Ideal weather contributes to quiet markets

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 Aug 2015    966.5    -3    -0.31%
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 Jul 2015    536.75    -4.25    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%