Corn futures wound up almost two percent lower and soybeans were down 1.35 percent Thursday following a USDA report that raised U.S. corn yield more than expected and did not cut the soybean yield forecast.
Canola fell about one percent, dragged down by soybeans and by the rising loonie, which has gained about US0.6 cent so far this week.
Wheat futures managed a small gain.
The USDA raised its corn yield by 3.6 bushels to 175.4 bu. per acre, a new record.
Total corn production was 14.578 billion bu. up from 14.28 billion last month. Corn ending stocks were pegged at 2.487 billion bu., up from 2.340 billion last month.
Read Also
U.S. pulse group commits to doubling production in five years
The pulse industry in the United States has plans to double production and consumption of pulse crops by 2030, USA Pulses announced at their annual conference held in Spokane, Washington, July 7-10.
The soybean yield estimate stayed the same at 49.5 bu. per acre, when the trade expected a decrease.
Total soybean production was pegged at 4.425 billion bu, down slightly from 4.431 billion last month.
Soybean ending stocks were 425 million bu., down from 430 million last month.
The adage is that big crops get bigger and so it would not be surprising for the USDA to raise its corn production estimate in future reports.
In a separate weekly report, the USDA said export sales of U.S. wheat in the latest week were 781,800 tonnes, above a range of trade estimates for 350,000 to 550,000 tonnes.
Russia’s SovEcon agriculture consultancy raised its forecast for Russia’s 2017 wheat crop to a record 83.9 million tonnes, from 82.9 million previously.
OUTSIDE MARKETS
U.S. stock markets were down, reacting negatively to signs that a federal tax cut might take more time to work out.
The Senate on Thursday was expected to unveil a tax cut bill that differs significantly from one detailed last week in the House, complicating matters for the Trump administration.
Light crude oil nearby futures in New York were up 36 cents at US$57.17 per barrel.
In the afternoon, the Canadian dollar was trading around US78.88 cents, up from 78.57 cents the previous trading day. The U.S. dollar was C$1.2677.
The Toronto Stock Exchange composite closed down 23.26 points or 0.14 percent at 16,082.09.
The Dow Jones Industrial Average lost 0.43 percent to end at 23,461.94, while the S&P 500 declined 0.38 percent to 2,584.62.
The Nasdaq Composite dropped 0.58 percent to 6,750.05.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 513.00s -5.30 -1.02%
Canola Jan 18 515.50s -5.30 -1.02%
Canola Mar 18 522.40s -5.50 -1.04%
Canola May 18 526.50s -6.00 -1.13%
Canola Jul 18 528.80s -6.80 -1.27%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Nov 17 975-2s -12-6 -1.29%
Soybeans Jan 18 985-0s -13-4 -1.35%
Soybeans Mar 18 996-0s -13-4 -1.34%
Soybeans May 18 1005-0s -13-0 -1.28%
Soybeans Jul 18 1013-4s -12-6 -1.24%
Soybean Meal Dec 17 311.8s -3.4 -1.08%
Soybean Meal Jan 18 313.9s -3.5 -1.10%
Soybean Meal Mar 18 317.3s -3.6 -1.12%
Soybean Oil Dec 17 35.14s -0.23 -0.65%
Soybean Oil Jan 18 35.29s -0.24 -0.68%
Soybean Oil Mar 18 35.51s -0.24 -0.67%
Corn Dec 17 341-4s -6-6 -1.94%
Corn Mar 18 354-6s -6-4 -1.80%
Corn May 18 363-4s -6-2 -1.69%
Corn Jul 18 371-4s -6-0 -1.59%
Corn Sep 18 378-2s -6-2 -1.63%
Oats Dec 17 273-0s +3-4 +1.30%
Oats Mar 18 279-2s +3-4 +1.27%
Oats May 18 284-2s +5-4 +1.97%
Oats Jul 18 284-2s +5-0 +1.79%
Oats Sep 18 285-4s +6-2 +2.24%
Wheat Dec 17 429-0s +2-2 +0.53%
Wheat Mar 18 445-0s +1-2 +0.28%
Wheat May 18 456-0s unch unch
Wheat Jul 18 469-0s -0-4 -0.11%
Wheat Sep 18 483-6s -1-0 -0.21%
Minneapolis
Spring Wheat Dec 17 648-0s +4-4 +0.70%
Spring Wheat Mar 18 658-0s +3-4 +0.53%
Spring Wheat May 18 662-6s +2-4 +0.38%
Spring Wheat Jul 18 661-2s +0-6 +0.11%
Spring Wheat Sep 18 646-6s +2-4 +0.39%
Kansas City
Hard Red Wheat Dec 17 429-0s +1-4 +0.35%
Hard Red Wheat Mar 18 446-0s +1-0 +0.22%
Hard Red Wheat May 18 458-2s +0-2 +0.05%
Hard Red Wheat Jul 18 473-4s -0-4 -0.11%
Hard Red Wheat Sep 18 489-2s -0-6 -0.15%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 122.475s -0.450 -0.37%
Live Cattle Feb 18 128.525s -0.050 -0.04%
Live Cattle Apr 18 128.750s +0.375 +0.29%
Feeder Cattle Nov 17 158.475s +1.150 +0.73%
Feeder Cattle Jan 18 157.850s +0.950 +0.61%
Feeder Cattle Mar 18 155.400s +0.900 +0.58%
Lean Hogs Dec 17 63.175s -0.375 -0.59%
Lean Hogs Feb 18 70.225s +0.475 +0.68%
Lean Hogs Apr 18 74.025s +0.075 +0.10%
