool temperatures are slowing crop growth even as they benefit flowering and grain filling.
After the close, the USDA said the good-to-excellent rating of the U.S. corn crop was unchanged at 63 percent. Traders had expected 62 percent.
The Iowa corn crop slipped to 53 percent from 55 percent the week before.
The good to excellent rating for the U.S. soybean crop declined one percentage point to 63 percent. Traders had expected 64 percent.
In spring wheat the amount considered excellent fell a little into the good class, but overall the good-to-excellent rating was unchanged at 68 percent.
The USDA today said that its continuing investigation of the GMO wheat field in Oregon shows that there is no contamination of commercial supplies. However, it has produced no new information on how the GM wheat got there.
Russia’s agriculture minister today said the country would harvest between 90 and 94 million tonnes of wheat, down from a previous estimate of 95 million.
He gave no details on wheat. Previously he said the wheat crop would be “not less than 50 million tonnes” but some private forecasters and farm groups now peg it in the high 40s.
Last year it produced 38 million tonnes due to dry weather and other weather problems.
The ICE milling wheat contract dropped $1 for contract months reflecting the 2013-14 crop but there was no trade. There is no open interest.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013 490.40 -6.50 -1.31%
Canola Jan 2014 493.80 -6.70 -1.34%
Canola Mar 2014 497.60 -6.80 -1.35%
Canola May 2014 500.10 -6.80 -1.34%
Canola Jul 2014 502.80 -6.70 -1.32%
Milling Wheat Oct 2013 256.00 -1.00 -0.39%
Milling Wheat Dec 2013 259.00 -1.00 -0.38%
Milling Wheat Mar 2014 266.00 -1.00 -0.37%
Durum Wheat Oct 2013 296.00 unch 0.00%
Durum Wheat Dec 2013 301.00 unch 0.00%
Durum Wheat Mar 2014 311.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
Barley Mar 2014 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2013 1367.5 +17.75 +1.32%
Soybeans Sep 2013 1272 -3.25 -0.25%
Soybeans Nov 2013 1220 -8.5 -0.69%
Soybeans Jan 2014 1225.5 -8.25 -0.67%
Soybeans Mar 2014 1227.75 -8 -0.65%
Soybeans May 2014 1226.75 -7 -0.57%
Soybean Meal Aug 2013 438.9 +8.6 +2.00%
Soybean Meal Sep 2013 411.5 +7.5 +1.86%
Soybean Meal Oct 2013 376 +2.4 +0.64%
Soybean Oil Aug 2013 42.47 -1.11 -2.55%
Soybean Oil Sep 2013 42.58 -1.04 -2.38%
Soybean Oil Oct 2013 42.67 -0.98 -2.25%
Corn Sep 2013 489.25 -2.75 -0.56%
Corn Dec 2013 473.25 -2.75 -0.58%
Corn Mar 2014 486 -2.75 -0.56%
Corn May 2014 494 -2.5 -0.50%
Corn Jul 2014 500.25 -2.75 -0.55%
Oats Sep 2013 336 +4.75 +1.43%
Oats Dec 2013 327.25 +4 +1.24%
Oats Mar 2014 331.75 +3.5 +1.07%
Oats May 2014 332 +3.5 +1.07%
Oats Jul 2014 337 +3.5 +1.05%
Wheat Sep 2013 651.5 +1.25 +0.19%
Wheat Dec 2013 663.25 +1.75 +0.26%
Wheat Mar 2014 673.25 +1.75 +0.26%
Wheat May 2014 679.25 +1.5 +0.22%
Wheat Jul 2014 675.75 +1.25 +0.19%
Minneapolis
Spring Wheat Sep 2013 734.25 -2.25 -0.31%
Spring Wheat Dec 2013 745.75 -2 -0.27%
Spring Wheat Mar 2014 758.25 -1.25 -0.16%
Spring Wheat May 2014 765.5 -1.5 -0.20%
Spring Wheat Jul 2014 771.75 -1.25 -0.16%
Kansas City
KCBT Red Wheat Sep 2013 690.25 -1.25 -0.18%
KCBT Red Wheat Dec 2013 700.75 -0.5 -0.07%
KCBT Red Wheat Mar 2014 709.5 +0.5 +0.07%
KCBT Red Wheat May 2014 712.75 +0.5 +0.07%
KCBT Red Wheat Jul 2014 703.25 +2.5 +0.36%
Light crude oil nearby futures in New York dropped 15 cents at $104.55 US per barrel.
The Canadian dollar at noon was 97.46 cents US, up from 97.17 cents the previous trading day. The U.S. dollar at noon was $1.0261 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 21.14 points, or 0.17 percent, at 12,669.04.
The Dow Jones industrial average was down 36.86 points, or 0.24 percent, at 15,521.97.
The Standard & Poor’s 500 Index fell 6.32 points, or 0.37 percent, at 1,685.33.
The Nasdaq Composite Index was down 14.02 points, or 0.39 percent, at 3,599.14.
