Oilseeds fell again Thursday but spring wheat managed another higher close.
Forecasts for good growing weather in the U.S. Midwest weighed down the soybean complex and corn.
Canola followed the soy complex lower.
July canola settled at $505 per tonne, down $1.30 or 0.26 percent.
November closed at $473.40, down $6 or 1.25 percent. November was technically weak as it fell below recent low levels set at the start of June.
But spring wheat rose as the U.S. weekly Drought Monitor showed the area in drought in the U.S. Northern Plains getting worse. Forecasts for the Dakotas and eastern Montana shows little rain in the next seven days.
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That helped Minneapolis spring wheat rise more than one percent, but Chicago wheat closed lower. Kansas was little changed.
Crop futures were generally lower following a weak trend in all commodities as analysts think low oil prices will lessen the potential for rising inflation.
COOL WEATHER
It is cooler than normal across most of North America’s spring cropping areas.
Analysts think that corn in the Midwest will move into its flowering period in July without facing stress from extreme heat.
CANADA SEEDED AREA
A Reuters poll of analysts and traders on expectations for Canadian planted area was little different from what Statistics Canada’s seeding intentions survey reported in April.
PREVIEW-Canadian farmers trim wheat, canola areas in wet spring
The Reuters survey on canola had a range of of 20.9 million to 22.9 million acres for an average of 22.2 million. The April Statistics Canada survey was 22.39 million.
StatsCan issues its seeded area survey on June 29 and the USDA come out with its seeded area report on June 30.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 21 cents to US$42.74 per barrel. Although generally global crude supplies are ample, the weekly U.S. stocks report showed a draw down.
In the afternoon, the Canadian dollar was trading around US75.56 cents, up from 74.99 cents the previous trading day. The U.S. dollar was C$1.323.
In late session trade the Toronto Stock Exchange composite was trading up 96.73 points of 0.64 percent at 15,245.26.
The Dow and the S&P 500 were trading slightly lower.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 17 505.00 -1.30 -0.26%
Canola Nov 17 473.40 -6.00 -1.25%
Canola Jan 18 479.20 -6.10 -1.26%
Canola Mar 18 484.70 -6.40 -1.30%
Canola May 18 487.00 -6.30 -1.28%
Milling Wheat Jul 17 275.00 +3.00 +1.10%
Milling Wheat Oct 17 269.00 +3.00 +1.13%
Milling Wheat Dec 17 271.00 +2.00 +0.74%
Durum Wheat Jul 17 277.00 unch unch
Durum Wheat Oct 17 267.00 unch unch
Durum Wheat Dec 17 270.00 unch unch
Barley Jul 17 138.00 unch unch
Barley Oct 17 140.00 unch unch
Barley Dec 17 140.00 unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2017 904.00 -14.75 -1.61%
Soybeans Aug 2017 908.50 -14.00 -1.52%
Soybeans Sep 2017 909.75 -14.00 -1.52%
Soybeans Nov 2017 913.25 -14.50 -1.56%
Soybeans Jan 2018 921.25 -14.00 -1.50%
Soybeans Mar 2018 927.50 -14.00 -1.49%
Soybean Meal Jul 2017 293.80 -4.10 -1.38%
Soybean Meal Aug 2017 295.40 -4.30 -1.43%
Soybean Meal Sep 2017 296.50 -4.50 -1.50%
Soybean Oil Jul 2017 31.55 -0.30 -0.94%
Soybean Oil Aug 2017 31.66 -0.30 -0.94%
Soybean Oil Sep 2017 31.79 -0.30 -0.93%
Corn Jul 2017 362.75 -6.00 -1.63%
Corn Sep 2017 370.75 -6.00 -1.59%
Corn Dec 2017 380.75 -6.00 -1.55%
Corn Mar 2018 390.50 -5.75 -1.45%
Corn May 2018 396.50 -5.50 -1.37%
Oats Jul 2017 257.25 -1.50 -0.58%
Oats Sep 2017 257.00 +0.25 +0.10%
Oats Dec 2017 257.25 +3.50 +1.38%
Oats Mar 2018 252.75 +6.00 +2.43%
Oats May 2018 252.75 +6.00 +2.43%
Wheat Jul 2017 461.25 -3.25 -0.70%
Wheat Sep 2017 475.25 -4.25 -0.89%
Wheat Dec 2017 497.50 -4.50 -0.90%
Wheat Mar 2018 514.25 -3.75 -0.72%
Wheat May 2018 526.00 -3.50 -0.66%
Minneapolis
Spring Wheat Jul 2017 656.25 +7.50 +1.16%
Spring Wheat Sep 2017 661.25 +8.75 +1.34%
Spring Wheat Dec 2017 660.25 +8.50 +1.30%
Spring Wheat Mar 2018 657.75 +8.25 +1.27%
Spring Wheat May 2018 653.50 +8.00 +1.24%
Kansas City
Hard Red Wheat Jul 2017 467.75 unch 0.00%
Hard Red Wheat Sep 2017 485.75 +0.25 +0.05%
Hard Red Wheat Dec 2017 510.75 unch 0.00%
Hard Red Wheat Mar 2018 525.25 -0.25 -0.05%
Hard Red Wheat May 2018 534.50 -0.50 -0.09%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Jun 2017 118.62 -0.88 -0.74%
Live Cattle (P) Aug 2017 114.28 -1.07 -0.93%
Live Cattle (P) Oct 2017 112.00 -1.03 -0.91%
Feeder Cattle (P) Aug 2017 143.45 -1.20 -0.83%
Feeder Cattle (P) Sep 2017 142.98 -1.07 -0.74%
Feeder Cattle (P) Oct 2017 141.45 -0.88 -0.62%
Lean Hogs (P) Jul 2017 85.02 -1.06 -1.23%
Lean Hogs (P) Aug 2017 79.88 -2.35 -2.86%
Lean Hogs (P) Oct 2017 68.88 -0.95 -1.36%
