Rains on plains sink wheat but canola price little changed

Quiet, with a chance of showers.

That’s how the crop markets felt Monday, with nothing major occurring but prospects for rain in the U.S. southern Plains helping alleviate drought concerns.

Kansas City wheat dropped almost 30 cents, Chicago wheat 23 cents and Minneapolis 21 cents.

Other crops were only slightly off, with canola almost unchanged.

The U.S. wheat situation is complicated, with grave concerns over winterkill and damage to yield potential and weak export sales jostling in the minds of traders with weekend showers and predictions for heartier rains this week.

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The worries have been long-worn by the markets, so the new news about rain had a sharper impact. With thin trading, sellers helped knock prices much further than the weather alone suggested.

“They start pressing down, and you push it through a few technical levels and it just falls through with nobody to buy it,” said Jonathon Driedger of FarmLink Marketing Solutions.

Speculative funds are still net short wheat contracts.

Grains were the weakest class within commodities.

The Canadian dollar slipped.

Light crude oil nearby futures in New York were up 27 cents to US$51.91 per barrel.

The Canadian dollar at noon was US79.35 cents, down from 79.40 cents the previous trading day. The U.S. dollar at noon was C$1.2602.

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago
Canola May 2015    454.10    +0.10    +0.02%
Canola Jul 2015    454.70    +0.20    +0.04%
Canola Nov 2015    445.90    +2.60    +0.59%
Canola Jan 2016    446.90    +2.60    +0.59%
Canola Mar 2016    446.80    +3.00    +0.68%

Milling Wheat May 2015    230.00    -8.00    -3.36%
Milling Wheat Jul 2015    228.00    -7.00    -2.98%
Milling Wheat Oct 2015    228.00    -8.00    -3.39%

Durum Wheat May 2015    323.00    unch    0.00%
Durum Wheat Jul 2015    313.00    unch    0.00%
Durum Wheat Oct 2015    318.00    unch    0.00%

Barley May 2015    205.00    unch    0.00%
Barley Jul 2015    205.00    unch    0.00%
Barley Oct 2015    190.00    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    948.75    -2.75    -0.29%
Soybeans Jul 2015    952.75    -3.25    -0.34%
Soybeans Aug 2015    952    -3    -0.31%
Soybeans Sep 2015    943.75    -3    -0.32%
Soybeans Nov 2015    939.25    -3.25    -0.34%
Soybeans Jan 2016    945.75    -2.75    -0.29%

Soybean Meal May 2015    308.8    -0.4    -0.13%
Soybean Meal Jul 2015    309.1    -0.5    -0.16%

Soybean Meal Aug 2015    308.5    -0.5    -0.16%

Soybean Oil May 2015    31.04    -0.05    -0.16%
Soybean Oil Jul 2015    31.23    -0.06    -0.19%
Soybean Oil Aug 2015    31.29    -0.05    -0.16%

Corn May 2015    370.5    -6.5    -1.72%
Corn Jul 2015    378    -6.75    -1.75%
Corn Sep 2015    385.75    -6.75    -1.72%
Corn Dec 2015    396    -6.5    -1.61%
Corn Mar 2016    407    -5.75    -1.39%

Oats May 2015    264    -2.5    -0.94%
Oats Jul 2015    267.5    -1    -0.37%
Oats Sep 2015    272.75    -0.25    -0.09%
Oats Dec 2015    277    +0.5    +0.18%
Oats Mar 2016    283.75    -0.25    -0.09%

Wheat May 2015    502.25    -24.25    -4.61%
Wheat Jul 2015    500.25    -23.75    -4.53%
Wheat Sep 2015    509.25    -23.25    -4.37%
Wheat Dec 2015    523.5    -23    -4.21%
Wheat Mar 2016    538    -22.5    -4.01%

Minneapolis
Spring Wheat May 2015    560    -21    -3.61%
Spring Wheat Jul 2015    566.25    -20.25    -3.45%
Spring Wheat Sep 2015    573.5    -19.25    -3.25%
Spring Wheat Dec 2015    584.25    -19.5    -3.23%
Spring Wheat Mar 2016    596.5    -19.25    -3.13%

Kansas City
Hard Red Wheat May 2015    529    -29.75    -5.32%

Hard Red Wheat Jul 2015    533    -29.5    -5.24%
Hard Red Wheat Sep 2015    545    -28.75    -5.01%
Hard Red Wheat Dec 2015    561.5    -28    -4.75%
Hard Red Wheat Mar 2016    574.5    -26.5    -4.41%