Bullish USDA acreage and stocks reports for spring wheat and soybeans Friday caused crop futures markets to rally higher.
Spring wheat acreage was lower than the trade expected and soybean acreage, although a record, was also less than expected. Corn acres were higher than expected.
A heatwave expected in the U.S. Northern Plains also supported spring wheat. It is also expected to be hot in the Canadian Prairies.
Wheat climbed after the U.S. Department of Agriculture cut its estimate of U.S. spring wheat plantings to 10.9 million acres, down from its March forecast of 11.3 million and below a range of trade expectations.
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“The big thing is spring wheat acres coming in well below expectations,” said Brian Hoops, analyst at Midwest Marketing Solutions.
“When we get to harvested acres in July, spring wheat acres will be sharply lower, with more abandonment. That’s the real bullish stand-out news,” Hoops said.
Canadian farmers have also planted slightly less wheat than expected, according to a Statistics Canada report issued on Thursday.
Corn advanced but its rise was capped by larger-than-expected U.S. plantings and quarterly stocks figures.
“The (corn) stocks number implies that the USDA may be about 100 million bushels too high on their corn feeding. And then you gain 900,000 acres from the prospective plantings report, so you’ve added supply here,” said Dan Cekander of DC Analysis.
CLICK HERE FOR THE FULL STORY ON THE USDA REPORTS
The rally in the soy complex helped canola futures also clime, but cash values were held back by a widening basis.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up $1.21 US$46.14 per barrel.
In the afternoon, the Canadian dollar was trading around US77.12 cents, up from 76.92 cents the previous trading day. The U.S. dollar was C$1.3297.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017 551.30 +21.30 +4.02%
Canola Nov 2017 498.00 +13.60 +2.81%
Canola Jan 2018 503.60 +13.20 +2.69%
Canola Mar 2018 509.20 +13.40 +2.70%
Canola May 2018 512.70 +13.20 +2.64%
Milling Wheat Jul 2017 309.00 +3.00 +0.98%
Milling Wheat Oct 2017 303.00 +7.00 +2.36%
Milling Wheat Dec 2017 309.00 +7.00 +2.32%
Durum Wheat Jul 2017 277.00 -1.00 -0.36%
Durum Wheat Oct 2017 270.00 unch 0.00%
Durum Wheat Dec 2017 274.00 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 942.25 +26.75 +2.92%
Soybeans Aug 2017 947.00 +26.25 +2.85%
Soybeans Sep 2017 950.50 +27.25 +2.95%
Soybeans Nov 2017 954.75 +30.00 +3.24%
Soybeans Jan 2018 962.50 +29.75 +3.19%
Soybeans Mar 2018 966.75 +27.50 +2.93%
Soybean Meal Jul 2017 304.40 +10.00 +3.40%
Soybean Meal Aug 2017 306.20 +9.80 +3.31%
Soybean Meal Sep 2017 307.90 +9.80 +3.29%
Soybean Oil Jul 2017 32.93 +0.51 +1.57%
Soybean Oil Aug 2017 33.04 +0.52 +1.60%
Soybean Oil Sep 2017 33.16 +0.53 +1.62%
Corn Jul 2017 370.50 +10.75 +2.99%
Corn Sep 2017 381.00 +11.50 +3.11%
Corn Dec 2017 392.00 +12.00 +3.16%
Corn Mar 2018 401.25 +11.75 +3.02%
Corn May 2018 407.00 +11.25 +2.84%
Oats Jul 2017 290.00 +24.50 +9.23%
Oats Sep 2017 284.75 +20.00 +7.55%
Oats Dec 2017 282.75 +20.00 +7.61%
Oats Mar 2018 284.00 +18.75 +7.07%
Oats May 2018 285.00 +20.00 +7.55%
Wheat Jul 2017 511.00 +30.75 +6.40%
Wheat Sep 2017 526.00 +30.00 +6.05%
Wheat Dec 2017 545.00 +29.50 +5.72%
Wheat Mar 2018 558.75 +29.75 +5.62%
Wheat May 2018 567.25 +28.75 +5.34%
Minneapolis
Spring Wheat Jul 2017 767.75 +26.50 +3.58%
Spring Wheat Sep 2017 771.75 +32.25 +4.36%
Spring Wheat Dec 2017 759.75 +28.50 +3.90%
Spring Wheat Mar 2018 745.75 +24.50 +3.40%
Kansas
Hard Red Wheat Jul 2017 511.25 +30.75 +6.40%
Hard Red Wheat Sep 2017 529.50 +30.00 +6.01%
Hard Red Wheat Dec 2017 554.25 +29.50 +5.62%
Hard Red Wheat Mar 2018 567.25 +28.50 +5.29%
Hard Red Wheat May 2018 575.25 +27.50 +5.02%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 119.10 -1.10 -0.92%
Live Cattle (P) Aug 2017 116.30 -0.20 -0.17%
Live Cattle (P) Oct 2017 115.20 +0.23 +0.20%
Feeder Cattle (P) Aug 2017 147.92 +0.74 +0.50%
Feeder Cattle (P) Sep 2017 148.02 +0.82 +0.56%
Feeder Cattle (P) Oct 2017 146.92 +0.84 +0.58%
Lean Hogs (P) Jul 2017 90.62 +1.15 +1.29%
Lean Hogs (P) Aug 2017 83.75 +3.00 +3.72%
Lean Hogs (P) Oct 2017 70.45 +1.80 +2.62%
