More rain is headed toward the Canadian Prairies by Friday but until then it should be sunny and dry allowing progress on the delayed planting season.
Falling soybean futures and technical weakness drove canola futures lower on Tuesday.
July closed at $502.80 per tonne, down $9.40 or 1.8 percent while new crop November fell to $483, down $3.90 or 0.8 percent.
Farmer hedges were also a feature as seeding starts to wraps up in Manitoba and southern areas of the rest of the Prairies.
Northern areas of the grain belt are still behind.
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Manitoba’s crop report said yesterday that seeding of cultivated acres was about 90 percent complete. The western areas of the province are less advanced with 70 to 85 percent of crops in the ground.
Northern parts of Saskatchewan and Alberta are struggling with saturated soils.
RAIN
Central and southern Alberta and southern Saskatchewan could see rain Friday. Rain on the weekend is forecast in northeastern Alberta and angling down across Saskatchewan toward the southeast corner and continuing into southwestern Manitoba.
WHEAT PROTEIN
Early signs are that excess moisture in the U.S. winter wheat crop will lower average protein.
Concerns about protein have widened the spread between the Kansas City winter wheat contract and the higher protein Minneapolis spring wheat contract. On Monday and today July Minneapolis closed at levels that are the highest since Feb. 16.
Soybean futures fell as rain in the Midwest over the Memorial Day long weekend was not as heavy as expected allowing for seeding progress.
Concerns about export demand also weighed on soybeans. Soybean crushers in China are suffering low margins.
Also, strong competition from Brazil is expected to continue from its record large crop and its weaker currency that makes it more competitive.
US SEEDING PROGRESS and CROP CONDITION
As of May 28 U.S. corn seeding is 91 percent complete, shy of the five year average of 93 percent.
This is the first week that the USDA has has condition ratings for corn.
It said 65 percent of the crop was good to excellent compared to 72 percent last year at the same point.
For soybeans, 67 percent was planted, one point below the five year average.
Soybean emergence was at 37 percent, short of the five year average of 40 percent.
For winter wheat, 80 percent is headed, ahead of the five year average of 77 percent.
Only 50 percent of the winter wheat crop was good to excellent, down from 52 percent the week before and 63 percent last year at the same point.
Kansas, the heart of the hard red winter wheat region, was 45 percent good to excellent, 30 percent fair and 25 percent poor to very poor.
OUTSIDE MARKETS
Light crude oil nearby futures in New York fell 14 cents to US$49.66 per barrel.
In the afternoon, the Canadian dollar was trading around US74.29 cents, down a little from 74.32 cents the previous trading day. The U.S. dollar was C$1.346.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 49.56 points, or 0.32 percent, at 15,372.35.
The Dow Jones Industrial Average fell 50.47 points, or 0.24 percent, to 21,029.81, the S&P 500 lost 2.89 points, or 0.12 percent, to 2,412.93 and the Nasdaq Composite dropped 7.01 points, or 0.11 percent, to 6,203.19.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 17Â Â Â Â Â Â 502.80Â Â Â Â Â Â -9.40Â Â Â Â Â Â -1.84%
Canola Nov 17Â Â Â Â Â Â 483.00Â Â Â Â Â Â -3.90Â Â Â Â Â Â -0.80%
Canola Jan 18Â Â Â Â Â Â 488.30Â Â Â Â Â Â -4.00Â Â Â Â Â Â -0.81%
Canola Mar 18Â Â Â Â Â Â 492.70Â Â Â Â Â Â -4.10Â Â Â Â Â Â -0.83%
Canola May 18Â Â Â Â Â Â 495.60Â Â Â Â Â Â -4.10Â Â Â Â Â Â -0.82%
Milling Wheat Jul 17      245.00      unch      unch
Milling Wheat Oct 17      242.00      unch      unch
Milling Wheat Dec 17Â Â Â Â Â Â 244.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.41%
Durum Wheat Jul 17      279.00      unch      unch
Durum Wheat Oct 17      267.00      unch      unch
Durum Wheat Dec 17      267.00      unch      unch
Barley Jul 17      138.00      unch      unch
Barley Oct 17      140.00      unch      unch
Barley Dec 17      140.00      unch      unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2017Â Â Â Â Â Â 912.75Â Â Â Â Â Â -13.25Â Â Â Â Â Â -1.43%
Soybeans Aug 2017Â Â Â Â Â Â 916.00Â Â Â Â Â Â -13.00Â Â Â Â Â Â -1.40%
Soybeans Sep 2017Â Â Â Â Â Â 916.50Â Â Â Â Â Â -11.25Â Â Â Â Â Â -1.21%
Soybeans Nov 2017Â Â Â Â Â Â 919.75Â Â Â Â Â Â -9.50Â Â Â Â Â Â -1.02%
Soybeans Jan 2018Â Â Â Â Â Â 927.75Â Â Â Â Â Â -9.00Â Â Â Â Â Â -0.96%
Soybeans Mar 2018Â Â Â Â Â Â 934.25Â Â Â Â Â Â -7.25Â Â Â Â Â Â -0.77%
Soybean Meal Jul 2017Â Â Â Â Â Â 297.60Â Â Â Â Â Â -3.70Â Â Â Â Â Â -1.23%
Soybean Meal Aug 2017Â Â Â Â Â Â 298.90Â Â Â Â Â Â -3.60Â Â Â Â Â Â -1.19%
Soybean Meal Sep 2017Â Â Â Â Â Â 300.30Â Â Â Â Â Â -3.60Â Â Â Â Â Â -1.18%
Soybean Oil Jul 2017Â Â Â Â Â Â 31.42Â Â Â Â Â Â -0.18Â Â Â Â Â Â -0.57%
Soybean Oil Aug 2017Â Â Â Â Â Â 31.54Â Â Â Â Â Â -0.17Â Â Â Â Â Â -0.54%
Soybean Oil Sep 2017Â Â Â Â Â Â 31.67Â Â Â Â Â Â -0.14Â Â Â Â Â Â -0.44%
Corn Jul 2017Â Â Â Â Â Â 367.00Â Â Â Â Â Â -6.75Â Â Â Â Â Â -1.81%
Corn Sep 2017Â Â Â Â Â Â 375.00Â Â Â Â Â Â -6.25Â Â Â Â Â Â -1.64%
Corn Dec 2017Â Â Â Â Â Â 385.75Â Â Â Â Â Â -6.25Â Â Â Â Â Â -1.59%
Corn Mar 2018Â Â Â Â Â Â 395.50Â Â Â Â Â Â -6.75Â Â Â Â Â Â -1.68%
Corn May 2018Â Â Â Â Â Â 401.75Â Â Â Â Â Â -6.50Â Â Â Â Â Â -1.59%
Oats Jul 2017Â Â Â Â Â Â 242.25Â Â Â Â Â Â -2.75Â Â Â Â Â Â -1.12%
Oats Sep 2017Â Â Â Â Â Â 236.00Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.32%
Oats Dec 2017Â Â Â Â Â Â 228.25Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.11%
Oats Mar 2018Â Â Â Â Â Â 223.25Â Â Â Â Â Â -2.75Â Â Â Â Â Â -1.22%
Oats May 2018Â Â Â Â Â Â 223.25Â Â Â Â Â Â -2.75Â Â Â Â Â Â -1.22%
Wheat Jul 2017Â Â Â Â Â Â 429.50Â Â Â Â Â Â -9.25Â Â Â Â Â Â -2.11%
Wheat Sep 2017Â Â Â Â Â Â 444.00Â Â Â Â Â Â -8.25Â Â Â Â Â Â -1.82%
Wheat Dec 2017Â Â Â Â Â Â 466.50Â Â Â Â Â Â -7.00Â Â Â Â Â Â -1.48%
Wheat Mar 2018Â Â Â Â Â Â 484.00Â Â Â Â Â Â -7.25Â Â Â Â Â Â -1.48%
Wheat May 2018Â Â Â Â Â Â 495.50Â Â Â Â Â Â -7.50Â Â Â Â Â Â -1.49%
Minneapolis
Spring Wheat Jul 2017Â Â Â Â Â Â 568.00Â Â Â Â Â Â -1.50Â Â Â Â Â Â -0.26%
Spring Wheat Sep 2017Â Â Â Â Â Â 572.00Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.31%
Spring Wheat Dec 2017Â Â Â Â Â Â 577.00Â Â Â Â Â Â -1.50Â Â Â Â Â Â -0.26%
Spring Wheat Mar 2018Â Â Â Â Â Â 582.50Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.04%
Spring Wheat May 2018Â Â Â Â Â Â 586.25Â Â Â Â Â Â +0.50Â Â Â Â Â Â +0.09%
Kansas City
Hard Red Wheat Jul 2017Â Â Â Â Â Â 433.25Â Â Â Â Â Â -5.00Â Â Â Â Â Â -1.14%
Hard Red Wheat Sep 2017Â Â Â Â Â Â 451.25Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.93%
Hard Red Wheat Dec 2017Â Â Â Â Â Â 476.50Â Â Â Â Â Â -3.75Â Â Â Â Â Â -0.78%
Hard Red Wheat Mar 2018Â Â Â Â Â Â 491.50Â Â Â Â Â Â -3.50Â Â Â Â Â Â -0.71%
Hard Red Wheat May 2018Â Â Â Â Â Â 502.50Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.20%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017Â Â Â Â Â Â 122.97Â Â Â Â Â Â +0.35Â Â Â Â Â Â +0.29%
Live Cattle (P) Aug 2017Â Â Â Â Â Â 119.85Â Â Â Â Â Â +0.97Â Â Â Â Â Â +0.82%
Live Cattle (P) Oct 2017Â Â Â Â Â Â 116.52Â Â Â Â Â Â +1.52Â Â Â Â Â Â +1.32%
Feeder Cattle (P) Aug 2017Â Â Â Â Â Â 149.92Â Â Â Â Â Â +2.72Â Â Â Â Â Â +1.85%
Feeder Cattle (P) Sep 2017Â Â Â Â Â Â 149.50Â Â Â Â Â Â +2.40Â Â Â Â Â Â +1.63%
Feeder Cattle (P) Oct 2017Â Â Â Â Â Â 148.28Â Â Â Â Â Â +2.36Â Â Â Â Â Â +1.62%
Lean Hogs (P) Jun 2017Â Â Â Â Â Â 80.50Â Â Â Â Â Â -1.38Â Â Â Â Â Â -1.69%
Lean Hogs (P) Jul 2017Â Â Â Â Â Â 81.00Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.92%
Lean Hogs (P) Aug 2017Â Â Â Â Â Â 81.00Â Â Â Â Â Â -0.18Â Â Â Â Â Â -0.22%
