Daily Western Producer Markets Report Aug. 18, 2014

WINNIPEG  —  Monday was a ho-hum day in the crop futures markets, with wheat and corn strengthening a bit, and soybeans and canola weakening a bit.

But nothing challenged the doldrums-ish feeling of the late summer crop markets, as no major weather events gave traders little independent cause for action.

“Markets are just kind of jittering around now more than anything else – just waiting,” said broker Ken Ball of P.I. Financial.

“Traders are just waiting to make sure things pan out the way they expect.”

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Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.

Bits of dryness have appeared in parts of the U.S. Midwest, but not in a way that is creating widespread problems. Canadian conditions are generally good, as are those in most of the northern hemisphere’s major growing regions.

Canola fell about five cents per bushel Monday, matching soybean futures decline. Chicago winter wheat rose almost ten cents per bushel, while Minneapolis spring wheat rose five cents.

Usually the beginning of full-scale harvest pushes crop futures prices lower, as big crop supplies flood elevator points and relieve buyers of supply anxiety temporarily.

But with new crop soybeans now hovering between ten and eleven dollars per bushel and new crop canola below ten dollars per bushel, demand has kept firm, with few signs of buyers backing away and waiting to price new crop soybeans or canola in the assumption of lower prices still.

Ball said China’s soybeans demand has been strong, spurred by relative cheapness.

“They’ve been used to paying $13, $14, $15, $16 per bushel so this seems pretty reasonable,” said Ball.

Downside in all crops is still present, traders note, but many crop futures are close to support levels so most of the long decline of crop prices should be over.

Cattle and hog futures in Chicago were both higher on the day.

West Texas Intermediate crude oil futures fell to $93 per barrel, continuing that leading commodity’s weak trend.

World stock markets were generally higher.

The U.S. Department of Agriculture reported that it is now likely going to cost over $245,000 to raise an American child to the age of 18. That’s a bunch, but grew less this year than in many previous years.

Ebola, strife in Ukraine, social unrest in Missouri, multi-directional war in a number of parts of the Middle East -all painted a dreary backdrop for the markets but had little direct impact Monday.

Winnipeg ICE Futures Canada dollars per tonne

 

Canola Nov 2014     431.70     +2.20      +0.51%

Canola Jan 2015      436.40     +2.30      +0.53%

Canola Mar 2015      439.20     +3.10      +0.71%

Canola May 2015     437.40     +3.90      +0.90%

Canola Jul 2015       434.10     +3.80      +0.88%

 

Milling Wheat Oct 2014    200.00     -2.00       -0.99%

Milling Wheat Dec 2014    206.00     -2.00       -0.96%

Milling Wheat Mar 2015    214.00     -2.00       -0.93%

 

Durum Wheat Oct 2014    250.00     unch0.00%

Durum Wheat Dec 2014   256.00     unch0.00%

Durum Wheat Mar 2015   257.00     unch0.00%

 

Barley Oct 2014      135.00     unch0.00%

Barley Dec 2014      137.00     unch0.00%

Barley Mar 2015      138.00     unch0.00%

 

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

 

Chicago

Soybeans Sep 20141115.5     +13  +1.18%

Soybeans Nov 20141057.75   +5.75      +0.55%

Soybeans Jan 2015  1066.5     +5.5+0.52%

Soybeans Mar 20151074.5     +5.5+0.51%

Soybeans May 20151080.75   +4.5+0.42%

Soybeans Jul 2015   1086       +4.25      +0.39%

 

Soybean Meal Sep 2014   392.1      +3.8+0.98%

Soybean Meal Oct 2014   360  +2.1+0.59%

Soybean Meal Dec 2014  355.1      +1.6+0.45%

 

Soybean Oil Sep 2014      32.96      +0.09      +0.27%

Soybean Oil Oct 2014      33.05      +0.1+0.30%

Soybean Oil Dec 2014     33.33      +0.12      +0.36%

 

Corn Sep 2014360.75     -5    -1.37%

Corn Dec 2014371.5      -5.5  -1.46%

Corn Mar 2015385  -5.25       -1.35%

Corn May 2015393.25     -5.5  -1.38%

Corn Jul 2015  400  -5.5  -1.36%

 

Oats Sep 2014370.75     +5.75      +1.58%

Oats Dec 2014339  +5    +1.50%

Oats Mar 2015321.25     +3.75      +1.18%

Oats May 2015312  +2    +0.65%

Oats Jul 2015  309.75     +0.25      +0.08%

 

Wheat Sep 2014      542.5      -8.75       -1.59%

Wheat Dec 2014     554.25     -9.25       -1.64%

Wheat Mar 2015      573.75     -9.75       -1.67%

Wheat May 2015     584.75     -10.5       -1.76%

Wheat Jul 2015       593.25     -10   -1.66%

 

Minneapolis

Spring Wheat Sep 2014   608.25     -3.75       -0.61%

Spring Wheat Dec 2014   617.75     -5.5  -0.88%

Spring Wheat Mar 2015   631.75     -5.25       -0.82%

Spring Wheat May 2015   641  -5.25       -0.81%

Spring Wheat Jul 2015     648.75     -5    -0.76%

 

Kansas City

Hard Red Wheat Sep 2014      617.75     -2    -0.32%

Hard Red Wheat Dec 2014      631.5      -2.75       -0.43%

Hard Red Wheat Mar 2015       640.75     -3    -0.47%

Hard Red Wheat May 2015      646.25     -2    -0.31%

Hard Red Wheat Jul 2015638.25     unch0.00%

 

Light crude oil nearby futures in New York dropped 94 cents at $96.41 US per barrel.

The Canadian dollar at noon was 91.84 cents US, up from 91.66 cents the previous trading day. The U.S. dollar at noon was $1.0889 Cdn.