Canola, soybeans fall in profit-taking despite smaller USDA stocks outlook

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Published: December 10, 2014

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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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U.S. grains: Soybean futures jump on hopes for US export demand

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%

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