Crop prices continue to flounder

It was another dreary day in today’s down markets for crop prices, with little to cure the weakness that has dragged prices to multi-year lows.

Present price prospects are so disappointing that Mike Krueger of Fargo, North Dakota’s The Money Farm thinks most farmers won’t bother selling much once the harvest starts coming in.

“I just think U.S. corn and (soy)bean farmers are going to put as many of these crops away as they can now,” said Krueger.

“They’ll lock the door for a while.”

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On Wednesday corn, soybean and wheat prices moved little, keeping them near multi-year lows.

Minneapolis spring wheat futures, for example, haven’t been so low since the beginning of 2010. Soybeans also haven’t been this low since 2010.

Corn is near the lows of 2015 but still a couple of dozen cents above the 2014 harvest time low.

Canola fell slightly Wednesday, but is still above the $460 per tonne support level. On the charts, canola futures look better than for the main U.S. crops, at almost $100 per tonne above 2014 lows, but those simple canola futures price charts don’t factor in the impact of the Canadian dollar, which has fallen sharply in the past year and had the effect of boosting apparent canola prices.

The markets are in a doldrumish period, with seemingly large U.S. crops and better than expected Canadian  crops heading toward harvest.

Commodity markets in aggregate were about flat, but oil fell again, with Brent crude now about $48 per barrel.

U.S. equity markets fell, with some poor corporate earnings combining with chatter about a U.S. interest rate hike likely soon.

Contact ed.white@producer.com

Light crude oil nearby futures in New York were up $1.82 to US$40.80 per barrel.

The Canadian dollar at noon was US75.96 cents, down from 76.49 cents the previous trading day. The U.S. dollar at noon was C$1.3165.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2015   473.40   -1.30   -0.27%

Canola Jan 2016   473.30   -0.50   -0.11%

Canola Mar 2016   473.10   +0.40   +0.08%

Canola May 2016   471.20   +1.50   +0.32%

Canola Jul 2016   468.10   +2.40   +0.52%

Milling Wheat Oct 2015   226.00   unch   0.00%

Milling Wheat Dec 2015   226.00   unch   0.00%

Milling Wheat Mar 2016   230.00   unch   0.00%

Durum Wheat Oct 2015   335.00   -20.00   -5.63%

Durum Wheat Dec 2015   335.00   -25.00   -6.94%

Durum Wheat Mar 2016   340.00   -25.00   -6.85%

Barley Oct 2015   203.60   unch   0.00%

Barley Dec 2015   203.60   unch   0.00%

Barley Mar 2016   205.60   unch   0.00%

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

Chicago

Soybeans Sep 2015   903.5   -9.75   -1.07%

Soybeans Nov 2015   893.5   -10.75   -1.19%

Soybeans Jan 2016   898.75   -11.25   -1.24%

Soybeans Mar 2016   899.25   -10.5   -1.15%

Soybeans May 2016   900   -9.5   -1.04%

Soybeans Jul 2016   904.5   -8.75   -0.96%

Soybean Meal Sep 2015   324   -0.6   -0.18%

Soybean Meal Oct 2015   314.6   -1.4   -0.44%

Soybean Meal Dec 2015   311.6   -1.3   -0.42%

Soybean Oil Sep 2015   27.89   -0.43   -1.52%

Soybean Oil Oct 2015   27.99   -0.44   -1.55%

Soybean Oil Dec 2015   28.21   -0.41   -1.43%

Corn Sep 2015   367.25   +1   +0.27%

Corn Dec 2015   378.5   +1.25   +0.33%

Corn Mar 2016   390   +1.25   +0.32%

Corn May 2016   395.75   +0.75   +0.19%

Corn Jul 2016   400   +0.75   +0.19%

Oats Sep 2015   223.25   -1.75   -0.78%

Oats Dec 2015   234   -3.5   -1.47%

Oats Mar 2016   241.75   -4.25   -1.73%

Oats May 2016   249.25   -4.25   -1.68%

Oats Jul 2016   250.25   -4.25   -1.67%

Wheat Sep 2015   496.25   +2   +0.40%

Wheat Dec 2015   500   +1.25   +0.25%

Wheat Mar 2016   503.75   +0.25   +0.05%

Wheat May 2016   506   -0.5   -0.10%

Wheat Jul 2016   508.5   -1.5   -0.29%

Minneapolis

Spring Wheat Sep 2015   508.25   unch   0.00%

Spring Wheat Dec 2015   522.75   -0.5   -0.10%

Spring Wheat Mar 2016   538.5   -1   -0.19%

Spring Wheat May 2016   548.75   -1.25   -0.23%

Spring Wheat Jul 2016   558.5   -1.75   -0.31%

Kansas City

Hard Red Wheat Sep 2015   474.25   -1.75   -0.37%

Hard Red Wheat Dec 2015   493.75   -1.75   -0.35%

Hard Red Wheat Mar 2016   507.5   -1.75   -0.34%

Hard Red Wheat May 2016   517   -1.75   -0.34%

Hard Red Wheat Jul 2016   526.5   -1.25   -0.24%

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