Oilseed futures were settled today, with soybeans and canola moving sideways.
Canola posted a modest loss on the ICE Futures platform in Winnipeg with July contracts dropping $1.50 to close at $522.50 per tonne. New crop canola also sank. The November contract ended $3 lower, finishing at $526.10 per tonne.
Canola traded in a narrow range thanks to an absence of supply or demand news. Canola growing conditions in Western Canada have improved. Warm weather in Manitoba should help dry up fields soaked by late May and early June rains.
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U.S. grains: Soy drops on demand worries, corn firm as traders question lofty yield projections
U.S. soybean futures fell to a 1-1/2 week low on Tuesday as China continued to shun purchases from the United States and as forecasts for improved rains in the coming days reinforced expectations for a sizeable Midwest harvest.
After a Wednesday with a 36-cent per bushel gain and market excitement, soybean futures posted a lacklustre Thursday. July soybean futures in Chicago closed at $11.76 per bushel, down 1.75 cents. New crop futures were up 2.5 cents, finishing at $11.5275 per bushel.
Analysts said the market had already priced in soaring temperatures in the U.S. Midwest, which may threaten the developing soybean crop. Des Moines hit 33 C Thursday, and the forecast was for temperatures around 35 C over the next five days.
Traders were also waiting on the monthly U.S. Department of Agriculture’s global supply and demand estimates for agricultural commodities, which will come out tomorrow.
Corn dropped 4.75 cents to close at $4.265 per bu. despite news of a corn shortage in Brazil.
Reuters reported that livestock producers in Brazil are feeding wheat to pigs and poultry because corn isn’t available to buy. Brazilian beef producers have also purchased wheat as a substitute for corn. Analysts said a drought in Brazil, combined with excessive corn exports, might be fuelling the feed shortage.
Chicago wheat also traded lower, dropping 9.25 cents to finish at $5.1025 per bushel.
Wheat had moved higher over the last week on news of flooding in France’s grain producing region.
Oats were relatively unchanged, dropping half a cent to close at $2.0525 per bushel.
Light crude oil nearby futures in New York were down 67 cents to US$50.56 per barrel.
The Canadian dollar at noon was US78.55 cents, down from 78.77 cents the previous trading day. The U.S. dollar at noon was C$1.2731.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2016 522.50 -1.50 -0.29%
Canola Nov 2016 526.10 -3.00 -0.57%
Canola Jan 2017 530.10 -2.30 -0.43%
Canola Mar 2017 532.10 -1.70 -0.32%
Canola May 2017 533.70 -1.10 -0.21%
Milling Wheat Jul 2016 244.00 unch 0.00%
Milling Wheat Oct 2016 240.00 +1.00 +0.42%
Durum Wheat Jul 2016 300.00 +2.00 +0.67%
Barley Jul 2016 171.50 unch 0.00%
Barley Oct 2016 171.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2016 1176.00 -1.75 -0.15%
Soybeans Aug 2016 1172.00 -1.00 -0.09%
Soybeans Sep 2016 1159.75 +0.50 +0.04%
Soybeans Nov 2016 1152.75 +2.50 +0.22%
Soybeans Jan 2017 1148.25 +3.25 +0.28%
Soybeans Mar 2017 1114.25 +6.00 +0.54%
Soybean Meal Jul 2016 413.50 -3.60 -0.86%
Soybean Meal Aug 2016 409.00 -1.40 -0.34%
Soybean Meal Sep 2016 406.60 -0.60 -0.15%
Soybean Oil Jul 2016 33.03 +0.14 +0.43%
Soybean Oil Aug 2016 33.17 +0.15 +0.45%
Soybean Oil Sep 2016 33.30 +0.15 +0.45%
Corn Jul 2016 426.50 -4.75 -1.10%
Corn Sep 2016 430.50 -4.25 -0.98%
Corn Dec 2016 433.50 -3.50 -0.80%
Corn Mar 2017 438.25 -3.00 -0.68%
Corn May 2017 441.00 -3.00 -0.68%
Oats Jul 2016 205.25 -0.50 -0.24%
Oats Sep 2016 217.25 -0.75 -0.34%
Oats Dec 2016 228.00 -0.75 -0.33%
Oats Mar 2017 236.25 -1.25 -0.53%
Oats May 2017 236.25 -1.25 -0.53%
Wheat Jul 2016 510.25 -9.25 -1.78%
Wheat Sep 2016 521.50 -9.00 -1.70%
Wheat Dec 2016 539.50 -8.75 -1.60%
Wheat Mar 2017 557.00 -9.00 -1.59%
Wheat May 2017 568.25 -8.50 -1.47%
Minneapolis
Spring Wheat Jul 2016 554.00 -1.50 -0.27%
Spring Wheat Sep 2016 562.50 -2.00 -0.35%
Spring Wheat Dec 2016 577.25 -2.25 -0.39%
Spring Wheat Mar 2017 591.00 -2.25 -0.38%
Spring Wheat May 2017 598.50 -1.25 -0.21%
Kansas City
Hard Red Wheat Jul 2016 484.25 -8.50 -1.73%
Hard Red Wheat Sep 2016 501.00 -8.25 -1.62%
Hard Red Wheat Dec 2016 525.75 -7.75 -1.45%
Hard Red Wheat Mar 2017 541.75 -8.00 -1.46%
Hard Red Wheat May 2017 551.25 -8.25 -1.47%
Live Cattle (P) Jun 2016 123.20 +0.17 +0.14%
Live Cattle (P) Aug 2016 118.85 +0.13 +0.11%
Live Cattle (P) Oct 2016 118.10 +0.22 +0.19%
Feeder Cattle (P) Aug 2016 147.30 -0.07 -0.05%
Feeder Cattle (P) Sep 2016 145.48 +0.10 +0.07%
Feeder Cattle (P) Oct 2016 143.62 +0.09 +0.06%
Lean Hogs (P) Jun 2016 82.68 +0.63 +0.77%
Lean Hogs (P) Jul 2016 86.02 -1.01 -1.16%
Lean Hogs (P) Aug 2016 86.48 -0.84 -0.96%
Contact robert.arnason@producer.com
