There was wide trade in December Minneapolis wheat Tuesday with the contract falling below US$6 a bushel for the first time since June before recovering slightly.
December closed at $6.03 ½, down 6 ½ cents. On Monday it closed down 13 ½ cents for a 20 cents decline over the two days.
Today Kansas hard winter wheat and Chicago soft wheat closed slightly higher, consolidating after losses in recent days.
The lower wheat prices appear to have encouraged global buyers to issue new tenders but expectations are that Black Sea sellers will get most of the business because they offer lower bids.
U.S. wheat export inspections are down 5.9 percent so far in this marketing year compared with 2016-17.
CANOLA
Canola edged higher, regaining some of the ground lost on Monday. A weaker Canadian dollar and a modest rebound in soy oil provided support.
The trade will be positioning ahead of the Statistics Canada crop production report expected Dec. 6.
Many in the trade expect canola production to come in about 20 million tonnes.
INDIA PULSES
Indian farmers are ahead of normal in planting their winter pulse crop. They have sown just over 10.1 million hectares, up about 14 percent over last year at this point.
The average total area for winter pulse area is 13.95 million hectares.
India has imposed a 50 percent import duty on peas because of the large supply of pulses in the country following a record crop last year and a good summer harvest as well.
US CROP REPORT
The USDA late Monday said 95 percent of the corn crop was harvested. The soybean crop is already complete.
As for winter wheat, 92 percent had emerged.
Overall, 50 percent was in good to excellent condition, down from 52 percent the week before.
Last year, 58 percent was good to excellent.
In Kansas, 51 percent is good to excellent but Oklahoma’s crop is suffering with only 30 percent good to excellent and the Texas crop is 36 percent good to excellent.
SOUTH AMERICA
Below-average rain in the first two weeks of December will complicate planting of late-sown corn and soybeans in most of Argentina’s central grains belt, meteorologists told Reuters on Monday.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 12 cents at US$57.99 per barrel.
In the afternoon, the Canadian dollar was trading around US78.00 cents, down from 78.33 cents the previous trading day. The U.S. dollar was C$1.2821.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 12.48 points, or 0.08 percent, at 16,029.64. Seven of its 10 main sectors ended lower.
Rising hopes that the U.S. Congress will be able to pass a tax reform bill lifted U.S. stocks, particularly U.S. banks.
The Dow Jones Industrial Average rose 255.93 points, or 1.09 percent, to 23,836.71, the S&P 500 gained 25.63 points, or 0.99 percent, to 2,627.05 and the Nasdaq Composite added 33.84 points, or 0.49 percent, to 6,912.36.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 18 508.70s +0.90 +0.18%
Canola Mar 18 517.40s +1.10 +0.21%
Canola May 18 523.70s +1.40 +0.27%
Canola Jul 18 527.00s +1.50 +0.29%
Canola Nov 18 505.10s +1.70 +0.34%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Jan 18 993-0s -3-0 -0.30%
Soybeans Mar 18 1004-6s -3-0 -0.30%
Soybeans May 18 1014-6s -2-6 -0.27%
Soybeans Jul 18 1023-0s -2-4 -0.24%
Soybeans Aug 18 1023-6s -2-2 -0.22%
Soybean Meal Dec 17 323.5s -3.6 -1.10%
Soybean Meal Jan 18 325.8s -3.5 -1.06%
Soybean Meal Mar 18 329.4s -3.1 -0.93%
Soybean Oil Dec 17 34.00s +0.40 +1.19%
Soybean Oil Jan 18 34.13s +0.39 +1.16%
Soybean Oil Mar 18 34.36s +0.38 +1.12%
Corn Dec 17 336-2s -2-4 -0.74%
Corn Mar 18 349-6s -2-0 -0.57%
Corn May 18 358-0s -2-0 -0.56%
Corn Jul 18 366-2s -2-0 -0.54%
Corn Sep 18 373-6s -1-6 -0.47%
Oats Dec 17 244-6s -5-6 -2.30%
Oats Mar 18 261-0s -6-6 -2.52%
Oats May 18 266-2s -7-6 -2.83%
Oats Jul 18 270-6s -8-0 -2.87%
Oats Sep 18 272-6s -7-4 -2.68%
Wheat Dec 17 410-6s +1-2 +0.31%
Wheat Mar 18 429-2s +1-0 +0.23%
Wheat May 18 440-6s -0-2 -0.06%
Wheat Jul 18 454-2s -1-2 -0.27%
Wheat Sep 18 469-0s -1-6 -0.37%
Minneapolis
Spring Wheat Dec 17 603-4s -6-4 -1.07%
Spring Wheat Mar 18 622-0s -5-0 -0.80%
Spring Wheat May 18 628-2s -5-2 -0.83%
Spring Wheat Jul 18 632-6s -4-2 -0.67%
Spring Wheat Sep 18 630-2s -2-0 -0.32%
Kansas City
Hard Red Wheat Dec 17 409-2s +2-0 +0.49%
Hard Red Wheat Mar 18 427-6s +2-4 +0.59%
Hard Red Wheat May 18 440-4s +2-0 +0.46%
Hard Red Wheat Jul 18 458-2s +1-6 +0.38%
Hard Red Wheat Sep 18 476-0s +1-6 +0.37%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 119.650s -0.175 -0.15%
Live Cattle Feb 18 125.675s -0.375 -0.30%
Live Cattle Apr 18 126.400s -0.450 -0.35%
Feeder Cattle Jan 18 154.500s +0.050 +0.03%
Feeder Cattle Mar 18 152.825s +0.275 +0.18%
Feeder Cattle Apr 18 152.850s +0.375 +0.25%
Lean Hogs Dec 17 65.750s +1.225 +1.90%
Lean Hogs Feb 18 71.525s +1.425 +2.03%
Lean Hogs Apr 18 75.150s +1.075 +1.45%
