Good seeding progress keeps crop futures in doldrums

Reading Time: 3 minutes

Published: May 16, 2017

Canola futures closed a little higher with support from modestly stronger soybeans.
There was little news to trade on. Good weekly exports supported soybeans.
Corn, Chicago wheat and Minneapolis wheat barely budged but Kansas City winter wheat fell almost one percent.
The USDA weekly crop progress report issued Monday showed corn and soybean seeding in the U.S. made huge strides in the past week with planting as of Sunday a little ahead of the five-year average. Spring wheat planting is also ahead of the five-year average.

Read Also

 Photo: Greg Berg

Crop input costs to rise in 2026: FCC

Crop input costs are expected to rise in 2026, while crop prices are expected to come down, according to Farm Credit Canada’s analysis.

The condition of the U.S. winter wheat crop deteriorated slightly.
Rain in the past week in Europe helped reproductive winter crops in many areas but came too late to be of much use to wheat and barley in Spain, said the weekly USDA world weather report.
Formerly dry regions of north central Ukraine got 10 to 20 millimetres of rain to ease the soil moisture deficit. More rain is needed to make for what has been a dry spring.
Rain also fell in southwestern Russia, maintaining excellent prospects for wheat there.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 19 cents to US$48.66 per barrel.
In the afternoon, the Canadian dollar was trading around US73.63 cents, up from 73.32 cents the previous trading day. The U.S. dollar was C$1.3581.
The TSX composite fell 86.14 points or 0.55 percent to 15,543.33.
The Dow Jones industrial average was down 2.19 points or 0.01 percent at 20,979.75.
The S&P 500 fell 1.65 points or 0.07 percent to close as 2,400.67.
The Nasdaq rose 20.2 points or 0.33 percent to close at 6,169.87.

Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2017 525.10 +1.80 +0.34%
Canola Nov 2017 506.10 +1.60 +0.32%
Canola Jan 2018 511.30 +1.60 +0.31%
Canola Mar 2018 515.40 +1.50 +0.29%
Canola May 2018 517.90 unch 0.00%

Milling Wheat Jul 2017 236.00 -1.00 -0.42%
Milling Wheat Oct 2017 237.00 -1.00 -0.42%
Milling Wheat Dec 2017 240.00 -1.00 -0.41%

Durum Wheat Jul 2017 274.00 unch 0.00%
Durum Wheat Oct 2017 269.00 unch 0.00%
Durum Wheat Dec 2017 269.00 unch 0.00%

Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 140.00 unch 0.00%
Barley Dec 2017 140.00 unch 0.00%

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

Chicago
Soybeans Jul 2017 976.25 +11.00 +1.14%
Soybeans Aug 2017 976.25 +9.75 +1.01%
Soybeans Sep 2017 971.00 +8.25 +0.86%
Soybeans Nov 2017 967.75 +7.00 +0.73%
Soybeans Jan 2018 975.25 +7.00 +0.72%
Soybeans Mar 2018 979.00 +7.00 +0.72%

Soybean Meal Jul 2017 317.00 +4.50 +1.44%

Soybean Meal Aug 2017 317.60 +4.30 +1.37%
Soybean Meal Sep 2017 318.00 +4.10 +1.31%

Soybean Oil Jul 2017 33.01 -0.01 -0.03%
Soybean Oil Aug 2017 33.10 -0.01 -0.03%
Soybean Oil Sep 2017 33.20 unch 0.00%

Corn Jul 2017 367.75 unch 0.00%
Corn Sep 2017 375.75 +0.25 +0.07%
Corn Dec 2017 385.50 +0.25 +0.06%
Corn Mar 2018 395.00 +0.25 +0.06%
Corn May 2018 401.25 unch 0.00%

Oats Jul 2017 229.75 -0.50 -0.22%
Oats Sep 2017 222.00 +1.00 +0.45%
Oats Dec 2017 219.00 -1.00 -0.45%
Oats Mar 2018 222.00 +0.25 +0.11%
Oats May 2018 222.00 +0.25 +0.11%

Wheat Jul 2017 424.25 +1.00 +0.24%
Wheat Sep 2017 438.25 +0.25 +0.06%
Wheat Dec 2017 459.50 +0.75 +0.16%
Wheat Mar 2018 477.50 unch 0.00%
Wheat May 2018 488.75 -0.25 -0.05%

Minneapolis
Spring Wheat Jul 2017 539.75 -0.25 -0.05%
Spring Wheat Sep 2017 546.75 -0.50 -0.09%
Spring Wheat Dec 2017 555.25 -1.00 -0.18%
Spring Wheat Mar 2018 564.00 -1.25 -0.22%
Spring Wheat May 2018 569.50 -0.75 -0.13%

Kansas City
Hard Red Wheat Jul 2017 424.50 -4.00 -0.93%
Hard Red Wheat Sep 2017 441.75 -3.75 -0.84%

Hard Red Wheat Dec 2017 466.25 -3.50 -0.75%
Hard Red Wheat Mar 2018 481.25 -3.50 -0.72%
Hard Red Wheat May 2018 492.50 -3.25 -0.66%

Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 121.90 -0.55 -0.45%
Live Cattle (P) Aug 2017 118.25 -0.55 -0.46%
Live Cattle (P) Oct 2017 115.13 -0.52 -0.45%

Feeder Cattle (P) May 2017 140.95 -1.58 -1.11%
Feeder Cattle (P) Aug 2017 147.70 -1.58 -1.06%
Feeder Cattle (P) Sep 2017 147.68 -1.47 -0.99%

Lean Hogs (P) Jun 2017 78.72 +1.47 +1.90%
Lean Hogs (P) Jul 2017 79.48 +1.13 +1.44%
Lean Hogs (P) Aug 2017 78.82 +0.97 +1.25%

About the author

D'Arce McMillan

Markets editor, Saskatoon newsroom

explore

Stories from our other publications