By Reuters News Agency
And Western Producer staff
U.S. soybeans fell more than one percent on Wednesday, reversing from an earlier one-month high in a profit-taking selloff in the wake of a U.S. Department of Agriculture report that showed smaller-than-expected ending stocks of the beans.
ICE Futures Canada canola futures also fell, but not as much as soybeans. The weaker loonie offset some of the pressure.
Corn and wheat futures also fell at the Chicago Board of Trade, with corn hitting session lows in the minutes after the monthly supply and demand report was released at midday.
USDA pegged both soybean and corn ending stocks below analyst expectations amid strong soy export demand and increased corn domestic demand for sweeteners. The agency boosted world and domestic wheat stocks.
“I think it’s a buy the rumour, sell the fact day, now that we got USDA acknowledging U.S. (soybean) exports are higher,” said Terry Reilly, analyst at Futures International.
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Chicago Board of Trade soybean futures jumped on hopes for U.S. export demand on Wednesday, while corn futures rose for a third day to extend a recovery from contract lows, analysts said.
Brazil’s government crop supply agency Conab also hiked its soy production estimate to a record 95.8 million tonnes, further pressuring futures.
“Between these (USDA) numbers and the (Conab) Brazilian numbers – which were huge, and might get bigger – the market is saying that we’ve got it covered,” Price Futures Group analyst Jack Scoville said of the soybean market.
Wheat was down for a second straight session, touching a 1-/2-week low on waning concerns that Russia will restrict exports.
“Wheat is falling today because of relief that Russia does not seem to be intending to introduce wheat export restrictions,” said Frank Rijkers, agrifood economist at ABN AMRO Bank.
Light crude oil nearby futures in New York down $2.88 to US$60.94 per barrel.
The Canadian dollar at noon was US87.09 cents, down from 87.55 cents the previous trading day. The U.S. dollar at noon was C$1.1482.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015 431.90 -2.00 -0.46%
Canola Mar 2015 426.50 -2.80 -0.65%
Canola May 2015 427.80 -3.10 -0.72%
Canola Jul 2015 428.80 -3.00 -0.69%
Canola Nov 2015 426.20 -3.10 -0.72%
Milling Wheat Dec 2014 225.00 -1.00 -0.44%
Milling Wheat Mar 2015 233.00 -1.00 -0.43%
Milling Wheat May 2015 236.00 -1.00 -0.42%
Durum Wheat Dec 2014 356.50 unch 0.00%
Durum Wheat Mar 2015 357.50 unch 0.00%
Durum Wheat May 2015 357.50 unch 0.00%
Barley Dec 2014 174.00 unch 0.00%
Barley Mar 2015 177.00 unch 0.00%
Barley May 2015 179.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015 1032 -17.25 -1.64%
Soybeans Mar 2015 1038.5 -17 -1.61%
Soybeans May 2015 1045 -17 -1.60%
Soybeans Jul 2015 1050 -16.5 -1.55%
Soybeans Aug 2015 1047.5 -16.25 -1.53%
Soybeans Sep 2015 1026 -13.25 -1.27%
Soybean Meal Dec 2014 405.2 -6.4 -1.55%
Soybean Meal Jan 2015 369.1 -6.2 -1.65%
Soybean Meal Mar 2015 356.1 -5.6 -1.55%
Soybean Oil Dec 2014 31.67 -0.24 -0.75%
Soybean Oil Jan 2015 31.75 -0.24 -0.75%
Soybean Oil Mar 2015 31.96 -0.25 -0.78%
Corn Dec 2014 382.5 -0.5 -0.13%
Corn Mar 2015 393.75 -1.5 -0.38%
Corn May 2015 402.25 -1.5 -0.37%
Corn Jul 2015 408.5 -1.75 -0.43%
Corn Sep 2015 413.75 -1.75 -0.42%
Oats Dec 2014 304.5 +3.5 +1.16%
Oats Mar 2015 310.25 -3.25 -1.04%
Oats May 2015 313 -1.5 -0.48%
Oats Jul 2015 315.75 +0.25 +0.08%
Oats Sep 2015 314.25 +0.25 +0.08%
Wheat Dec 2014 593.25 -7.25 -1.21%
Wheat Mar 2015 581.75 -4 -0.68%
Wheat May 2015 585 -4.5 -0.76%
Wheat Jul 2015 588.25 -4 -0.68%
Wheat Sep 2015 596.75 -3.75 -0.62%
Minneapolis
Spring Wheat Dec 2014 598 -6 -0.99%
Spring Wheat Mar 2015 604.5 -3.5 -0.58%
Spring Wheat May 2015 613.5 -3.25 -0.53%
Spring Wheat Jul 2015 621.25 -3.5 -0.56%
Spring Wheat Sep 2015 629.5 -3 -0.47%
Kansas City
Hard Red Wheat Dec 2014 614.75 -2.25 -0.36%
Hard Red Wheat Mar 2015 617.5 -4.5 -0.72%
Hard Red Wheat May 2015 621.5 -5.5 -0.88%
Hard Red Wheat Jul 2015 624.5 -5.75 -0.91%
Hard Red Wheat Sep 2015 635 -5 -0.78%