Crop markets mixed; canola market inversion ending

Oilseeds and corn edged lower Tuesday but wheat climbed a little on a technical bounce.

Gains in wheat were kept in check by slow U.S. wheat exports.

Canola drifted lower on weakness in soybeans and technical signals. Traders are rolling out of the May contract into July.

The premium of the May contract over new crop November has almost disappeared. May now has a premium of only 50 cents a tonne.

However, the July contract, which is now the most traded on the board, retains the premium. July closed at  $452, a $6 premium over November.

The trade awaits the Statistics Canada grower survey on seeding intentions on Thursday.

Worries about spreading bird flu in the United States weighed down soy meal and corn as feed demand could be hurt by flock culling.

Corn also faced pressure on ideas that seeding in the Midwest might pick up this week.

The USDA said corn seeding was nine percent complete as of April 19, lagging the five-year average progress of 13 percent.

There are forecasts for dry weather conducive for field work, however, it is also supposed to be cooler than normal and so farmers might not actually plant because the seed might not germinate in the cold soil.

Wheat prices fell in the last 10 days or so on improved moisture conditions in the southern U.S. Plains but the weekly crop condition report showed little improvement.

USDA reported 42 percent of the U.S. winter wheat crop in good to excellent condition, unchanged from the previous week; analysts had expected an improvement.

The Kansas crop actually declined last week, falling to 26 percent good to excellent, down two points from the week before,

Nebraska, Oklahoma and Texas all showed a one percentage point improvement in the good to excellent category.

USDA reported the U.S. spring wheat crop was 36 percent planted as of Sunday, up from 17 percent the previous week and well ahead of the five-year average of 19 percent.

Light crude oil nearby futures in New York were down $1.12 to US$55.26 per barrel.

The Canadian dollar at noon was US81.47 cents, down from 81.94 cents the previous trading day. The U.S. dollar at noon was C$1.2274.

The TSX composite index fell 66.16 points of 0.43 percent to 15,346.44.

The Dow was a little lower on uninspiring quarterly reports. The Nasdaq rose on a proposed merger in the pharmaceutical biotech field.

The Dow Jones industrial average fell 85.34 points, or 0.47 percent, to 17,949.59, the S&P 500 lost 3.09 points, or 0.15 percent, to 2,097.31 and the Nasdaq Composite added 19.50 points, or 0.39 percent, to 5,014.10.

Canadian Pacific Railway reported net quarterly income rose to $320 million, or $1.92 a share, from $254 million, or $1.44, a year earlier. Revenue rose 10 percent to $1.67 billion.

Canadian National Railway’s net income for the quarter rose to $704 million, or 86 cents a share, from $623 million, or 75 cents, a year earlier. Revenue rose to $3.1 billion from $2.69 billion a year ago

 

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2015       446.50       -2.80       -0.62%

Canola Jul 2015       452.00       -2.20       -0.48%

Canola Nov 2015       446.00       -1.20       -0.27%

Canola Jan 2016       446.90       -1.50       -0.33%

Canola Mar 2016       447.20       -0.20       -0.04%

 

Milling Wheat May 2015       205.00       +2.00       +0.99%

Milling Wheat Jul 2015       207.00       +2.00       +0.98%

Milling Wheat Oct 2015       212.00       +1.00       +0.47%

 

Durum Wheat May 2015       313.00       unch       0.00%

Durum Wheat Jul 2015       303.00       unch       0.00%

Durum Wheat Oct 2015       308.00       unch       0.00%

 

Barley May 2015       207.00       unch       0.00%

Barley Jul 2015       207.00       unch       0.00%

Barley Oct 2015       192.00       unch       0.00%

 

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

 

Chicago

Soybeans May 2015       975.25       -2.25       -0.23%

Soybeans Jul 2015       976.75       -2.75       -0.28%

Soybeans Aug 2015       973.75       -2       -0.20%

Soybeans Sep 2015       962       -1.75       -0.18%

Soybeans Nov 2015       956.75       -1.5       -0.16%

Soybeans Jan 2016       963.25       -1.25       -0.13%

 

Soybean Meal May 2015       315.8       -2.7       -0.85%

Soybean Meal Jul 2015       314.9       -3.1       -0.97%

Soybean Meal Aug 2015       313.3       -2.9       -0.92%

 

Soybean Oil May 2015       31.82       +0.23       +0.73%

Soybean Oil Jul 2015       32.02       +0.23       +0.72%

Soybean Oil Aug 2015       32.07       +0.24       +0.75%

 

Corn May 2015       373       -5       -1.32%

Corn Jul 2015       380       -4.75       -1.23%

Corn Sep 2015       387.75       -4.25       -1.08%

Corn Dec 2015       397.5       -3.75       -0.93%

Corn Mar 2016       407.75       -3.5       -0.85%

 

Oats May 2015       259.5       -3.25       -1.24%

Oats Jul 2015       263.5       -3.25       -1.22%

Oats Sep 2015       270       -3.25       -1.19%

Oats Dec 2015       275.5       -2.75       -0.99%

Oats Mar 2016       279.5       -2.75       -0.97%

 

Wheat May 2015       500.75       +2       +0.40%

Wheat Jul 2015       500.25       +2       +0.40%

Wheat Sep 2015       509       +2       +0.39%

Wheat Dec 2015       524.25       +2.25       +0.43%

Wheat Mar 2016       538.75       +2       +0.37%

 

Minneapolis

Spring Wheat May 2015       545.25       +6.25       +1.16%

Spring Wheat Jul 2015       558       +6.75       +1.22%

Spring Wheat Sep 2015       566.5       +5.5       +0.98%

Spring Wheat Dec 2015       576.5       +3       +0.52%

Spring Wheat Mar 2016       590       +1.5       +0.25%

 

Kansas City

Hard Red Wheat May 2015       513.75       +1.25       +0.24%

Hard Red Wheat Jul 2015       519       +1       +0.19%

Hard Red Wheat Sep 2015       529.5       +0.5       +0.09%

Hard Red Wheat Dec 2015       547.25       +0.5       +0.09%

Hard Red Wheat Mar 2016       560       +0.5       +0.09%

Markets at a glance

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