Canola mixed Tue. but wheat falls on rain in Plains

May canola on Tuesday slipped slightly but new crop November was slightly higher.

The main market mover was U.S. weather.

The seven-day rain forecast for the United States shows much of the Midwest and plains are expected to get moisture.

Accumulations are expected to be large in the Midwest. Eastern parts of winter wheat states Kansas, Oklahoma and Nebraska should get significant amounts with accumulations dropping off in the western parts of the wheat belt.

Nevertheless, winter wheat farmers will welcome any moisture they can get.

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The rain weighed on wheat futures the most with May Kansas hard red winter down almost 1.6 percent and Minneapolis hard red spring down 1.8 percent.

May canola dipped only 50 cents a tonne while November climbed $2.20.

Soy oil rose more than one percent and soybeans were also higher with the deferred months stronger than the nearby on bargain buying.

Generally, gains in soybeans are limited by the record large crop in Brazil. Brazilian forecaster Agroconsult this week raised its estimate to 111 million tonnes, from 108 million in its previous outlook.

The outlook for Brazil’s second corn crop now growing is good.

The markets are starting to position ahead of the U.S. Department of Agriculture seeding survey report due March 31.

A Reuters story said India’s bumper pulse crop this year has led to weak prices that are causing farmers there to shift their summer seeding plans away from pulses and into sugarcane and other more profitable crops.

India farms may abandon pulses as prices plunge

OUTSIDE MARKETS

Stock markets fell Tuesday as investors begin to wonder whether U.S. President Trump can get his tax cuts through Congress.

Light crude oil nearby futures in New York were down 88 cents to US$47.34 per barrel.

In the afternoon, the Canadian dollar was trading around US74.93 cents, up slightly from 74.90 cents the previous trading day. The U.S. dollar was C$1.3346.

The Toronto Stock Exchange composite was down 129.19 points or 0.84 percent at 15,313.13.

In unofficial tallies, the Dow Jones Industrial Average was down 237.71 points, or 1.14 percent, to 20,668.15, the S&P 500 lost 29.49 points, or 1.24 percent, to 2,343.98 and the Nasdaq Composite dropped 107.70 points, or 1.83 percent, to 5,793.83.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2017 504.90 -0.50 -0.10%

Canola Jul 2017 510.50 -0.40 -0.08%

Canola Nov 2017 494.90 +2.20 +0.45%

Canola Jan 2018 500.20 +2.30 +0.46%

Canola Mar 2018 504.50 +2.00 +0.40%

Milling Wheat May 2017 232.00 -3.00 -1.28%

Milling Wheat Jul 2017 233.00 -3.00 -1.27%

Milling Wheat Oct 2017 227.00 -3.00 -1.30%

Durum Wheat May 2017 281.00 -1.00 -0.35%

Durum Wheat Jul 2017 280.00 -1.00 -0.36%

Durum Wheat Oct 2017 268.00 unch 0.00%

Barley May 2017 137.00 unch 0.00%

Barley Jul 2017 138.00 unch 0.00%

Barley Oct 2017 140.00 +2.00 +1.45%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans May 2017 1001.50 +2.00 +0.20%

Soybeans Jul 2017 1011.75 +2.25 +0.22%

Soybeans Aug 2017 1013.75 +2.75 +0.27%

Soybeans Sep 2017 1005.25 +4.00 +0.40%

Soybeans Nov 2017 998.25 +4.75 +0.48%

Soybeans Jan 2018 1003.25 +4.75 +0.48%

Soybean Meal May 2017 325.80 -0.80 -0.24%

Soybean Meal Jul 2017 329.20 -0.80 -0.24%

Soybean Meal Aug 2017 329.00 -0.40 -0.12%

Soybean Oil May 2017 33.14 +0.40 +1.22%

Soybean Oil Jul 2017 33.40 +0.38 +1.15%

Soybean Oil Aug 2017 33.48 +0.38 +1.15%

Corn May 2017 361.25 -2.25 -0.62%

Corn Jul 2017 368.75 -2.50 -0.67%

Corn Sep 2017 376.25 -2.25 -0.59%

Corn Dec 2017 384.50 -1.75 -0.45%

Corn Mar 2018 394.00 -2.00 -0.51%

Oats May 2017 253.75 +3.00 +1.20%

Oats Jul 2017 243.25 +2.00 +0.83%

Oats Sep 2017 237.25 +2.50 +1.06%

Oats Dec 2017 236.75 +2.25 +0.96%

Oats Mar 2018 235.75 unch 0.00%

Wheat May 2017 426.50 -3.75 -0.87%

Wheat Jul 2017 442.25 -3.25 -0.73%

Wheat Sep 2017 458.25 -2.50 -0.54%

Wheat Dec 2017 477.50 -2.00 -0.42%

Wheat Mar 2018 492.00 -1.75 -0.35%

Minneapolis

Spring Wheat May 2017 538.25 -10.00 -1.82%

Spring Wheat Jul 2017 543.75 -9.00 -1.63%

Spring Wheat Sep 2017 549.50 -8.75 -1.57%

Spring Wheat Dec 2017 559.50 -6.50 -1.15%

Spring Wheat Mar 2018 570.50 -4.75 -0.83%

Kansas City

Hard Red Wheat May 2017 438.25 -7.00 -1.57%

Hard Red Wheat Jul 2017 450.25 -7.00 -1.53%

Hard Red Wheat Sep 2017 464.75 -7.00 -1.48%

Hard Red Wheat Dec 2017 485.75 -6.25 -1.27%

Hard Red Wheat Mar 2018 500.75 -6.00 -1.18%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Apr 2017 119.90 +1.00 +0.84%

Live Cattle (P) Jun 2017 111.05 +1.25 +1.14%

Live Cattle (P) Aug 2017 106.58 +0.93 +0.88%

Feeder Cattle (P) Mar 2017 132.00 +0.53 +0.40%

Feeder Cattle (P) Apr 2017 132.62 +0.17 +0.13%

Feeder Cattle (P) May 2017 131.50 +0.22 +0.17%

Lean Hogs (P) Apr 2017 68.00 -0.65 -0.95%

Lean Hogs (P) May 2017 72.80 -0.83 -1.13%

Lean Hogs (P) Jun 2017 76.32 -1.06 -1.37%

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