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Canola dipped on Wednesday on weaker soybeans.
It is still not clear if there much damage to canola from the overnight freezing temperatures of the past few days.
U.S. wheat futures rose but soybeans hit a seven-month lows and corn fell to one-week lows, pressured by forecasts for nearly ideal growing conditions for the crops next week.
Temperatures in Canada and the United States are warming again after frosty weather that supported prices earlier this week.
There is good soil moisture in the Midwest and the extended weather forecast appears beneficial to crops.
American farmers are nearly finished with corn plantings and are about halfway through soybean sowings.
Wheat futures were mostly higher, lifted by worries that excessive rain in the U.S. Plains could foster crop disease, although the rain has also improved conditions in some areas that were still dry.
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U.S. grains: Corn futures hit two-week low; soy slides, wheat steadies
U.S. corn futures hit a two-week low on Monday and soybeans also fell as market players continued to brace for large crops and forecasts called for milder, non-threatening weather in the Midwest production belt.
Trading ranges in all three markets were narrow compared to the volatile swings during the last several sessions.
“We are going to struggle to rally, but the downside is severely limited,” MaxYield Cooperative analyst Karl Setzer told Reuters. “Next week, we’re looking at warmer temperatures and then, next thing you know, we’re sitting at perfect conditions.”
CBOT July wheat finished 2 ¾ cents higher at $5.13 per bushel, rebounding somewhat from steep losses on Tuesday.
Any new weather worries could spark another round of short-covering by speculative investors who have a record-large net short, or bearish, combined position in wheat, corn and soybean futures, according to the U.S. Commodity Futures Trading Commission.
CBOT July soybeans were five cents lower at $9.41 ¼ per bushel, the lowest since Oct. 3.
New-crop November soybeans fell as low as $9.15 ¼ setting a life of contract low for the second straight session.
CBOT July corn was two cents lower at $3.60, a level Stefan Vogel, head of agriculture commodity research for Rabobank, characterized as fair.
“There is a little bit of a weather premium still right now, but if we have a yield of around 165 (bushels per acre), I think we have more than enough corn in the U.S.,” Vogel told Reuters
Light crude oil nearby futures in New York were up 99 cents to US$58.98 per barrel.
The Canadian dollar at noon was US81.89 cents, unchanged from the previous trading day. The U.S. dollar at noon was C$1.2212.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2015 458.50 -1.80 -0.39%
Canola Nov 2015 451.20 -2.10 -0.46%
Canola Jan 2016 450.20 -2.90 -0.64%
Canola Mar 2016 449.20 -2.90 -0.64%
Canola May 2016 448.70 -2.90 -0.64%
Milling Wheat Jul 2015 219.00 +2.00 +0.92%
Milling Wheat Oct 2015 221.00 +1.00 +0.45%
Milling Wheat Dec 2015 221.00 +1.00 +0.45%
Durum Wheat Jul 2015 298.00 unch 0.00%
Durum Wheat Oct 2015 298.00 unch 0.00%
Durum Wheat Dec 2015 303.00 unch 0.00%
Barley Jul 2015 191.00 -1.00 -0.52%
Barley Oct 2015 177.00 unch 0.00%
Barley Dec 2015 182.00 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 2015 941.25 -5 -0.53%
Soybeans Aug 2015 931.75 -6.25 -0.67%
Soybeans Sep 2015 920.75 -5.25 -0.57%
Soybeans Jan 2016 927 -3.5 -0.38%
Soybeans Mar 2016 933.25 -3.25 -0.35%
Soybean Meal Jul 2015 304.5 -2.6 -0.85%
Soybean Meal Aug 2015 300.9 -3 -0.99%
Soybean Meal Sep 2015 298.5 -2.9 -0.96%
Soybean Oil Jul 2015 32.2 +0.02 +0.06%
Soybean Oil Aug 2015 32.23 +0.02 +0.06%
Soybean Oil Sep 2015 32.26 +0.03 +0.09%
Corn Jul 2015 360 -2 -0.55%
Corn Sep 2015 366.75 -2.5 -0.68%
Corn Dec 2015 377.25 -3 -0.79%
Corn Mar 2016 388 -2.75 -0.70%
Corn May 2016 395 -3.25 -0.82%
Oats Jul 2015 241 -7 -2.82%
Oats Sep 2015 247 -7 -2.76%
Oats Dec 2015 255.5 -7.5 -2.85%
Oats Mar 2016 261.5 -7.5 -2.79%
Oats May 2016 268.25 -7.5 -2.72%
Wheat Jul 2015 513 +2.75 +0.54%
Wheat Sep 2015 520 +1.5 +0.29%
Wheat Dec 2015 533.5 unch 0.00%
Wheat Mar 2016 547.75 -0.25 -0.05%
Wheat May 2016 556 -1.5 -0.27%
Minneapolis
Spring Wheat Jul 2015 568.25 +4 +0.71%
Spring Wheat Sep 2015 578.75 +3.25 +0.56%
Spring Wheat Dec 2015 592.75 +2.5 +0.42%
Spring Wheat Mar 2016 606 +2.25 +0.37%
Spring Wheat May 2016 614.25 +1.75 +0.29%
Kansas City
Hard Red Wheat Sep 2015 555 +4.5 +0.82%
Hard Red Wheat Dec 2015 570.25 +3 +0.53%
Hard Red Wheat Mar 2016 582.25 +2.5 +0.43%
Hard Red Wheat May 2016 590 +2 +0.34%
