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. soybean futures firmed on Wednesday as traders remained hopeful for progress in trade talks with top soy buyer China and on a Japanese proposal to increase U.S. soy purchases, deals that could help U.S. farmers avert major losses.
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 2015Â Â Â Â Â Â 431.90Â Â Â Â Â Â -2.00Â Â Â Â Â Â -0.46%
Canola Mar 2015Â Â Â Â Â Â 426.50Â Â Â Â Â Â -2.80Â Â Â Â Â Â -0.65%
Canola May 2015Â Â Â Â Â Â 427.80Â Â Â Â Â Â -3.10Â Â Â Â Â Â -0.72%
Canola Jul 2015Â Â Â Â Â Â 428.80Â Â Â Â Â Â -3.00Â Â Â Â Â Â -0.69%
Canola Nov 2015Â Â Â Â Â Â 426.20Â Â Â Â Â Â -3.10Â Â Â Â Â Â -0.72%
Milling Wheat Dec 2014Â Â Â Â Â Â 225.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.44%
Milling Wheat Mar 2015Â Â Â Â Â Â 233.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.43%
Milling Wheat May 2015Â Â Â Â Â Â 236.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -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 2015Â Â Â Â Â Â 1032Â Â Â Â Â Â -17.25Â Â Â Â Â Â -1.64%
Soybeans Mar 2015Â Â Â Â Â Â 1038.5Â Â Â Â Â Â -17Â Â Â Â Â Â -1.61%
Soybeans May 2015Â Â Â Â Â Â 1045Â Â Â Â Â Â -17Â Â Â Â Â Â -1.60%
Soybeans Jul 2015Â Â Â Â Â Â 1050Â Â Â Â Â Â -16.5Â Â Â Â Â Â -1.55%
Soybeans Aug 2015Â Â Â Â Â Â 1047.5Â Â Â Â Â Â -16.25Â Â Â Â Â Â -1.53%
Soybeans Sep 2015Â Â Â Â Â Â 1026Â Â Â Â Â Â -13.25Â Â Â Â Â Â -1.27%
Soybean Meal Dec 2014Â Â Â Â Â Â 405.2Â Â Â Â Â Â -6.4Â Â Â Â Â Â -1.55%
Soybean Meal Jan 2015Â Â Â Â Â Â 369.1Â Â Â Â Â Â -6.2Â Â Â Â Â Â -1.65%
Soybean Meal Mar 2015Â Â Â Â Â Â 356.1Â Â Â Â Â Â -5.6Â Â Â Â Â Â -1.55%
Soybean Oil Dec 2014Â Â Â Â Â Â 31.67Â Â Â Â Â Â -0.24Â Â Â Â Â Â -0.75%
Soybean Oil Jan 2015Â Â Â Â Â Â 31.75Â Â Â Â Â Â -0.24Â Â Â Â Â Â -0.75%
Soybean Oil Mar 2015Â Â Â Â Â Â 31.96Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.78%
Corn Dec 2014Â Â Â Â Â Â 382.5Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.13%
Corn Mar 2015Â Â Â Â Â Â 393.75Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.38%
Corn May 2015Â Â Â Â Â Â 402.25Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.37%
Corn Jul 2015Â Â Â Â Â Â 408.5Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.43%
Corn Sep 2015Â Â Â Â Â Â 413.75Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.42%
Oats Dec 2014Â Â Â Â Â Â 304.5Â Â Â Â Â Â +3.5Â Â Â Â Â Â +1.16%
Oats Mar 2015Â Â Â Â Â Â 310.25Â Â Â Â Â Â -3.25Â Â Â Â Â Â -1.04%
Oats May 2015Â Â Â Â Â Â 313Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.48%
Oats Jul 2015Â Â Â Â Â Â 315.75Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.08%
Oats Sep 2015Â Â Â Â Â Â 314.25Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.08%
Wheat Dec 2014Â Â Â Â Â Â 593.25Â Â Â Â Â Â -7.25Â Â Â Â Â Â -1.21%
Wheat Mar 2015Â Â Â Â Â Â 581.75Â Â Â Â Â Â -4Â Â Â Â Â Â -0.68%
Wheat May 2015Â Â Â Â Â Â 585Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.76%
Wheat Jul 2015Â Â Â Â Â Â 588.25Â Â Â Â Â Â -4Â Â Â Â Â Â -0.68%
Wheat Sep 2015Â Â Â Â Â Â 596.75Â Â Â Â Â Â -3.75Â Â Â Â Â Â -0.62%
Minneapolis
Spring Wheat Dec 2014Â Â Â Â Â Â 598Â Â Â Â Â Â -6Â Â Â Â Â Â -0.99%
Spring Wheat Mar 2015Â Â Â Â Â Â 604.5Â Â Â Â Â Â -3.5Â Â Â Â Â Â -0.58%
Spring Wheat May 2015Â Â Â Â Â Â 613.5Â Â Â Â Â Â -3.25Â Â Â Â Â Â -0.53%
Spring Wheat Jul 2015Â Â Â Â Â Â 621.25Â Â Â Â Â Â -3.5Â Â Â Â Â Â -0.56%
Spring Wheat Sep 2015Â Â Â Â Â Â 629.5Â Â Â Â Â Â -3Â Â Â Â Â Â -0.47%
Kansas City
Hard Red Wheat Dec 2014Â Â Â Â Â Â 614.75Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.36%
Hard Red Wheat Mar 2015Â Â Â Â Â Â 617.5Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.72%
Hard Red Wheat May 2015Â Â Â Â Â Â 621.5Â Â Â Â Â Â -5.5Â Â Â Â Â Â -0.88%
Hard Red Wheat Jul 2015Â Â Â Â Â Â 624.5Â Â Â Â Â Â -5.75Â Â Â Â Â Â -0.91%
Hard Red Wheat Sep 2015Â Â Â Â Â Â 635Â Â Â Â Â Â -5Â Â Â Â Â Â -0.78%
