Grains were the second-strongest commodities category Wednesday, but even so they only rose less than one percent.
Moderate gains in everything else left only May oats futures and July canola futures in the red.
Small factoids helped buoy the grains markets, even as stock markets moderately sold off.
Slightly better corn exports and feedgrain demand seemed to improve that crop’s outlook. The Chinese government reduced some production supports for soybeans, so analysts were anticipating some decrease in acreage for that crop.
The slight strength in overall crop prices was mostly due to the weakening U.S. dollar, which has the effect of making U.S. denominated crop futures appear to move higher. Buyers find it takes less of their domestic currency to buy more of the U.S. denominated crop, so there is an incentive to buy more.
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The Canadian dollar was slightly higher, staying above 83 cents, which suppresses the value of Canadian dollar denominated canola futures contracts. If the loonie strengthens and the nominal value of canola futures stays the same, they become more expensive-seeming in the eyes of U.S. dollar based buyers or people comparing canola to other crop futures.
Wheat has been weak recently but rose Wednesday. Next week the annual Kansas Wheat Quality Tour will give analysts and the markets a chance to get a better sense of what’s really happening in the hard red winter wheat zone – a subject of much discussion after a mixed-bag of situations in recent months.
Oats futures were also relatively weak Wednesday.
Stock markets fell moderately on signs that the U.S. economic recovery is faltering. However, in the bizarre world of bad-is-good that has gripped markets since 2008, the prospects of a weaker U.S. economy cheered everyone who fears the U.S. Federal Reserve Bank is nearing a rate hike. As in Canada, as economic conditions weaken, the need to boost rates recedes, giving commodity investors a reason for relief.
Light crude oil nearby futures in New York were up $1.52 to US$58.58 per barrel.
The Canadian dollar at noon was US83.65 cents, up from 83.19 cents the previous trading day. The U.S. dollar at noon was C$1.1954.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 456.20 +2.00 +0.44%
Canola Jul 2015 447.00 -2.90 -0.64%
Canola Nov 2015 439.00 -3.20 -0.72%
Canola Jan 2016 440.00 -3.60 -0.81%
Canola Mar 2016 440.20 -3.50 -0.79%
Milling Wheat May 2015 202.00 +3.00 +1.51%
Milling Wheat Jul 2015 205.00 +4.00 +1.99%
Milling Wheat Oct 2015 210.00 +3.00 +1.45%
Durum Wheat May 2015 313.00 unch 0.00%
Durum Wheat Jul 2015 303.00 unch 0.00%
Durum Wheat Oct 2015 308.00 unch 0.00%
Barley May 2015 205.00 unch 0.00%
Barley Jul 2015 207.00 unch 0.00%
Barley Oct 2015 192.00 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 988.5 +11 +1.13%
Soybeans Aug 2015 982.25 +10.75 +1.11%
Soybeans Sep 2015 968.75 +9.75 +1.02%
Soybeans Nov 2015 961.75 +8.75 +0.92%
Soybeans Jan 2016 967.75 +8.75 +0.91%
Soybean Meal May 2015 324.2 +5.5 +1.73%
Soybean Meal Jul 2015 322.4 +4.9 +1.54%
Soybean Meal Aug 2015 320.3 +4.6 +1.46%
Soybean Oil May 2015 31.47 +0.24 +0.77%
Soybean Oil Jul 2015 31.64 +0.26 +0.83%
Soybean Oil Aug 2015 31.72 +0.26 +0.83%
Corn May 2015 363.75 +2.75 +0.76%
Corn Jul 2015 367.75 +3.25 +0.89%
Corn Sep 2015 374.75 +3 +0.81%
Corn Dec 2015 385.5 +3 +0.78%
Corn Mar 2016 397 +3.25 +0.83%
Oats May 2015 233.25 -2.25 -0.96%
Oats Jul 2015 240.75 unch 0.00%
Oats Sep 2015 247.5 -0.25 -0.10%
Oats Dec 2015 256.75 +3 +1.18%
Oats Mar 2016 265.75 +3.25 +1.24%
Wheat May 2015 477.25 +5.75 +1.22%
Wheat Jul 2015 483.5 +7.25 +1.52%
Wheat Sep 2015 493.25 +7.5 +1.54%
Wheat Dec 2015 511.5 +8.25 +1.64%
Wheat Mar 2016 528.75 +8.75 +1.68%
Minneapolis
Spring Wheat May 2015 535.25 +6.75 +1.28%
Spring Wheat Jul 2015 548.75 +7.5 +1.39%
Spring Wheat Sep 2015 559.5 +8.25 +1.50%
Spring Wheat Dec 2015 571.5 +7.75 +1.37%
Spring Wheat Mar 2016 587 +8.25 +1.43%
Kansas City
Hard Red Wheat May 2015 500.75 +3.5 +0.70%
Hard Red Wheat Jul 2015 509.5 +6.5 +1.29%
Hard Red Wheat Sep 2015 521 +7.25 +1.41%
Hard Red Wheat Dec 2015 540.5 +6.5 +1.22%
Hard Red Wheat Mar 2016 553.75 +6.25 +1.14%
