Crop prices, including canola, were hammered lower Monday as the U.S. harvest progressed at a record pace and the market digested anecdotal reports of better than expected U.S. yields.
Markets generally gave back some of last week’s gains as the jubilation over the U.S. Federal Reserve’s new stimulus plan faded and worries about Europe’s debt problems and slow global economic growth crept back into traders’ minds.
There was frost in many parts of Western Canada this morning.
The market is also trying to get a bead on how much yield damage was done by recent gale force winds in Western Canada. There are reports that after swaths were scattered, the yield dropped sharply.
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However, those concerns did not do much to stop the downward plunge today. Downward pressure also came from reports of rain in South America and Australia.
After the market closed, the weekly USDA crop progress report showed harvest pace was faster than expected.
The corn harvest was 26 percent complete as of Sunday. A Reuters poll of traders showed an average expectation of 24 percent. Last week 15 percent was in the bin.
About 10 percent of the soybean crop is harvested, compared with expectations for nine percent, and up from four percent the previous week.
Winnipeg (per tonne)
Canola Nov 12 $621.60, down $30.00 -4.60%
Canola Jan 13 $625.40, down $29.70 -4.53%
Canola Mar 13 $626.50, down $29.10 -4.44%
Canola May 13 $614.40, down $28.60 -4.45%
Milling Wheat Oct 12 $294.60, down $9.90 -3.25%
Milling Wheat Dec 12 $300.40, down $10.50 -3.38%
Milling Wheat Mar 13 $309.90, down $10.50 -3.28%
Durum Wheat Oct 12 $306.90, unchanged
Durum Wheat Dec 12 $311.40, unchanged
Durum Wheat Mar 13 $318.00, unchanged
Barley Oct 12 $250.30, unchanged
Barley Dec 12 $255.30, unchanged
Barley Mar 13 $258.30, unchanged
Chicago (per bushel)
Soybeans (P) Nov 12 $16.69, down 70.0 cents -4.03%
Soybeans (P) Jan 13 $16.70, down 70.0 -4.02%
Soybeans (P) Mar 13 $16.3275, down 70.0 -4.11%
Soybeans (P) May 13 $15.5275, down 70.0 -4.31%
Corn (P) Dec 12 $748, down 34.0 -4.35%
Corn (P) Mar 13 $7.525, down 33.5 -4.26%
Corn (P) May 13 $7.5175, down 32.25 -4.11%
Oats (P) Dec 12 $3.845, down 11.75 -2.97%
Oats (P) Mar 13 $3885, down 10.75 -2.69%
Oats (P) May 13 $3.89, down 9.0 -2.26%
Minneapolis (per bushel)
Spring Wheat Dec 12 $9.3075, down 47.25 cents -4.83%
Spring Wheat Mar 13 $9.39, down 47.25 -4.79%
Spring Wheat May 13 $9.455, down 46.75 -4.71%
Spring Wheat Jul 13 $9.4475, down 46.75 -4.72%
Nearby crude oil in New York fell $2.38 to settle at $96.62 per barrel.
The Bank of Canada noon rate for the loonie is $1.0285 US, down from $1.0299 on Friday.
The U.S. buck is 97.23 cents Cdn.
The TSX composite fell 52.61 points, or 0.42 percent, to closed at 12,446.86.
The Dow Jones industrial average ended down 40.27 points, or 0.30 percent, at 13,553.10.
The Standard & Poor’s 500 Index fell 4.58 points, or 0.31 percent, to close at 1,461.19.
The Nasdaq Composite Index lost 5.28 points, or 0.17 percent, at 3,178.67.
