The ICE Futures Canada canola market was closed Tuesday for Canada Day but American markets were open and crop futures fell, still depressed by Monday’s bearish USDA report.
However, the decline was not as sharp as on Monday.
The report showed that American farmers seeded more soybeans than expected and that continued to weigh on new crop soybeans, with November falling to $11.46 1/2 per bushel, down 10 3/4 cents or 0.93 percent. July was down only a half cent as old crop is still supported by tight supply.
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U.S. livestock: Cattle hit fresh highs, hogs inch upward
Chicago cattle futures hit fresh highs on Monday while hogs made small gains.
Midwest weather is most good for crop grow, although there were some concern about flooding in western growing areas.
Soyoil futures edged higher on bargain buying after falling for four days in a row.
Follow through selling after then USDA report pressured U.S. corn futures lower as the market expects a near record crop.
July contract has fallen 4.5 percent during the past two days.
USDA’s weekly crop condition report Monday pegged the crop at rated 75 percent good to excellent as of June 29, up one percentage point from a week earlier and above market expectations.
Wheat futures also well, with the Kansas hard red winter contract leading the market down. July KC HRW fell below $7 a bushel for the first time since March 4.
Funds are still net long in the Kansas and Minneapolis markets so they are vulnerable to bouts of long liquidation,but Chicago wheat is in a net short position.
Egypt bought 240,000 tonnes of wheat from Romania and Russia, reminding the market that U.S. is still pricey relative to other originations.
The U.S. winter wheat harvest was 43 percent complete, behind the five-year average of 48 percent. Farmers in the southern plains are having a tough time harvesting in muddy fields with short crops and heavy weed growth.
USDA rated 70 percent of the U.S. spring wheat crop as
good to excellent, down one percentage point from a week earlier, but there are concerns after he heavy rains in North Dakota and the eastern Prairies.
The ICE Futures Canada market was closed because of the July 1 holiday
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2014 1400 -0.5 -0.04%
Soybeans Aug 2014 1327.75 -2 -0.15%
Soybeans Sep 2014 1183.75 -10 -0.84%
Soybeans Nov 2014 1147.5 -9.75 -0.84%
Soybeans Jan 2015 1155.5 -8.5 -0.73%
Soybeans Mar 2015 1163.25 -7.25 -0.62%
Soybean Meal Jul 2014 456.1 -2.2 -0.48%
Soybean Meal Aug 2014 430 -0.7 -0.16%
Soybean Meal Sep 2014 390.1 -2.5 -0.64%
Soybean Oil Jul 2014 38.87 +0.02 +0.05%
Soybean Oil Aug 2014 38.97 +0.02 +0.05%
Soybean Oil Sep 2014 39.08 +0.04 +0.10%
Corn Jul 2014 422.75 -1.5 -0.35%
Corn Sep 2014 416 -2.75 -0.66%
Corn Dec 2014 422.75 -2.5 -0.59%
Corn Mar 2015 434.25 -2 -0.46%
Corn May 2015 441.5 -2 -0.45%
Oats Jul 2014 346 +8 +2.37%
Oats Sep 2014 336.75 +13.5 +4.18%
Oats Dec 2014 332 +8 +2.47%
Oats Mar 2015 325.75 +4.25 +1.32%
Oats May 2015 320.75 +3.25 +1.02%
Wheat Jul 2014 559.75 -5 -0.89%
Wheat Sep 2014 572.5 -5 -0.87%
Wheat Dec 2014 595 -3.25 -0.54%
Wheat Mar 2015 617.75 -1.5 -0.24%
Wheat May 2015 631.75 -0.5 -0.08%
Minneapolis
Spring Wheat Jul 2014 657.25 -10 -1.50%
Spring Wheat Sep 2014 670.25 -6.75 -1.00%
Spring Wheat Dec 2014 680.25 -6.75 -0.98%
Spring Wheat Mar 2015 692.75 -5 -0.72%
Spring Wheat May 2015 700.25 -5.5 -0.78%
Kansas City
KC HRW Wheat Jul 2014 700 -10.5 -1.48%
KC HRW Wheat Sep 2014 688.75 -11.5 -1.64%
KC HRW Wheat Dec 2014 696 -10.5 -1.49%
KC HRW Wheat Mar 2015 702.25 -9 -1.27%
KC HRW Wheat May 2015 701.5 -7.75 -1.09%
In early tallies —
The Dow Jones industrial average rose 129.25 points or 0.77 percent, to end at 16,956.85.
The S&P 500 gained 13.07 points or 0.67 percent, to finish at 1,973.30.
The Nasdaq Composite jumped 50.47 points or 1.14 percent, to close at 4,458.65.
