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 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 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%
