First a quick note.
For those who subscribe to our Markets Moment email we are sorry that we are having technical difficulties that are affecting display of the prices of the ICE Futures contracts.
We are working to fix these problems in the email and hope to have a solution soon.
This story has the correct ICE Futures prices.
Also, the weekly video crop market is slightly delayed. Watch for it Thursday morning.
Canola rose for a second day on Wednesday with support from a soybean short covering rally.
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Alberta Crop Report: Rains in the south, dryness in the north
Rain fell onto the southern half of Alberta last week, while hot and dry conditions persisted in the northern half, according to the province’s crop report released on July 18.
The soybean contract found strength from ideas that the lower prices of late might attract more exports and that it might yet get hot enough to stress the crop in August.
Gains were kept in check by good crop ratings in the United States and generally favour current weather.
Corn traded a few cents a bushel higher. There was no significant news to affect corn.
Wheat futures closed little changed. They were a bit stronger in the early morning but peddled back later as the Euronext wheat contract fell.
It had rallied on concerns about severe wet weather damage in France’s wheat crop but traders now believe the rally was overdone considering better crops elsewhere in Europe and a record crop in Russia.
The high price in France earlier this week already attracted a shipload import of Romanian wheat. It is rare for France to import wheat.
LA NINA UPDATE
The Pacific Ocean cooling that some forecasters expected would develop into a La Nina this summer has slowed its progress and weather models now indicate that if it does form it will not be until the fall. And it will likely be a weak form that has less effect on South American crops.
OUTSIDE MARKETS
The Federal Reserve kept U.S. interest rates unchanged today.
The Toronto Stock Exchange’s S&P/TSX composite index ended the rollercoaster session down 3.46 points, or 0.02 percent, at 14,546.54.
The Dow Jones industrial average finished down just 0.01 percent at 18,472.17 points and the S&P 500 ended down 0.12 percent at 2,166.58.
The Nasdaq Composite added 0.58 percent to 5,139.81.
Light crude oil nearby futures in New York were down $1, closing at US$41.92 per barrel.
The Canadian dollar at noon was US75.64 cents, down from 75.71 cents the previous trading day. The U.S. dollar at noon was C$1.3220.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2016Â Â 453.90Â Â +6.80Â Â +1.52%
Canola Jan 2017Â Â 461.20Â Â +6.60Â Â +1.45%
Canola Mar 2017Â Â 467.30Â Â +6.30Â Â +1.37%
Canola May 2017Â Â 471.50Â Â +6.50Â Â +1.40%
Canola Jul 2017Â Â 475.40Â Â +6.60Â Â +1.41%
Milling Wheat Oct 2016Â Â 207.00 -1.00Â Â -0.48%
Milling Wheat Dec 2016Â Â 211.00Â Â -1.00Â Â -0.47%
Durum Wheat Oct 2016  260.00  unch  0.00%
Durum Wheat Dec 2016  263.00  unch  0.00%
Barley Oct 2016  150.00  unch  0.00%
Barley Dec 2016  150.00  unch  0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2016Â Â 1010.50Â Â +17.00Â Â +1.71%
Soybeans Sep 2016Â Â 999.75Â Â +14.75Â Â +1.50%
Soybeans Nov 2016Â Â 986.00Â Â +12.25Â Â +1.26%
Soybeans Jan 2017Â Â 986.25Â Â +11.75Â Â +1.21%
Soybeans Mar 2017Â Â 975.00Â Â +11.75Â Â +1.22%
Soybeans May 2017Â Â 970.25Â Â +11.25Â Â +1.17%
Soybean Meal Aug 2016Â Â 344.80Â Â +3.40Â Â +1.00%
Soybean Meal Sep 2016Â Â 345.80Â Â +4.60Â Â +1.35%
Soybean Meal Oct 2016Â Â 344.40Â Â +5.30Â Â +1.56%
Soybean Oil Aug 2016Â Â 29.53Â Â -0.03Â Â -0.10%
Soybean Oil Sep 2016Â Â 29.66Â Â -0.02Â Â -0.07%
Soybean Oil Oct 2016Â Â 29.77Â Â -0.03Â Â -0.10%
Corn Sep 2016Â Â 335.75Â Â +3.25Â Â +0.98%
Corn Dec 2016Â Â 343.00Â Â +3.50Â Â +1.03%
Corn Mar 2017Â Â 351.75Â Â +2.75Â Â +0.79%
Corn May 2017Â Â 357.00Â Â +2.50Â Â +0.71%
Corn Jul 2017Â Â 362.00Â Â +2.50Â Â +0.70%
Oats Sep 2016Â Â 197.00Â Â -3.25Â Â -1.62%
Oats Dec 2016Â Â 196.75Â Â -2.00Â Â -1.01%
Oats Mar 2017Â Â 201.50Â Â -2.25Â Â -1.10%
Oats May 2017Â Â 204.50Â Â -3.75Â Â -1.80%
Oats Jul 2017Â Â 210.25Â Â -3.75Â Â -1.75%
Wheat Sep 2016Â Â 414.75Â Â -0.25Â Â -0.06%
Wheat Dec 2016Â Â 441.50Â Â -0.50Â Â -0.11%
Wheat Mar 2017Â Â 467.25Â Â -2.00Â Â -0.43%
Wheat May 2017Â Â 480.75Â Â -1.50Â Â -0.31%
Wheat Jul 2017Â Â 487.75Â Â -1.50Â Â -0.31%
Minneapolis
Spring Wheat Sep 2016Â Â 488.25Â Â +1.75Â Â +0.36%
Spring Wheat Dec 2016Â Â 503.75Â Â +1.25Â Â +0.25%
Spring Wheat Mar 2017Â Â 519.00Â Â +0.50Â Â +0.10%
Spring Wheat May 2017  528.75  unch  0.00%
Spring Wheat Jul 2017Â Â 538.75Â Â +0.25Â Â +0.05%
Kansas City
Hard Red Wheat Sep 2016Â Â 412.50Â Â +0.50Â Â +0.12%
Hard Red Wheat Dec 2016  438.50  unch  0.00%
Hard Red Wheat Mar 2017  455.50  unch  0.00%
Hard Red Wheat May 2017Â Â 466.25Â Â -0.25Â Â -0.05%
Hard Red Wheat Jul 2017  476.25  unch  0.00%
Chicago livestock futures in US¢/pound (rounded to two decimal points)
Live Cattle (P) Aug 2016Â Â 113.95Â Â +0.08Â Â +0.07%
Live Cattle (P) Oct 2016Â Â 113.05Â Â +0.47Â Â +0.42%
Live Cattle (P) Dec 2016Â Â 113.90Â Â +0.55Â Â +0.49%
Feeder Cattle (P) Aug 2016Â Â 142.28Â Â -0.17Â Â -0.12%
Feeder Cattle (P) Sep 2016Â Â 141.12Â Â +0.09Â Â +0.06%
Feeder Cattle (P) Oct 2016Â Â 140.25Â Â +0.03Â Â +0.02%
Lean Hogs (P) Aug 2016Â Â 71.68 Â -2.92Â Â -3.91%
Lean Hogs (P) Oct 2016Â Â 61.05Â Â -2.58Â Â -4.05%
Lean Hogs (P) Dec 2016Â Â 56.45Â Â -2.05Â Â -3.50%