Corn as well as Chicago and Kansas wheat rose about two percent on Wednesday as traders decided to reduce their short positions in the face of a weather concern.
Spring wheat futures took a breather after recent gains and new crop canola edged higher.
The market is focused on the weather, with hot, dry conditions dominating from the Canadian Prairies down to the U.S. Midwest this week.
More unsettled weather by this weekend might bring some relief to the Canadian Prairies and the northern tier states but it looks mostly dry for the next seven days in South Dakota and Iowa.
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Saskatchewan crop conditions vary, but good to fair overall
Crop conditions across Saskatchewan were variable in mid-July, but in good to fair condition overall, said the weekly provincial crop report.
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With the big funds holding large net short positions, the market is vulnerable to bouts of short covering.
If the weather continues hot and dry into the corn reproductive stage in July, then a more serious rally is possible.
The trade is also preparing for the monthly supply and demand report from the USDA on Friday.
OUTSIDE MARKETS
U.S. government reported an unexpected increase in weekly report on inventories of crude and gasoline
Light crude oil nearby futures in New York fell sharply, down $2.47 cents to US$45.72 per barrel.
In the afternoon, the Canadian dollar was trading around US74.03 cents, down from 74.36 cents the previous trading day. The U.S. dollar was C$1.351.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 92.42 points, or 0.6 percent, at 15,372.14.
The Dow Jones Industrial Average rose 37.46 points, or 0.18 percent, to 21,173.69, the S&P 500 gained 3.81 points, or 0.16 percent, to 2,433.14 and the Nasdaq Composite added 22.32 points, or 0.36 percent, to 6,297.38.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017 509.50 unch 0.00%
Canola Nov 2017 489.60 +0.90 +0.18%
Canola Jan 2018 495.20 +0.70 +0.14%
Canola Mar 2018 500.70 +0.60 +0.12%
Canola May 201 502.90 unch 0.00%
Milling Wheat Jul 2017 255.00 -5.00 -1.92%
Milling Wheat Oct 2017 254.00 -1.00 -0.39%
Milling Wheat Dec 2017 256.00 -1.00 -0.39%
Durum Wheat Jul 2017 279.00 unch 0.00%
Durum Wheat Oct 2017 269.00 unch 0.00%
Durum Wheat Dec 2017 269.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 140.00 unch 0.00%
Barley Dec 2017 140.00 unch 0.00%
Soybeans Jul 2017 930.75 +7.25 +0.79%
Soybeans Aug 2017 934.25 +7.25 +0.78%
Soybeans Sep 2017 933.75 +5.50 +0.59%
Soybeans Nov 2017 935.75 +4.00 +0.43%
Soybeans Jan 2018 943.50 +4.00 +0.43%
Soybeans Mar 2018 948.00 +3.25 +0.34%
Soybean Meal Jul 2017 304.90 +3.80 +1.26%
Soybean Meal Aug 2017 306.40 +3.70 +1.22%
Soybean Meal Sep 2017 307.50 +3.70 +1.22%
Soybean Oil Jul 2017 31.36 -0.03 -0.10%
Soybean Oil Aug 2017 31.48 -0.05 -0.16%
Soybean Oil Sep 2017 31.61 -0.05 -0.16%
Corn Jul 2017 384.75 +7.50 +1.99%
Corn Sep 2017 392.25 +6.75 +1.75%
Corn Dec 2017 402.50 +6.75 +1.71%
Corn Mar 2018 411.25 +6.00 +1.48%
Corn May 2018 416.75 +5.75 +1.40%
Oats Jul 2017 260.50 +4.25 +1.66%
Oats Sep 2017 249.25 +1.00 +0.40%
Oats Dec 2017 236.50 +0.25 +0.11%
Oats Mar 2018 233.75 +0.25 +0.11%
Oats May 2018 234.25 +1.25 +0.54%
Wheat Jul 2017 444.75 +9.00 +2.07%
Wheat Sep 2017 459.25 +9.00 +2.00%
Wheat Dec 2017 480.00 +9.00 +1.91%
Wheat Mar 2018 497.75 +9.25 +1.89%
Wheat May 2018 509.00 +9.00 +1.80%
Minneapolis
Spring Wheat Jul 2017 595.50 -3.25 -0.54%
Spring Wheat Sep 2017 599.00 -1.25 -0.21%
Spring Wheat Dec 2017 600.00 unch 0.00%
Spring Wheat Mar 2018 601.25 +1.75 +0.29%
Spring Wheat May 2018 603.25 +2.75 +0.46%
Kansas City
Hard Red Wheat Jul 2017 446.00 +8.00 +1.83%
Hard Red Wheat Sep 2017 463.00 +7.25 +1.59%
Hard Red Wheat Dec 2017 488.00 +7.00 +1.46%
Hard Red Wheat Mar 2018 502.50 +7.25 +1.46%
Hard Red Wheat May 2018 513.75 +7.00 +1.38%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 131.20 +1.00 +0.77%
Live Cattle (P) Aug 2017 124.18 +0.58 +0.47%
Live Cattle (P) Oct 2017 120.40 +1.18 +0.99%
Feeder Cattle (P) Aug 2017 154.80 -0.57 -0.37%
Feeder Cattle (P) Sep 2017 154.12 -0.73 -0.47%
Feeder Cattle (P) Oct 2017 152.78 -0.22 -0.14%
Lean Hogs (P) Jun 2017 81.62 -0.03 -0.04%
Lean Hogs (P) Jul 2017 81.08 -0.30 -0.37%
Lean Hogs (P) Aug 2017 80.72 -0.45 -0.55%
