Spring wheat falls again, canola edges higher

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%

 

 

 

 

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