Oilseeds fell following the U.S. Department of Agriculture’s forecast of higher than expected 2015-16 soybean ending stocks.
Rapid seeding progress in the U.S. and Canada also pressured crop prices.
The USDA’s monthly supply and demand report had forecasts for the 2015-16 crop year for the first time this year.
USDA projected that U.S. soybean ending stocks would jump to 500 million bushels by the end of 2015-16, a nine-year high if realized and well up from 350 million in 2014-15.
USDA forecast global 2015-16 soybean ending stocks at 96.22 million tonnes. That was more than the average trade estimate in a Reuters poll of 95.17 million and up from 85.54 million at the end of 2014-15.
That pressured soybean futures lower and inturn canola also fell. A stronger loonie also weighed on canola, although canola did not fall as much as soybeans.
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July wheat contracts fell on USDA’s forcasts of ample supply.
USDA projected that U.S. wheat ending stocks would climb to 793 million bu. in 2015-16, a five-year high if realized, while 2015-16 world stocks would climb to 203.3 million tonnes, up 2.4 million from 2014-15.
The market appears to be unworried about the cold weather that hit the western fringe of the hard red winter wheat belt the past few days.
Improved soil moisture elsewhere might have more than offset any damage caused by frost or show in the west.
USDA on Monday rated 44 percent of the U.S. winter wheat crop as good to excellent, up from 43 percent the previous week. The rating for Kansas was steady at 27 percent good to excellent.
Brazil’s government crop supply agency Conab estimated a 2015 wheat crop of 7.05 million tonnes, up from 5.97 million tonnes grown in 2014, Reuters reported.
The USDA numbers were corn were seen as neutral.
USDA pegged 2014-15 U.S. corn ending stocks below the
average analyst estimate while global stockpiles of the grain came in above the average guess.
An estimated U.S. yield of 166.8 bushels per acre also was slightly below what some analysts were predicting.
Old Crop 2014-15 US Ending Stocks
| Mln bu. | Trade avg | USDA | 2013-14 |
| Wheat | 693 | 709 | 590 |
| Corn | 1,864 | 1,851 | 1,232 |
| Soybeans | 360 | 350 | 92 |
New Crop 2015-16 US Ending Stocks
| Mln bu. | Trade avg | USDA | 2013-14 |
| Wheat | 750 | 793 | 709 |
| Corn | 1,752 | 1,746 | 1,851 |
| Soybeans | 443 | 500 | 350 |
New Crop 2015-16 US Wheat Production
| Bln bu. | Trade avg | USDA | 2014-15 |
| All wheat | 2.096 | 2.087 | 2.026 |
2015-16 Global Ending Stocks
| Mln tonnes | Trade avg | USDA | 2014-15 |
| Wheat | 193.53 | 203.32 | 200.97 |
| Corn | 182.69 | 191.94 | 192.50 |
| Soybeans | 95.17 | 96.22 | 85.54 |
Light crude oil nearby futures in New York were up $1.50 to US$60.75 per barrel.
The Canadian dollar at noon was US83.42 cents, up from 82.61 cents the previous trading day. The U.S. dollar at noon was C$1.1987.
Global caution over Chinese growth and Greek debt weighed on stock markets
The Toronto Stock Exchange’s S&P/TSX composite index closed down 109.49 points, or 0.72 percent, at 15,043.15.
The Dow Jones industrial average fell 37.07 points, or 0.2 percent, to 18,068.1.
The S&P 500 lost 6.25 points, or 0.3 percent, to 2,099.08.
The Nasdaq Composite dropped 17.38 points, or 0.35 percent, to 4,976.19.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 460.20 -5.60 -1.20%
Canola Jul 2015 452.70 -5.10 -1.11%
Canola Nov 2015 445.20 -4.60 -1.02%
Canola Jan 2016 446.40 -5.20 -1.15%
Canola Mar 2016 445.90 -5.20 -1.15%
Milling Wheat May 2015 197.00 unch 0.00%
Milling Wheat Jul 2015 200.00 unch 0.00%
Milling Wheat Oct 2015 205.00 unch 0.00%
Durum Wheat May 2015 308.00 unch 0.00%
Durum Wheat Jul 2015 298.00 unch 0.00%
Durum Wheat Oct 2015 298.00 unch 0.00%
Barley May 2015 195.00 unch 0.00%
Barley Jul 2015 197.00 unch 0.00%
Barley Oct 2015 180.00 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 967 -16 -1.63%
Soybeans Jul 2015 955.5 -18.5 -1.90%
Soybeans Aug 2015 948 -18.5 -1.91%
Soybeans Sep 2015 936 -18.25 -1.91%
Soybeans Nov 2015 930.75 -18.75 -1.97%
Soybeans Jan 2016 937 -18.5 -1.94%
Soybean Meal May 2015 302.5 -9.6 -3.08%
Soybean Meal Jul 2015 303.4 -6.8 -2.19%
Soybean Meal Aug 2015 301.3 -6.5 -2.11%
Soybean Oil May 2015 32.81 -0.23 -0.70%
Soybean Oil Jul 2015 32.97 -0.22 -0.66%
Soybean Oil Aug 2015 32.99 -0.23 -0.69%
Corn May 2015 357 -1.25 -0.35%
Corn Jul 2015 361 +0.5 +0.14%
Corn Sep 2015 366 +0.5 +0.14%
Corn Dec 2015 376 +0.5 +0.13%
Corn Mar 2016 387.5 +0.75 +0.19%
Oats May 2015 240 +8 +3.45%
Oats Jul 2015 242.75 +7.25 +3.08%
Oats Sep 2015 248.75 +7.25 +3.00%
Oats Dec 2015 257.75 +6.75 +2.69%
Oats Mar 2016 265 +5 +1.92%
Wheat May 2015 479.25 +3 +0.63%
Wheat Jul 2015 480.5 -0.5 -0.10%
Wheat Sep 2015 487.5 -0.5 -0.10%
Wheat Dec 2015 504.5 -0.5 -0.10%
Wheat Mar 2016 520.75 -0.25 -0.05%
Minneapolis
Spring Wheat May 2015 526.75 -1.75 -0.33%
Spring Wheat Jul 2015 536.5 -0.25 -0.05%
Spring Wheat Sep 2015 548.5 -0.5 -0.09%
Spring Wheat Dec 2015 564.25 -1 -0.18%
Spring Wheat Mar 2016 578.5 -1.75 -0.30%
Kansas City
Hard Red Wheat May 2015 508.25 -1.25 -0.25%
Hard Red Wheat Jul 2015 507.75 -1 -0.20%
Hard Red Wheat Sep 2015 517.5 -1.25 -0.24%
Hard Red Wheat Dec 2015 532.75 -2 -0.37%
Hard Red Wheat Mar 2016 545.25 -2.25 -0.41%
