July canola fell Wednesday but new crop months edged higher.
Profit taking after Tuesday’s strong gains was a feature of the market.
The rain forecast for the next two days interfering with final seeding in the eastern Canadian Prairies and North Dakota supported new crop canola and helped lift Minneapolis wheat.
Concerns about heavy rain in the Midwest leading to increased prevented planting in corn lifted that market.
The rain on the Prairies is a mixed blessing. For those who have seed in the ground it will help with germination and establishment, but it will delay seeding in some areas, perhaps leading to more summerfallow acres.
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U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
Old crop oilseeds were pressured lower on news that China had cancelled purchase of 147,000 tonnes of U.S. soybeans for delivery this crop year.
Soy oil was pressured by a two percent fall in crude oil futures.
Deferred hog futures rose on hope that a proposed sale of Smithfield Foods to a Chinese buyer will lead to increase exports of pork to China.
Private analyst SovEcon today pegged Russia’s wheat harvest at 50 million tonnes and exports at 13-15 million tonnes. That is less than USDA’s forecast for Russia wheat crop at 56 million tonnes, with exports of 18 million.
Reuters reports Ukraine traders estimate that country’s wheat crop will be about 20-21 million tonnes of which 9-11 million tonnes will be feed grade.
Last year, dry weather reduced the crop to 15.8 million tonnes of which 3.3 million tonnes were feed grade, Reuters said.
USDA’s forecast is for production of 22 million tonnes and exports of 9.5 million.
Crude oil fell after the International Monetary Fund lowered its forecast for economic growth in China to 7.75 percent from eight percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013 640.50 -5.00 -0.77%
Canola Nov 2013 570.10 +0.30 +0.05%
Canola Jan 2014 572.00 +1.70 +0.30%
Canola Mar 2014 566.10 +1.30 +0.23%
Canola May 2014 558.60 +0.70 +0.13%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Milling Wheat Dec 2013 294.00 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Durum Wheat Dec 2013 299.40 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2013 1501.75 -7.5 -0.50%
Soybeans Aug 2013 1429.25 -4.5 -0.31%
Soybeans Sep 2013 1331.5 -2.75 -0.21%
Soybeans Nov 2013 1288.5 +0.5 +0.04%
Soybeans Jan 2014 1294.75 +0.5 +0.04%
Soybeans Mar 2014 1295.25 +0.5 +0.04%
Soybean Meal Jul 2013 444.3 +2 +0.45%
Soybean Meal Aug 2013 421.9 +2.4 +0.57%
Soybean Meal Sep 2013 399.6 +2.6 +0.65%
Soybean Oil Jul 2013 48.63 -0.91 -1.84%
Soybean Oil Aug 2013 48.63 -0.83 -1.68%
Soybean Oil Sep 2013 48.49 -0.77 -1.56%
Corn Jul 2013 665 -1.5 -0.23%
Corn Sep 2013 593.75 +10 +1.71%
Corn Dec 2013 565.75 +14.75 +2.68%
Corn Mar 2014 575.75 +14.25 +2.54%
Corn May 2014 582.5 +13.5 +2.37%
Oats Jul 2013 363 -3.25 -0.89%
Oats Sep 2013 357 -2.5 -0.70%
Oats Dec 2013 356.5 -3 -0.83%
Oats Mar 2014 361.75 -4 -1.09%
Oats May 2014 364 -4 -1.09%
Wheat Jul 2013 702.75 +9 +1.30%
Wheat Sep 2013 711.25 +9.5 +1.35%
Wheat Dec 2013 727.25 +9.5 +1.32%
Wheat Mar 2014 742.5 +9.25 +1.26%
Wheat May 2014 751.75 +10.75 +1.45%
Minneapolis
Spring Wheat Jul 2013 815.75 +9.25 +1.15%
Spring Wheat Sep 2013 805 +6.75 +0.85%
Spring Wheat Dec 2013 811.5 +6 +0.74%
Spring Wheat Mar 2014 824.25 +4.75 +0.58%
Spring Wheat May 2014 829.25 +3.75 +0.45%
Kansas City
KCBT Red Wheat Jul 2013 747.75 +4.25 +0.57%
KCBT Red Wheat Sep 2013 756.25 +4.5 +0.60%
KCBT Red Wheat Dec 2013 774.5 +4.75 +0.62%
KCBT Red Wheat Mar 2014 787.75 +4.75 +0.61%
KCBT Red Wheat May 2014 794.5 +5.5 +0.70%
Light crude oil nearby futures in New York down $1.88 at $93.13 US per barrel.
The Canadian dollar at noon was 96.43 cents US, up from 96.42 cents the previous trading day. The U.S. dollar at noon was $1.0370 Cdn.
As expected, the Bank of Canada today maintained its key interest rate at one percent, extending a nearly three-year freeze on rates, the longest since the 1950s.
In unofficial tallies —
The TSX composite closed at 12,732.61, down 17.91 points or 0.14 percent.
The Dow Jones industrial average dropped 105.59 points, or 0.69 percent, to end at 15,302.80.
The Standard & Poor’s 500 Index lost 11.69 points, or 0.70 percent, to finish at 1,648.87.
The Nasdaq Composite Index fell 21.37 points, or 0.61 percent, to close y at 3,467.52.
