It was a mostly down day on crop futures markets and canola was unable to escape the draft.
However, the drop in canola did not fully erase Monday’s surprise gain.
Most traded January closed at $494.50 down $2. November closed down $2 at $485.20.
The U.S. harvest is moving toward its conclusion. Farmers’ off the combine deliveries and the expectation of large yields kept downward pressure on crop prices. Corn is trading at a three year low.
The low corn price is sparking demand growth. Several U.S. ethanol plants that were closed when corn values were high have reopened now that ethanol production profitability has improved.
Read Also
U.S. livestock: Cattle futures end lower in profit-taking, technical correction
Chicago Mercantile Exchange cattle futures declined for a second straight session on Wednesday in a profit-taking and technical-selling correction from recent highs.
Positioning ahead of the U.S. Department of Agriculture supply and demand report on Friday was also a feature of trade.
Oats rallied a little today, the only crop to post a gain.
The USDA’s weekly crop progress report on Monday said the U.S corn harvest was 73 percent complete as of Sunday, up from 59 percent a week earlier and ahead of the five-year average of 71 percent.
The U.S. soybean harvest was 86 percent finished, up from 77 percent the previous week and ahead of the five-year average of 85 percent.
Farmers have seeded 91 percent of the U.S. winter wheat crop, compared to the five year average of 90 percent.
USDA rated the crop at 63 percent good to excellent, up two percentage points from the week before.
The rush of U.S. soybean deliveries is finally releiving the shortages that had kept basis levels strong. With more beans available, cash prices are falling.
Analyst Oil World says Brazil’s seeding is proceeding well with about 60 percent of soybeans in the ground at of the end of October. Soil moisture is mostly favourable.
Recent rain has helped improve soil moisture in Argentina. However, Oil World noted that precipitation from January to the end of October was about one third of normal in the main soybean and corn growing areas, leading to “a severe shortage” of subsoil moisture, Bloomberg reported.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013 485.20 -2.00 -0.41%
Canola Jan 2014 494.50 -2.00 -0.40%
Canola Mar 2014 502.80 -2.20 -0.44%
Canola May 2014 508.70 -2.30 -0.45%
Canola Jul 2014 514.50 -1.70 -0.33%
Milling Wheat Dec 2013 221.00 -3.00 -1.34%
Milling Wheat Mar 2014 232.00 -2.00 -0.85%
Milling Wheat May 2014 240.00 -2.00 -0.83%
Durum Wheat Dec 2013 247.00 unch 0.00%
Durum Wheat Mar 2014 253.00 unch 0.00%
Durum Wheat May 2014 257.00 unch 0.00%
Barley Dec 2013 152.00 unch 0.00%
Barley Mar 2014 154.00 unch 0.00%
Barley May 2014 155.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2013 1259.25 -4.75 -0.38%
Soybeans Jan 2014 1250.25 -6.25 -0.50%
Soybeans Mar 2014 1236.25 -4.75 -0.38%
Soybeans May 2014 1227.25 -3.75 -0.30%
Soybeans Jul 2014 1224.5 -3.25 -0.26%
Soybeans Aug 2014 1211.5 -1.75 -0.14%
Soybean Meal Dec 2013 392.8 -4.1 -1.03%
Soybean Meal Jan 2014 386.7 -3.6 -0.92%
Soybean Meal Mar 2014 379.8 -2.7 -0.71%
Soybean Oil Dec 2013 41.15 -0.1 -0.24%
Soybean Oil Jan 2014 41.45 -0.11 -0.26%
Soybean Oil Mar 2014 41.82 -0.11 -0.26%
Corn Dec 2013 425 -1.25 -0.29%
Corn Mar 2014 435.5 -1.5 -0.34%
Corn May 2014 443.25 -1.5 -0.34%
Corn Jul 2014 450.25 -1.25 -0.28%
Corn Sep 2014 456.75 -1.25 -0.27%
Oats Dec 2013 340 +7.75 +2.33%
Oats Mar 2014 314 +1.75 +0.56%
Oats May 2014 306.5 unch 0.00%
Oats Jul 2014 305.75 -0.25 -0.08%
Oats Sep 2014 306.5 -1.5 -0.49%
Wheat Dec 2013 656 -6.75 -1.02%
Wheat Mar 2014 667.25 -7 -1.04%
Wheat May 2014 673 -7.25 -1.07%
Wheat Jul 2014 670.75 -8 -1.18%
Wheat Sep 2014 679.5 -8 -1.16%
Minneapolis
Spring Wheat Dec 2013 713.75 -5.5 -0.76%
Spring Wheat Mar 2014 724.5 -6 -0.82%
Spring Wheat May 2014 731.5 -6 -0.81%
Spring Wheat Jul 2014 736.5 -5.5 -0.74%
Spring Wheat Sep 2014 737.25 -3 -0.41%
Kansas City
KCBT Red Wheat Dec 2013 722.25 -7 -0.96%
KCBT Red Wheat Mar 2014 725.75 -6 -0.82%
KCBT Red Wheat May 2014 725.25 -6 -0.82%
KCBT Red Wheat Jul 2014 713.75 -4.75 -0.66%
KCBT Red Wheat Sep 2014 721 -3 -0.41%
Light crude oil nearby futures in New York dropped $1.25 at $93.37 US per barrel.
The Canadian dollar at noon was 95.71 cents US, down from 96.02 cents the previous trading day. The U.S. dollar at noon was $1.0448 Cdn.
The Toronto Stock market was down slightly in afternoon trade.
The Dow was barely changed and the Nasdaq was up slightly as investors weighed the implications of how slightly improved economic data will affect monetary policy over the next several months.
