Crop futures overnight and early this morning as the trade focused on forecasts for hot Midwest weather but then prices fell on forecasts for beneficial rain in the Midwest.
In Western Canada farmers’ attentions are focusd on the heavy rain falling in many areas today.
It should be drier Wednesday and Thursday but there is potential for more moisture by the weekend, although at a much lower accumulations than in this system.
Farmers in several areas of the Prairies are getting concerned about too much moisture but outside of those areas, crops are thick.
Read Also
Supreme Court gives thumbs-up emoji case the thumbs down
Saskatchewan farmer wanted to appeal the court decision that a thumbs-up emoji served as a signature to a grain delivery contract.
The trade was also positioning ahead of tomorrow’s USDA monthly supply and demand report.
Based on a Reuters poll, the trade on average expects USDA on to raise its forecasts of U.S. corn ending stocks for both 2015-16 and 2016-17.
While U.S. corn inventories are expected to balloon above 2 billion bushels by the end of 2016-17, soybean stocks should be much tighter due to export demand from China and crop problems in South America.
Analysts expect the USDA on Tuesday to raise its forecast of U.S. wheat production, and raise its projections for 2016-17 U.S. and world wheat ending stocks, Reuters reported.
After the CBOT close, the USDA in its weekly crop report rated 76 percent of the U.S. corn crop in good to excellent condition, up from 75 percent a week earlier. The USDA rated 71 percent of the U.S. soybean crop as good to excellent, up from 70 percent the previous week. Analysts on average had expected no change in ratings for either crop.
The spring wheat crop is 70 percent good to excellent, down from 72 percent the week before.
The crop report said 66 percent of the U.S. winter wheat crop had been harvested, about equal to the five-year average.
The S&P 500 set a new record high today. The previous record was set May 21, 2015.
One reason for the market’s strength is that U.S. bond yields are so low it is pushing cautious investors into dividend paying stocks such as utilities and real estate trusts.
The Nasdaq hit its highest point this year.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 102.04 points, or 0.72 percent, at 14,361.88.
The Dow Jones industrial average rose 80.19 points, or 0.44 percent, to 18,226.93, the S&P 500 added 7.26 points, or 0.34 percent, to 2,137.16 and the Nasdaq Composite gained 31.88 points, or 0.64 percent, to 4,988.64.
Light crude oil nearby futures in New York were down $2.29 to US$45.14 per barrel.
The Canadian dollar at noon was US77.02 cents, up from 76.89 cents the previous trading day. The U.S. dollar at noon was C$1.2984.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 16 467.90s +0.50 +0.11%
Canola Nov 16 470.50s +0.50 +0.11%
Canola Jan 17 477.10s +0.40 +0.08%
Canola Mar 17 482.50s +0.10 +0.02%
Canola May 17 486.70s -0.10 -0.02%
Milling Wheat Jul 16 212.00s -1.00 -0.47%
Milling Wheat Oct 16 210.00s -1.00 -0.47%
Milling Wheat Dec 16 214.00s -2.00 -0.93%
Durum Wheat Jul 16 278.00s -5.00 -1.77%
Durum Wheat Oct 16 275.00s -3.00 -1.08%
Durum Wheat Dec 16 278.00s -3.00 -1.07%
Barley Jul 16 160.00s unch unch
Barley Oct 16 160.00s unch unch
Barley Dec 16 160.00s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 16 1082.75s -7.0 -0.64%
Soybeans Aug 16 1077.0s -6.25 -0.58%
Soybeans Sep 16 1063.5s -5.0 -0.47%
Soybeans Nov 16 1055.0s -2.75 -0.26%
Soybeans Jan 17 1054.5s -2.5 -0.24%
Soybean Meal Jul 16 373.7s -5.0 -1.32%
Soybean Meal Aug 16 372.6s -3.7 -0.98%
Soybean Meal Sep 16 370.2s -3.5 -0.94%
Soybean Oil Jul 16 30.25s -0.02 -0.07%
Soybean Oil Aug 16 30.33s -0.02 -0.07%
Soybean Oil Sep 16 30.44s -0.02 -0.07%
Corn Jul 16 343.75s -6.0 -1.72%
Corn Sep 16 348.25s -6.75 -1.90%
Corn Dec 16 355.5s -7.0 -1.93%
Corn Mar 17 364.0s -6.5 -1.75%
Corn May 17 369.5s -6.25 -1.66%
Oats Jul 16 236.5s +8.25 +3.61%
Oats Sep 16 203.75s +8.5 +4.35%
Oats Dec 16 205.75s +8.25 +4.18%
Oats Mar 17 211.75s +5.75 +2.79%
Oats May 17 216.25s +5.75 +2.73%
Wheat Jul 16 416.25s -4.5 -1.07%
Wheat Sep 16 430.5s -4.5 -1.03%
Wheat Dec 16 453.0s -3.5 -0.77%
Wheat Mar 17 471.5s -3.0 -0.63%
Wheat May 17 483.5s -3.0 -0.62%
Minneapolis
Spring Wheat Jul 16 487.75s -10.0 -2.01%
Spring Wheat Sep 16 499.75s -1.25 -0.25%
Spring Wheat Dec 16 514.75s -1.5 -0.29%
Spring Wheat Mar 17 529.0s -1.75 -0.33%
Spring Wheat May 17 538.5s -1.75 -0.32%
Kansas
Hard Red Wheat Jul 16 401.0s -4.25 -1.05%
Hard Red Wheat Sep 16 416.75s -4.5 -1.07%
Hard Red Wheat Dec 16 441.75s -4.25 -0.95%
Hard Red Wheat Mar 17 458.25s -4.25 -0.92%
Hard Red Wheat May 17 468.75s -4.0 -0.85%
Chicago livestock futures in US¢/pound
Live Cattle (P) Aug 16 109.350s -2.875 -2.56%
Live Cattle (P) Oct 16 109.325s -3.000 -2.67%
Live Cattle (P) Dec 16 110.875s -2.900 -2.55%
Feeder Cattle (P) Aug 16 139.450s -4.000 -2.79%
Feeder Cattle (P) Sep 16 138.350s -4.150 -2.91%
Feeder Cattle (P) Oct 16 137.450s -4.025 -2.85%
Lean Hogs (P) Jul 16 79.625s -0.425 -0.53%
Lean Hogs (P) Aug 16 78.350s -0.475 -0.60%
Lean Hogs (P) Oct 16 67.925s -0.675 -0.98%
