It was an uneventful day in North American crop futures markets, as Goldilocksian weather continues to avoid substantial weather scares.
Recent weeks have been remarkable for the lack of shocks, considering this is the time of year in which weather worries can become a source of great volatility.
“It was all pretty quiet again,” said broker Ken Ball of P.I. Financial in Winnipeg.
“Everything’s about 80 percent looking good, so that’s about as good as it gets.”
Most wheat, corn and soybean contracts were a couple of cents lower, with the exception of Kansas City wheat, which was very slightly higher in early afternoon trading. Some areas of heavy snow hit the northern hard red winter wheat region, causing modest concern.
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Soybean oil was higher, regardless of slightly lower soybeans and soybean meal.
Canola was down slightly.
Oats knew something, and contracts were down four cents.
U.S. Department of Agriculture supply and demand reports are due tomorrow, causing statistics shuffling by analysts.
Canola is relatively expensive compared to soybean products, Ball said, revealing the better supply and demand situation for that crop, plus the more risky prairie weather situation.
Soybeans are stuck with a huge supply overhang and fears of further weakness. After two years of great tightness in soybean stocks, the oversupply today seems especially burdensome.
Fears that feedgrain demand from livestock is declining added to today’s weak tone.
Stock markets were off a bit. Crude oil was soft.
Light crude oil nearby futures in New York were down 14 cents to US$59.25 per barrel.
The Canadian dollar at noon was US82.61 cents, down from 82.73 cents the previous trading day. The U.S. dollar at noon was C$1.2105.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 459.30 -6.80 -1.46%
Canola Jul 2015 457.80 -0.30 -0.07%
Canola Nov 2015 449.80 -0.20 -0.04%
Canola Jan 2016 451.60 +0.10 +0.02%
Canola Mar 2016 451.10 +0.10 +0.02%
Milling Wheat May 2015 197.00 -2.00 -1.01%
Milling Wheat Jul 2015 200.00 -2.00 -0.99%
Milling Wheat Oct 2015 205.00 -4.00 -1.91%
Durum Wheat May 2015 308.00 -5.00 -1.60%
Durum Wheat Jul 2015 298.00 -5.00 -1.65%
Durum Wheat Oct 2015 303.00 -5.00 -1.62%
Barley May 2015 195.00 unch 0.00%
Barley Jul 2015 197.00 unch 0.00%
Barley Oct 2015 180.00 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 983 -1.5 -0.15%
Soybeans Jul 2015 974 -2.25 -0.23%
Soybeans Sep 2015 954.25 -2.75 -0.29%
Soybeans Nov 2015 949.5 -2.5 -0.26%
Soybeans Jan 2016 955.5 -2.5 -0.26%
Soybean Meal May 2015 312.1 -3.1 -0.98%
Soybean Meal Jul 2015 310.2 -3.2 -1.02%
Soybean Meal Aug 2015 307.8 -3 -0.97%
Soybean Oil May 2015 33.04 +0.24 +0.73%
Soybean Oil Jul 2015 33.19 +0.23 +0.70%
Soybean Oil Aug 2015 33.22 +0.24 +0.73%
Corn May 2015 358.25 -0.25 -0.07%
Corn Jul 2015 360.5 -2.5 -0.69%
Corn Sep 2015 365.5 -3 -0.81%
Corn Dec 2015 375.5 -2.75 -0.73%
Corn Mar 2016 386.75 -2.75 -0.71%
Oats May 2015 232 -4.25 -1.80%
Oats Jul 2015 235.5 -4 -1.67%
Oats Sep 2015 241.5 -4.25 -1.73%
Oats Dec 2015 251 -1.75 -0.69%
Oats Mar 2016 260 -1 -0.38%
Wheat May 2015 476.25 -0.25 -0.05%
Wheat Jul 2015 481 -0.5 -0.10%
Wheat Sep 2015 488 -1.25 -0.26%
Wheat Dec 2015 505 -1.25 -0.25%
Wheat Mar 2016 521 -1.25 -0.24%
Minneapolis
Spring Wheat May 2015 528.5 unch n/a
Spring Wheat Sep 2015 549.0 -3.75 n/a
Spring Wheat Dec 2015 565.25 -2.25 n/a
Spring Wheat Mar 2016 580.25 -1.5 n/a
Kansas City
Hard Red Wheat May 2015 509.5 -1 -0.20%
Hard Red Wheat Jul 2015 508.75 +0.25 +0.05%
Hard Red Wheat Sep 2015 518.75 +0.75 +0.14%
Hard Red Wheat Dec 2015 534.75 +0.25 +0.05%
Hard Red Wheat Mar 2016 547.5 unch 0.00%
