The USDA increased its forecast for U.S. year end stocks of soybeans and wheat due to disappointing pace of exports so far this crop year.
Domestic corn ending stocks for 2017-18 were cut to 2.437 billion bu. from 2.487 billion bu.
That was a little bullish for corn because analysts had expected corn ending stocks of 2.478 billion bu.
Market reaction was minimal. January soybean were down about 0.7 percent.
January canola fell about 0.5 percent or $2.40 to $500.10 per tonne, just above the psychologically important $500 level.
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The canola contract has fallen close to $20 a tonne since mid November.
The forecast for welcome rain in Argentina this weekend further weighed on oilseeds. Central Brazil also has been getting rain.
USDA pegged soybean 2017-18 domestic ending stocks at 445 million bushels, up 20 million bu. from its November outlook. It lowered its export forecast for the oilseed by 25 million bu. and raised seed usage by five million bushels.
USDA lowered its 2017-18 domestic wheat export outlook by 25 million bu. to 975 million bu.
On the global front, the USDA raised its estimate of Canada’s wheat crop by three million tonnes to 30 million, reflecting last week’s increase in the Statistics Canada crop report.
USDA did not lower its forecast of Australia’s wheat production, keeping it at 21.5 million tonnes..
It also kept its forecasts for Russia, Ukraine and Kazakhstan wheat steady.
Global year end wheat stocks rose to 268.42 million, up 900,000 tonnes from last month.
In soybeans, USDA left its forecast for Brazil’s crop steady at 108 million tonnes. Some Brazilian analysts are raising their forecast to more than 110 million and Brazil’s deputy agriculture minister suggested this week it could match last year’s 114 million tonnes.
OUTSIDE MARKETS
The U.S. Federal Reserve, is widely expected on Wednesday to raise its benchmark rate to between 1.25 and 1.50 percent.
Light crude oil nearby futures in New York were down 85 cents at US$57.14 per barrel.
In the afternoon, the Canadian dollar was trading around US77.70 cents, down from 77.78 cents the previous trading day. The U.S. dollar was C$1.2870.
The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed up 10.52 points, or 0.07 percent, at 16,114.03.
The Dow Jones Industrial Average closed 118.77 points, or 0.49 percent, higher at 24,504.8, the S&P 500 gained 4.12 points, or 0.15 percent, to 2,664.11 and the Nasdaq Composite dropped 12.76 points, or 0.19 percent, to 6,862.32.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 18 500.10s -2.40 -0.48%
Canola Mar 18 507.90s -2.00 -0.39%
Canola May 18 514.80s -2.00 -0.39%
Canola Jul 18 518.60s -1.70 -0.33%
Canola Nov 18 502.60s -0.70 -0.14%
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 Jan 18 975-6s -6-6 -0.69%
Soybeans Mar 18 987-2s -6-6 -0.68%
Soybeans May 18 998-2s -7-0 -0.70%
Soybeans Jul 18 1007-6s -6-6 -0.67%
Soybeans Aug 18 1009-4s -6-2 -0.62%
Soybean Meal Dec 17 322.9s -3.1 -0.95%
Soybean Meal Jan 18 324.7s -3.0 -0.92%
Soybean Meal Mar 18 328.9s -2.9 -0.87%
Soybean Oil Dec 17 33.36s -0.04 -0.12%
Soybean Oil Jan 18 33.45s -0.01 -0.03%
Soybean Oil Mar 18 33.60s -0.01 -0.03%
Corn Dec 17 335-6s -0-6 -0.22%
Corn Mar 18 347-6s -1-2 -0.36%
Corn May 18 356-0s -1-2 -0.35%
Corn Jul 18 364-4s -1-2 -0.34%
Corn Sep 18 371-6s -1-2 -0.34%
Oats Dec 17 227-2s -0-2 -0.11%
Oats Mar 18 243-4s -0-2 -0.10%
Oats May 18 250-2s unch unch
Oats Jul 18 258-2s +0-6 +0.29%
Oats Sep 18 260-2s +0-6 +0.29%
Wheat Dec 17 387-2s -0-4 -0.13%
Wheat Mar 18 410-6s -2-6 -0.67%
Wheat May 18 424-0s -3-2 -0.76%
Wheat Jul 18 437-2s -4-2 -0.96%
Wheat Sep 18 450-6s -5-2 -1.15%
Minneapolis
Spring Wheat Dec 17 596-6s unch unch
Spring Wheat Mar 18 605-4s -3-2 -0.53%
Spring Wheat May 18 614-0s -3-2 -0.53%
Spring Wheat Jul 18 618-6s -3-0 -0.48%
Spring Wheat Sep 18 617-0s -2-0 -0.32%
Kansas City
Hard Red Wheat Dec 17 394-0s -1-2 -0.32%
Hard Red Wheat Mar 18 411-2s -1-4 -0.36%
Hard Red Wheat May 18 424-4s -1-4 -0.35%
Hard Red Wheat Jul 18 440-6s -1-6 -0.40%
Hard Red Wheat Sep 18 455-6s -2-2 -0.49%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 116.150s +0.975 +0.85%
Live Cattle Feb 18 119.150s +1.425 +1.21%
Live Cattle Apr 18 120.975s +1.350 +1.13%
Feeder Cattle Jan 18 147.100s +1.650 +1.13%
Feeder Cattle Mar 18 145.300s +1.975 +1.38%
Feeder Cattle Apr 18 145.325s +1.875 +1.31%
Lean Hogs Dec 17 63.750s +0.150 +0.24%
Lean Hogs Feb 18 66.525s -0.500 -0.75%
Lean Hogs Apr 18 71.175s -0.650 -0.90%
