Crop futures closed little changed on Tuesday and there was little new market-moving news.
November canola closed at $465.60, down $2.90.
The overall situation is unchanged with expectations of large crops in Canada and the United States, but strong export demand, particularly for soybeans, limiting the downside in the near term.
High humidity and warm temperatures could throw up localized thunderstorms but North American forecast maps from the U.S. Weather Service show no major rain event in the Prairies over the next seven days.
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China to buy 12 million metric tons of soybeans this season, Bessent says
U.S. Treasury Secretary Scott Bessent said on Thursday that China has agreed to buy 12 million metric tons of American soybeans during the current season through January and has committed to buying 25 million tons annually for the next three years as part of a larger trade agreement with Beijing.
Uncertainty over access to the China market due to the new one percent dockage rule that kicks in Sept. 1 also weighed on canola.
In the U.S., eastern parts of the Midwest got needed rain, maintaining the expectation that the soybean crop will hit a record.
Soy oil futures rose for a fifth straight session, supported by rising crude oil and strong exports of Malaysian palm oil to China and India.
The rising crude oil price is causing the Canadian dollar to rise to a seven week high against its U.S. counterpart.
Chicago soft wheat edged higher on short covering and it was a similar story in corn. Kansas wheat was down a fraction and Minneapolis hard red spring wheat was little changed.
U.S. stock indexes came off all time highs set on Monday. The head of the New York Federal Reserve bank said he thought an interest rate hike could come sooner than later, but other data showed U.S. consumer prices unchanged in July, indicating no build up in inflation.
The Toronto Stock Exchange’s S&P/TSX composite index fell 73.58 points, or 0.5 percent, to 14,703.44.
The Dow Jones industrial average fell 84.03 points, or 0.45 percent, to 18,552.02, the S&P 500 lost 12 points, or 0.55 percent, to 2,178.15 and the Nasdaq Composite dropped 34.90 points, or 0.66 percent, to 5,227.11.
Light crude oil nearby futures in New York were up 84 cents to US$46.58 per barrel.
The Canadian dollar at noon was US77.75 cents, up from 77.39 cents the previous trading day. The U.S. dollar at noon was C$1.2862.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2016 465.60 -2.90 -0.62%
Canola Jan 2017 472.00 -3.00 -0.63%
Canola Mar 2017 477.90 -2.70 -0.56%
Canola May 2017 482.70 -2.90 -0.60%
Canola Jul 2017 486.80 -2.70 -0.55%
Milling Wheat Oct 2016 213.00 -1.00 -0.47%
Milling Wheat Dec 2016 216.00 -1.00 -0.46%
Milling Wheat Mar 2017 221.00 -1.00 -0.45%
Durum Wheat Oct 2016 262.00 +1.00 +0.38%
Durum Wheat Dec 2016 265.00 +1.00 +0.38%
Durum Wheat Mar 2017 269.00 +1.00 +0.37%
Barley Oct 2016 138.00 unch 0.00%
Barley Dec 2016 138.00 unch 0.00%
Barley Mar 2017 140.00 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 2016 1019.50 -4.25 -0.42%
Soybeans Nov 2016 1007.25 -2.00 -0.20%
Soybeans Jan 2017 1007.00 -1.50 -0.15%
Soybeans Mar 2017 998.75 -3.00 -0.30%
Soybeans May 2017 995.00 -4.00 -0.40%
Soybeans Jul 2017 995.25 -3.75 -0.38%
Soybean Meal Sep 2016 336.70 -2.90 -0.85%
Soybean Meal Oct 2016 334.20 -2.70 -0.80%
Soybean Meal Dec 2016 332.30 -2.40 -0.72%
Soybean Oil Sep 2016 33.38 +0.17 +0.51%
Soybean Oil Oct 2016 33.52 +0.17 +0.51%
Soybean Oil Dec 2016 33.82 +0.18 +0.54%
Corn Sep 2016 327.50 +1.00 +0.31%
Corn Dec 2016 337.25 +0.25 +0.07%
Corn Mar 2017 347.25 +0.25 +0.07%
Corn May 2017 353.75 unch 0.00%
Corn Jul 2017 360.25 -0.25 -0.07%
Oats Sep 2016 172.50 +0.50 +0.29%
Oats Dec 2016 187.25 +0.75 +0.40%
Oats Mar 2017 197.75 +1.00 +0.51%
Oats May 2017 202.75 unch 0.00%
Oats Jul 2017 205.75 +1.50 +0.73%
Wheat Sep 2016 423.50 +1.50 +0.36%
Wheat Dec 2016 439.50 +1.25 +0.29%
Wheat Mar 2017 457.75 +1.50 +0.33%
Wheat May 2017 469.50 +2.00 +0.43%
Wheat Jul 2017 477.50 +2.25 +0.47%
Minneapolis
Spring Wheat Sep 2016 516.50 +1.25 +0.24%
Spring Wheat Dec 2016 516.50 -0.50 -0.10%
Spring Wheat Mar 2017 527.75 -1.00 -0.19%
Spring Wheat May 2017 535.75 -1.50 -0.28%
Spring Wheat Jul 2017 544.75 -1.75 -0.32%
Kansas City
Hard Red Wheat Sep 2016 411.25 -0.50 -0.12%
Hard Red Wheat Dec 2016 437.25 -0.50 -0.11%
Hard Red Wheat Mar 2017 453.00 -0.50 -0.11%
Hard Red Wheat May 2017 463.00 -0.75 -0.16%
Hard Red Wheat Jul 2017 472.50 -0.50 -0.11%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Aug 2016 115.50 -0.42 -0.36%
Live Cattle (P) Oct 2016 113.40 -0.57 -0.50%
Live Cattle (P) Dec 2016 114.25 -0.88 -0.76%
Feeder Cattle (P) Aug 2016 147.12 -1.53 -1.03%
Feeder Cattle (P) Sep 2016 145.58 -1.49 -1.01%
Feeder Cattle (P) Oct 2016 142.78 -1.10 -0.76%
Lean Hogs (P) Oct 2016 59.85 -2.65 -4.24%
Lean Hogs (P) Dec 2016 55.45 -1.58 -2.77%
Lean Hogs (P) Feb 2017 60.12 -1.18 -1.92%
