Canola and soybeans were a little lower on Wednesday but U.S. corn futures rose about 1.4 percent on after the U.S. Department of Agriculture’s initial condition ratings for the crop fell below trade expectations.
Canola was down only slightly as Prairie farmers rushed to make progress in seeding before a system in Saskatchewan on Friday is expected to drop .25 to .75 of an inch of rain in a band running from the northwest down to the southeast of the province, according to forecast maps from the U.S. Weather Service.
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Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
The moisture will be welcome down around Regina where there has been little rain this spring.
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US MARKETS
The USDA’s first corn condition report of the year showed the good to excellent rating at 65 percent below an average of analyst expectations for 68 percent and down from 72 percent a year ago.
It raised concerns that the crop might not be able to meet the government’s initial yield projection of 170.7 bushels per acre, based on historical trends, Reuters reported.
Ratings were lowest in the eastern half of the Midwest, where excessive rains swamped fields this spring.
“Historically we have a limited chance to make trend-line yields when our good-to-excellent ratings are below 70 percent at this time of year. So the market is really forced to add some premium into prices,” said Brian Hoops, analyst with Midwest Marketing Solutions.
Chicago and Kansas City winter wheat fell, but Minneapolis spring wheat was up on concerns about the protein level of the winter wheat crop and also the condition rating of the spring wheat crop, which was well down from last at this time.
One concern is dry weather in South Dakota.
OUTSIDE MARKETS
Rising crude output in conflict-ridden Libya, added to rising production from U.S. shale deposits, had oil traders bidding down the market today.
Light crude oil nearby futures in New York fell $1.34 to US$48.32 per barrel.
In the afternoon, the Canadian dollar was trading around US74.06 cents, down a little from 74.29 cents the previous trading day. The U.S. dollar was C$1.350.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 22.44 points, or 0.15 percent, at 15,349.91.
The Dow Jones Industrial Average fell 20.82 points, or 0.1 percent, to 21,008.65, the S&P 500 lost 1.1 points, or 0.05 percent, to 2,411.81 and the Nasdaq Composite dropped 4.67 points, or 0.08 percent, to 6,198.52.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017 500.70 -2.10 -0.42%
Canola Dec 2017 482.10 -0.90 -0.19%
Canola Jan 2018 487.90 -0.40 -0.08%
Canola Mar 2018 492.80 +0.10 +0.02%
Canola May 2018 495.90 +0.30 +0.06%
Milling Wheat Jul 2017 247.00 +2.00 +0.82%
Milling Wheat Oct 2017 244.00 +2.00 +0.83%
Milling Wheat Dec 2017 246.00 +2.00 +0.82%
Durum Wheat Jul 2017 279.00 unch 0.00%
Durum Wheat Oct 2017 267.00 unch 0.00%
Durum Wheat Dec 2017 267.00 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%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2017 916.00 +3.25 +0.36%
Soybeans Aug 2017 918.25 +2.25 +0.25%
Soybeans Sep 2017 917.00 +0.50 +0.05%
Soybeans Nov 2017 918.25 -1.50 -0.16%
Soybeans Jan 2018 926.25 -1.50 -0.16%
Soybeans Mar 2018 932.75 -1.50 -0.16%
Soybean Meal Jul 2017 298.10 +0.50 +0.17%
Soybean Meal Aug 2017 299.40 +0.50 +0.17%
Soybean Meal Sep 2017 300.60 +0.30 +0.10%
Soybean Oil Jul 2017 31.34 -0.08 -0.25%
Soybean Oil Aug 2017 31.47 -0.07 -0.22%
Soybean Oil Sep 2017 31.60 -0.07 -0.22%
Corn Jul 2017 372.00 +5.00 +1.36%
Corn Sep 2017 380.00 +5.00 +1.33%
Corn Dec 2017 391.00 +5.25 +1.36%
Corn Mar 2018 401.00 +5.50 +1.39%
Corn May 2018 407.00 +5.25 +1.31%
Oats Jul 2017 247.50 +5.25 +2.17%
Oats Sep 2017 241.50 +5.50 +2.33%
Oats Dec 2017 229.50 +1.25 +0.55%
Oats Mar 2018 226.50 +3.25 +1.46%
Oats May 2018 226.50 +3.25 +1.46%
Wheat Jul 2017 429.25 -0.25 -0.06%
Wheat Sep 2017 443.75 -0.25 -0.06%
Wheat Dec 2017 466.50 unch 0.00%
Wheat Mar 2018 484.00 unch 0.00%
Wheat May 2018 495.25 -0.25 -0.05%
Minneapolis
Spring Wheat Jul 2017 572.00 +4.00 +0.70%
Spring Wheat Sep 2017 576.50 +4.50 +0.79%
Spring Wheat Dec 2017 580.75 +3.75 +0.65%
Spring Wheat Mar 2018 585.00 +2.50 +0.43%
Spring Wheat May 2018 587.75 +1.50 +0.26%
Kansas City
Hard Red Wheat Jul 2017 431.75 -1.50 -0.35%
Hard Red Wheat Sep 2017 450.00 -1.25 -0.28%
Hard Red Wheat Dec 2017 475.25 -1.25 -0.26%
Hard Red Wheat Mar 2018 490.00 -1.50 -0.31%
Hard Red Wheat May 2018 501.75 -0.75 -0.15%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 124.42 +1.45 +1.18%
Live Cattle (P) Aug 2017 121.70 +1.85 +1.54%
Live Cattle (P) Oct 2017 118.15 +1.63 +1.40%
Feeder Cattle (P) Aug 2017 152.58 +2.66 +1.77%
Feeder Cattle (P) Sep 2017 151.83 +2.33 +1.56%
Feeder Cattle (P) Oct 2017 150.15 +1.88 +1.27%
Lean Hogs (P) Jun 2017 81.92 +1.42 +1.76%
Lean Hogs (P) Jul 2017 83.02 +2.02 +2.49%
Lean Hogs (P) Aug 2017 82.18 +1.18 +1.46%
