Anticipation is growing in the crop futures markets as a major report on U.S. crop acreage is expected this week, but closing prices Monday weren’t much different from Friday.
Canola futures rose after falling sharply last week. Some believe the price decline was overdone. Also the weaker loonie today helped support canola.
Wheat fell again on the expectation for improved soil moisture in the southern Plains.
U.S. Department of Agriculture’s Planting Intentions report is expected this Friday and any significant divergences from expectations usually cause fast price action.
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Reuters News Agency said its survey of trader expectations pegs soybean acres at 88.2 million, corn at almost 91 million, and all-wheat at 46.14.
Traders and analysts will be watching the USDA farmer survey closely to see how much farmers plan to back away from corn and into soybeans this spring, which has been a much-discussed question all winter.
The wheat acreage forecast will also be closely watched, with bearishness still dominating sentiment about the well-supplied crop. U.S. winter wheat area is already down. The question will be whether spring wheat acreage will also suffer.
The Friday commitment of traders report showed funds reducing their long soybean position, increasing their short position in wheat, and add to their short corn position.
Brazil’s harvest is more than two-thirds complete, reducing chances for weather there to move the markets either way.
Much attention is on the weather in the U.S. southern plains as significant rain accumulations are expected this week, helping to make up for what had been a dry winter. Weather in this period can have a big impact on wheat crops coming out of dormancy, both good and bad.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 24 cents to US$47.73 per barrel.
In the afternoon, the Canadian dollar was trading around US74.38 cents, down from 74.74 cents the previous trading day. The U.S. dollar was C$1.3444.
The Toronto Stock Exchange’s S&P/TSX composite index rose 63.55 points, or 0.41 percent, to close at 15,506.22
The Dow Jones Industrial Average dropped 45.74 points, or 0.22 percent, to 20,550.98, the S&P 500 fell 2.39 points, or 0.10 percent, to 2,341.59 and the Nasdaq Composite rose 11.64 points, or 0.2 percent, to 5,840.37.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2017 488.70 +6.20 +1.28%
Canola Jul 2017 494.10 +4.80 +0.98%
Canola Nov 2017 485.40 +2.80 +0.58%
Canola Jan 2018 490.80 +2.70 +0.55%
Canola Mar 2018 495.50 +2.60 +0.53%
Milling Wheat May 2017 230.00 -1.00 -0.43%
Milling Wheat Jul 2017 230.00 -1.00 -0.43%
Milling Wheat Oct 2017 225.00 -1.00 -0.44%
Durum Wheat May 2017 281.00 unch 0.00%
Durum Wheat Jul 2017 280.00 unch 0.00%
Durum Wheat Oct 2017 268.00 unch 0.00%
Barley May 2017 137.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
Barley Oct 2017 140.00 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 2017 971.50 -4.00 -0.41%
Soybeans Jul 2017 981.75 -3.25 -0.33%
Soybeans Aug 2017 983.75 -4.75 -0.48%
Soybeans Sep 2017 976.50 -5.25 -0.53%
Soybeans Nov 2017 971.00 -5.50 -0.56%
Soybeans Jan 2018 976.50 -5.50 -0.56%
Soybean Meal May 2017 315.30 -3.10 -0.97%
Soybean Meal Jul 2017 318.60 -2.90 -0.90%
Soybean Meal Aug 2017 319.30 -2.50 -0.78%
Soybean Oil May 2017 32.29 +0.05 +0.16%
Soybean Oil Jul 2017 32.55 +0.10 +0.31%
Soybean Oil Aug 2017 32.63 +0.10 +0.31%
Corn May 2017 355.75 unch 0.00%
Corn Jul 2017 363.50 +0.25 +0.07%
Corn Sep 2017 371.25 +0.50 +0.13%
Corn Dec 2017 380.00 +0.75 +0.20%
Corn Mar 2018 389.75 +1.25 +0.32%
Oats May 2017 240.50 -5.25 -2.14%
Oats Jul 2017 230.50 -5.25 -2.23%
Oats Sep 2017 226.50 -6.50 -2.79%
Oats Dec 2017 227.25 -1.50 -0.66%
Oats Mar 2018 232.50 unch 0.00%
Wheat May 2017 420.75 -4.50 -1.06%
Wheat Jul 2017 434.75 -5.25 -1.19%
Wheat Sep 2017 450.00 -5.00 -1.10%
Wheat Dec 2017 469.75 -4.25 -0.90%
Wheat Mar 2018 484.25 -4.00 -0.82%
Minneapolis
Spring Wheat May 2017 533.00 -3.00 -0.56%
Spring Wheat Jul 2017 539.75 -2.75 -0.51%
Spring Wheat Sep 2017 546.50 -3.75 -0.68%
Spring Wheat Dec 2017 556.25 -3.00 -0.54%
Spring Wheat Mar 2018 566.50 -2.50 -0.44%
Kansas City
Hard Red Wheat May 2017 421.25 -7.75 -1.81%
Hard Red Wheat Jul 2017 434.25 -7.75 -1.75%
Hard Red Wheat Sep 2017 449.25 -7.50 -1.64%
Hard Red Wheat Dec 2017 471.50 -6.25 -1.31%
Hard Red Wheat Mar 2018 487.25 -5.50 -1.12%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Apr 2017 121.08 -1.00 -0.82%
Live Cattle (P) Jun 2017 111.45 -1.27 -1.13%
Live Cattle (P) Aug 2017 106.78 -0.94 -0.87%
Feeder Cattle (P) Mar 2017 132.15 -1.35 -1.01%
Feeder Cattle (P) Apr 2017 133.10 -2.40 -1.77%
Feeder Cattle (P) May 2017 131.32 -2.56 -1.91%
Lean Hogs (P) Apr 2017 65.65 -1.75 -2.60%
Lean Hogs (P) May 2017 70.32 -2.06 -2.85%
Lean Hogs (P) Jun 2017 73.52 -2.38 -3.14%
