Canola, wheat edge higher in quiet trade

Grain prices were again little changed with canola closing the day up slightly.

Wheat stabilized after sharp declines the past two days.

Recent wet, cool weather in large parts of the Prairies, including snow in Alberta and southwestern Saskatchewan, has stalled harvest for many.

Warmer, drier weather is on tap for the rest of this week and then cooler weather again starting Saturday-Sunday.

Rallies will be difficult to spark with the U.S. harvest on-going and anecdotal reports of higher than expected yields.

SOUTH AMERICA

Farmers in parts of Argentina are concerned about wet fields as they prepare for seeding. More rain is expected in the first half of October in northern Argentina and southern Brazil.

Dry areas of central Brazil got rain in the past week but coverage was spotty.

US TRANSPORTATION

Grain transportation on the U.S. Mississippi system is hampered by low water levels, back ups at aging locks and increased demand as harvest rolls in. The backups have barge companies raising their tariffs and grain companies widening their basis.

US WHEAT SOWING

U.S. winter wheat planting is running behind the normal pace. Nationally, as of Sunday 36 percent is in the ground, behind the five-year average of 43 percent.

Kansas, the biggest hard red winter wheat producer, is at 21 percent, behind the average of 39 percent.

The southern plains have received a lot of rain in recent weeks, delaying seeding, but setting up conditions for good germination.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 16 cents at US$50.42 per barrel.

In the afternoon, the Canadian dollar was trading around US80.09 cents, up from 79.92 cents the previous trading day. The U.S. dollar was C$1.2586.

Toronto Stock Exchange’s S&P/TSX composite index was up 23.51 points, or 0.15 percent, at 15,728.51.

News that U.S. car makers sold a record number of vehicles in September helped lift U.S. indexes to new record highs.

The Dow Jones Industrial Average rose 83.66 points, or 0.37 percent, to 22,641.26, the S&P 500 gained 5.46 points, or 0.22 percent, to 2,534.58 and the Nasdaq Composite added 15.00 points, or 0.23 percent, to 6,531.71

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17   493.10s   +1.60   +0.33%

Canola Jan 18   499.40s   +1.20   +0.24%

Canola Mar 18   505.00s   +1.70   +0.34%

Canola May 18   507.50s   +1.80   +0.36%

Canola Jul 18   508.20s   +1.80   +0.36%

 

Milling Wheat Oct 17   227.00s   +4.00   +1.79%

Milling Wheat Dec 17   229.00s   +4.00   +1.78%

Milling Wheat Mar 18   235.00s   +4.00   +1.73%

 

Durum Wheat Oct 17   280.00s   +1.00   +0.36%

Durum Wheat Dec 17   281.00s   unch   unch

Durum Wheat Mar 18   285.00s   unch   unch

 

Barley Oct 17   145.00s   unch   unch

Barley Dec 17   148.00s   unch   unch

Barley Mar 18   151.00s   unch   unch

 

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.

 

Chicago

Soybeans Nov 17   955-2s   -2-0   -0.21%

Soybeans Jan 18   966-0s   -1-6   -0.18%

Soybeans Mar 18   975-4s   -1-4   -0.15%

Soybeans May 18   984-4s   -1-2   -0.13%

Soybeans Jul 18   991-6s   -1-4   -0.15%

 

Soybean Meal Oct 17   307.3s   -1.8   -0.58%

Soybean Meal Dec 17   311.5s   -2.1   -0.67%

Soybean Meal Jan 18   313.5s   -2.2   -0.70%

 

Soybean Oil Oct 17   32.51s   +0.23   +0.71%

Soybean Oil Dec 17   32.75s   +0.20   +0.61%

Soybean Oil Jan 18   32.93s   +0.23   +0.70%

 

Corn Dec 17   349-4s   -2-0   -0.57%

Corn Mar 18   362-2s   -2-0   -0.55%

Corn May 18   371-2s   -1-6   -0.47%

Corn Jul 18   379-0s   -1-6   -0.46%

Corn Sep 18   386-2s   -1-4   -0.39%

 

Oats Dec 17   251-2s   -1-2   -0.50%

Oats Mar 18   255-4s   -1-0   -0.39%

Oats May 18   254-4s   -0-6   -0.29%

Oats Jul 18   252-2s   +1-0   +0.40%

Oats Sep 18   252-2s   +1-0   +0.40%

 

Wheat Dec 17   448-0s   +3-2   +0.73%

Wheat Mar 18   465-4s   +2-2   +0.49%

Wheat May 18   478-2s   +1-6   +0.37%

Wheat Jul 18   490-0s   +1-0   +0.20%

Wheat Sep 18   505-2s   +0-6   +0.15%

 

Minneapolis

Spring Wheat Dec 17   612-2s   +0-6   +0.12%

Spring Wheat Mar 18   626-0s   +1-0   +0.16%

Spring Wheat May 18   632-2s   +0-2   +0.04%

Spring Wheat Jul 18   634-4s   -0-4   -0.08%

Spring Wheat Sep 18   635-2s   +0-6   +0.12%

 

Kansas City

Hard Red Wheat Dec 17   441-6s   +2-4   +0.57%

Hard Red Wheat Mar 18 459-2s   +2-4   +0.55%

Hard Red Wheat May 18   473-0s   +2-4   +0.53%

Hard Red Wheat Jul 18   490-2s   +2-4   +0.51%

Hard Red Wheat Sep 18   508-6s   +2-4   +0.49%

 

Chicago livestock futures in US¢/pound, Pit trade

Live Cattle Oct 17   109.100s   +1.275   +1.18%

Live Cattle Dec 17   114.900s   +1.475   +1.30%

Live Cattle Feb 18   118.525s   +1.300   +1.11%

 

Feeder Cattle Oct 17   152.425s   +2.075   +1.38%

Feeder Cattle Nov 17   154.300s   +2.700   +1.78%

Feeder Cattle Jan 18   152.000s   +2.600   +1.74%

 

Lean Hogs Oct 17   59.875s   +2.625   +4.59%

Lean Hogs Dec 17   62.075s   +0.100   +0.16%

Lean Hogs Feb 18   67.350s   +0.275   +0.41%

 

 

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