Canola was under pressure again today as the combines roll along in Canada and harvest pace picks up in the United States.
Soybeans were pressured by rain in the Midwest over the past few days that could help fill some late developing crops.
The nearby canola contract hit a six week low, closing at $478.10 per tonne, down $5.90.
After falling last week, canola is looking for technical strength and might not find it until it tests the November contract low of $472, set back on Aug. 6. Fundamental pressure is coming from expectations of a record shattering harvest in Western Canada.
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Harvest in Western Canada will likely be delayed if Environment Canada is correct and we get rain Wednesday and Thursday, with the largest amounts expected in Saskatchewan, particularly the northeast part of the grain belt and the Cypress Hills region.
The grain side of the crop market did a little better than the oilseed side today, with wheat rising and pulling corn along for the ride.
Chicago wheat futures rose 1.1 percent on short covering and on strong export demand.
U.S. wheat is pouring out of the country at a torrid pace, filling demand in China and Brazil. However, the bumper spring wheat harvest in North America and good wheat crops in the former Soviet Union and Europe cap will keep a cap on any hope of a sustained and robust wheat rally.
After the markets closed, the USDA reported seven percent of the U.S. corn crop is harvested, up from four percent last week but behind the five-year average pace of 16 percent.
The condition of the corn crop also improved slightly, to 55 percent good-to-excellent, up from 53 percent last week.
The soybean crop condition was little changed, with the good to excellent rating staying at 50 percent.
Three percent of the soybean crop is in the bin, compared to the five-year average of nine percent.
As for the spring wheat crop, 93 percent is harvested.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013Â Â Â Â Â Â 478.10Â Â Â Â Â Â -5.90Â Â Â Â Â Â -1.22%
Canola Jan 2014Â Â Â Â Â Â 487.80Â Â Â Â Â Â -6.00Â Â Â Â Â Â -1.22%
Canola Mar 2014Â Â Â Â Â Â 495.70Â Â Â Â Â Â -6.30Â Â Â Â Â Â -1.25%
Canola May 2014Â Â Â Â Â Â 501.80Â Â Â Â Â Â -6.10Â Â Â Â Â Â -1.20%
Canola Jul 2014Â Â Â Â Â Â 507.60Â Â Â Â Â Â -5.70Â Â Â Â Â Â -1.11%
Milling Wheat Oct 2013      227.00      unch      0.00%
Milling Wheat Dec 2013Â Â Â Â Â Â 232.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.43%
Milling Wheat Mar 2014Â Â Â Â Â Â 237.00Â Â Â Â Â Â -2.00Â Â Â Â Â Â -0.84%
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Durum Wheat Oct 2013      259.00      unch      0.00%
Durum Wheat Dec 2013      267.00      unch      0.00%
Durum Wheat Mar 2014      273.00      unch      0.00%
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Barley Oct 2013      158.30      unch      0.00%
Barley Dec 2013      161.30      unch      0.00%
Barley Mar 2014      163.30      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2013Â Â Â Â Â Â 1307.75Â Â Â Â Â Â -7.5Â Â Â Â Â Â -0.57%
Soybeans Jan 2014Â Â Â Â Â Â 1310.5Â Â Â Â Â Â -7.5Â Â Â Â Â Â -0.57%
Soybeans Mar 2014Â Â Â Â Â Â 1295Â Â Â Â Â Â -5.25Â Â Â Â Â Â -0.40%
Soybeans May 2014Â Â Â Â Â Â 1275Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.18%
Soybeans Jul 2014Â Â Â Â Â Â 1267.5Â Â Â Â Â Â -3Â Â Â Â Â Â -0.24%
Soybeans Aug 2014Â Â Â Â Â Â 1253Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.14%
Soybean Meal Oct 2013Â Â Â Â Â Â 411.1Â Â Â Â Â Â -2.3Â Â Â Â Â Â -0.56%
Soybean Meal Dec 2013Â Â Â Â Â Â 409.2Â Â Â Â Â Â -2.4Â Â Â Â Â Â -0.58%
Soybean Meal Jan 2014Â Â Â Â Â Â 408.6Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.61%
Soybean Oil Oct 2013Â Â Â Â Â Â 41.97Â Â Â Â Â Â -0.12Â Â Â Â Â Â -0.29%
Soybean Oil Dec 2013Â Â Â Â Â Â 42.24Â Â Â Â Â Â -0.1Â Â Â Â Â Â -0.24%
Soybean Oil Jan 2014Â Â Â Â Â Â 42.5Â Â Â Â Â Â -0.08Â Â Â Â Â Â -0.19%
Corn Dec 2013Â Â Â Â Â Â 453.25Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.50%
Corn Mar 2014Â Â Â Â Â Â 466Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.49%
Corn May 2014Â Â Â Â Â Â 474.25Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.48%
Corn Jul 2014Â Â Â Â Â Â 480.75Â Â Â Â Â Â +2Â Â Â Â Â Â +0.42%
Corn Sep 2014Â Â Â Â Â Â 485.25Â Â Â Â Â Â +1.75Â Â Â Â Â Â +0.36%
Oats Dec 2013Â Â Â Â Â Â 309.5Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.24%
Oats Mar 2014Â Â Â Â Â Â 308.75Â Â Â Â Â Â +1.75Â Â Â Â Â Â +0.57%
Oats May 2014Â Â Â Â Â Â 309Â Â Â Â Â Â +1Â Â Â Â Â Â +0.32%
Oats Jul 2014Â Â Â Â Â Â 302.25Â Â Â Â Â Â +1Â Â Â Â Â Â +0.33%
Oats Sep 2014Â Â Â Â Â Â 308.25Â Â Â Â Â Â +1Â Â Â Â Â Â +0.33%
Wheat Dec 2013Â Â Â Â Â Â 653.5Â Â Â Â Â Â +7.25Â Â Â Â Â Â +1.12%
Wheat Mar 2014Â Â Â Â Â Â 664Â Â Â Â Â Â +7Â Â Â Â Â Â +1.07%
Wheat May 2014Â Â Â Â Â Â 670Â Â Â Â Â Â +7.25Â Â Â Â Â Â +1.09%
Wheat Jul 2014Â Â Â Â Â Â 663Â Â Â Â Â Â +5.5Â Â Â Â Â Â +0.84%
Wheat Sep 2014Â Â Â Â Â Â 668.5Â Â Â Â Â Â +6Â Â Â Â Â Â +0.91%
Minneapolis
Spring Wheat Dec 2013Â Â Â Â Â Â 698.75Â Â Â Â Â Â -1Â Â Â Â Â Â -0.14%
Spring Wheat Mar 2014Â Â Â Â Â Â 710.5Â Â Â Â Â Â -2Â Â Â Â Â Â -0.28%
Spring Wheat May 2014Â Â Â Â Â Â 718Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.21%
Spring Wheat Jul 2014Â Â Â Â Â Â 722.75Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.38%
Spring Wheat Sep 2014Â Â Â Â Â Â 727Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.24%
Kansas City
KCBT Red Wheat Dec 2013Â Â Â Â Â Â 697.75Â Â Â Â Â Â +5Â Â Â Â Â Â +0.72%
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 701.75Â Â Â Â Â Â +4.5Â Â Â Â Â Â +0.65%
KCBT Red Wheat May 2014Â Â Â Â Â Â 704.25Â Â Â Â Â Â +4.5Â Â Â Â Â Â +0.64%
KCBT Red Wheat Jul 2014Â Â Â Â Â Â 694Â Â Â Â Â Â +5Â Â Â Â Â Â +0.73%
KCBT Red Wheat Sep 2014Â Â Â Â Â Â 702.75Â Â Â Â Â Â +5Â Â Â Â Â Â +0.72%
Light crude oil nearby futures in New York dropped $1.16 at $103.59 US per barrel.
The Canadian dollar at noon was 97.25 cents US, up from 97.21 cents the previous trading day. The U.S. dollar at noon was $1.0283 Cdn.
Stock markets continued to endlessly ruminate over what the U.S. Federal Reserve might or might not do regarding its bond-buying stimulus program. Last week the Fed decided to carry on with the stimulus at least for another months but today a member of the Fed said that it might yet scale back the program later this year.
Investors are also keeping an eye on the Oct. 1 deadline for the U.S. Congress to avoid a government shutdown as lawmakers negotiate ahead of the end of the fiscal year.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 4.71 points, or 0.04 percent, at 12,811.18.
The Dow Jones industrial average was down 49.71 points, or 0.32 percent, at 15,401.38.
The Standard & Poor’s 500 Index was down 8.07 points, or 0.47 percent, at 1,701.84.
The Nasdaq Composite Index fell 9.44 points, or 0.25 percent, at 3,765.29.
