Surging stock markets didn’t do much for crop futures, with canola falling to a three-month low and soybeans sagging.
But oil’s bounce helped keep losses restrained, with only a few cents per bushel lost.
Traders might also have been lightening positions until after tomorrow’s Statistics Canada stocks report is released.
Yet again, the crop markets showed themselves relatively immune to stock market gyrations, with the bounce-back gains on Wall Street having little visible impact.
Oil, however, did move up along with stocks, continuing that commodity’s recovery.
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As western Canadian crops begin to pour into bins across the Prairies, analysts are looking closely to see what’s actually there, after a season of sometimes-dreadful growing conditions but then good conditions following.
Feedgrain broker Kyle Sinclair of CorNine Commodities in Lacombe, Alta., said he has been hearing reports of unexpectedly good yields being found by farmers in his area that were affected by early season challenges.
“It seems like a bit of a surprise on the good side,” said Sinclair. Farmers had expected their best crops to produce average yields and their worse-off crops to be well below average, but “the poor areas are closer to excellent, the tune of maybe 100-plus bushels an acre on barley.”
The worse-off crops look almost average.
As yield reports from the rest of the Prairies become more widespread, the market will be able to see what buyers and users will be able to bid on over the winter.
The U.S. market continues to be pressured by signs that its soybean crop is big and good. Each day without bad weather brings more of it closer to safety and removes fear of quality or quantity damage.
Allendale, Inc. of McHenry, Illinois, forecast a U.S. soybean crop of 45.4 bushels per acre and 3.8 billion bu., verifying other analysts’ views on the healthy size of the crop.
Light crude oil nearby futures in New York were up 84 cents to US$46.25 per barrel.
The Canadian dollar at noon was US75.13 cents, down from 75.88 cents the previous trading day. The U.S. dollar at noon was C$1.3311.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 465.80 -1.30 -0.28%
Canola Jan 2016 471.60 -1.10 -0.23%
Canola Mar 2016 475.90 -1.20 -0.25%
Canola Jul 2016 477.10 -0.60 -0.13%
Milling Wheat Oct 2015 224.00 -1.00
Milling Wheat Dec 2015 224.00 -1.00
Milling Wheat Mar 2016 228.00 -1.00
Durum Wheat Oct 2015 335.00 unch 0.00%
Durum Wheat Dec 2015 335.00 unch 0.00%
Durum Wheat Mar 2016 340.00 unch 0.00%
Barley Oct 2015 184.00 unch 0.00%
Barley Dec 2015 184.00 unch 0.00%
Barley Mar 2016 186.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Sep 2015 883.75 -1 -0.11%
Soybeans Nov 2015 874 unch 0.00%
Soybeans Jan 2016 878 -0.75 -0.09%
Soybeans Mar 2016 879 -2 -0.23%
Soybeans May 2016 880.75 -3.25 -0.37%
Soybeans Jul 2016 884.25 -3.25 -0.37%
Soybean Meal Sep 2015 318.1 +0.2 +0.06%
Soybean Meal Oct 2015 312.2 +1.7 +0.55%
Soybean Meal Dec 2015 310.3 +2.2 +0.71%
Soybean Oil Sep 2015 26.76 -0.46 -1.69%
Soybean Oil Oct 2015 26.86 -0.48 -1.76%
Soybean Oil Dec 2015 27.09 -0.46 -1.67%
Corn Sep 2015 354 -2 -0.56%
Corn Dec 2015 367.5 -1.5 -0.41%
Corn May 2016 385.5 -1.5 -0.39%
Corn Jul 2016 390.25 -1.25 -0.32%
Oats Sep 2015 224.5 +0.5 +0.22%
Oats Dec 2015 224.5 +0.5 +0.22%
Oats Mar 2016 224.5 -0.5 -0.22%
Oats May 2016 230.25 -0.25 -0.11%
Oats Jul 2016 231.25 -0.25 -0.11%
Wheat Sep 2015 473 -11 -2.27%
Wheat Dec 2015 479 -7.25 -1.49%
Wheat Mar 2016 486.5 -4.5 -0.92%
Wheat May 2016 491.5 -3.5 -0.71%
Wheat Jul 2016 496.25 -1.75 -0.35%
Minneapolis
Spring Wheat Sep 2015 489.5 -2.5 -0.51%
Spring Wheat Dec 2015 508.25 -3 -0.59%
Spring Wheat Mar 2016 523.75 -3 -0.57%
Spring Wheat May 2016 534.75 -2 -0.37%
Spring Wheat Jul 2016 545.5 -2.5 -0.46%
Kansas City
Hard Red Wheat Sep 2015 448 -10.5 -2.29%
Hard Red Wheat Dec 2015 474.75 -7.5 -1.56%
Hard Red Wheat Mar 2016 488.75 -7 -1.41%
Hard Red Wheat May 2016 498.5 -7 -1.38%
Hard Red Wheat Jul 2016 507.75 -6.75 -1.31%
