A huge range of trade in spring wheat futures on Wednesday – almost a dollar a bushel — indicated the market was struggling over whether it had priced in the damage from the drought so far.
In the end, Minneapolis wheat closed modestly higher. Chicago and Kansas wheat were also higher.
Trade on Thursday will consider that the spring wheat national rating issued today dropped a little more than what the trade expected.
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Canola rallied more than one percent, supported by the forecast for very hot weather this week across most of the Prairies and rising soybeans.
Soy oil saw a wide range of trade on uncertainty about U.S. biodiesel regulations and on plunging crude oil prices.
Corn was up about one percent.
US CROP CONDITIONS
The condition of the American spring wheat crop deteriorated, according to the weekly USDA crop condition report issued after the market closed. The report was delayed until today because of the July 4 holiday.
The amount of spring wheat considered good-to-excellent fell three points to 37 percent from 40 percent last week. The trade had expected a two point drop.
The amount in fair condition dropped to 30 percent from 32 and the amount poor to very poor rose to 33 percent from 28 percent last week.
Soybeans were 64 percent good to excellent down two points from last week’s 66 percent. The trade expected a two point drop.
Corn was 68 percent good to excellent, up one point. The trade expected a two point decline so that will weigh on corn futures on Thursday.
Although the national spring wheat rating declined, mostly due to a sharp drop in Montana, North Dakota got rain last week and the spring wheat rating in that state improved a little.
There was also an improvement in that state’s durum crop with the good to excellent rating rising to 33 percent from 24 percent the week before.
North Dakota’s canola crop also improved with the good to excellent rating climbing to 42 percent from 39.
OUTSIDE MARKETS
Oil prices crashed on news that Russia ruled out any proposals to deepen global production cuts and reports of higher monthly exports from OPEC.
Light crude oil nearby futures in New York were down $1.94 US$45.13 per barrel.
In the afternoon, the Canadian dollar was trading around US77.07 cents, down from 77.27 cents the previous trading day. The U.S. dollar was C$1.2975.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 22.51 points, or 0.15 percent, at 15,153.12.
The Dow Jones Industrial Average fell 1.1 points, or 0.01 percent, to close at 21,478.17, the S&P 500 gained 3.53 points, or 0.15 percent, to 2,432.54 and the Nasdaq Composite added 40.80 points, or 0.67 percent, to 6,150.86.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2017 510.80 +6.00 +1.19%
Canola Jan 2018 515.60 +5.30 +1.04%
Canola Mar 2018 520.50 +4.70 +0.91%
Canola May 2018 523.70 +4.90 +0.94%
Canola Jul 2018 525.00 +4.00 +0.77%
Milling Wheat Oct 2017 317.00 unch 0.00%
Milling Wheat Dec 2017 323.00 +1.00 +0.31%
Milling Wheat Mar 2018 323.00 +5.00 +1.57%
Durum Wheat Oct 2017 274.00 +4.00 +1.48%
Durum Wheat Dec 2017 275.00 +1.00 +0.36%
Durum Wheat Mar 2018 277.00 +1.00 +0.36%
Barley Oct 2017 140.00 unch 0.00%
Barley Dec 2017 140.00 unch 0.00%
Barley Mar 2018 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 Jul 17 976.25 +11.50 +1.19%
Soybeans Aug 17 981.75 +11.75 +1.21%
Soybeans Sep 17 986.5 +13.00 +1.34%
Soybeans Nov 17 994.25 +13.50 +1.38%
Soybeans Jan 18 1001.5 +14.00 +1.42%
Soybean Meal Jul 17 316.5 +4.6 +1.47%
Soybean Meal Aug 17 318.3 +4.5 +1.43%
Soybean Meal Sep 17 320.5 +4.8 +1.52%
Soybean Oil Jul 17 33.15 +0.02 +0.06%
Soybean Oil Aug 17 33.24 unch unch
Soybean Oil Sep 17 33.37 +0.01 +0.03%
Corn Jul 17 381.75 +3.75 +0.99%
Corn Sep 17 392.00 +3.50 +0.90%
Corn Dec 17 404.00 +4.75 +1.19%
Corn Mar 18 413.25 +5.00 +1.22%
Corn May 18 418.25 +4.75 +1.15%
Oats Jul 17 279.75 -4.75 -1.67%
Oats Sep 17 285.75 -8.00 -2.72%
Oats Dec 17 287.25 -7.25 -2.46%
Oats Mar 18 287.25 -2.50 -0.86%
Oats May 18 287.25 -3.00 -1.03%
Wheat Jul 17 539.25 +2.50 +0.47%
Wheat Sep 17 560.00 +5.00 +0.90%
Wheat Dec 17 580.00 +6.00 +1.05%
Wheat Mar 18 593.50 +6.00 +1.02%
Wheat May 18 598.75 +4.25 +0.71%
Minneapolis
Spring Wheat Jul 17 810.50 -1.50 -0.18%
Spring Wheat Sep 17 819.75 +3.75 +0.46%
Spring Wheat Dec 17 803.75 +5.50 +0.69%
Spring Wheat Mar 18 785.75 +6.75 +0.87%
Spring Wheat May 18 771.00 +7.50 +0.98%
Kansas
Hard Red Wheat Jul 17 551.25 +10.00 +1.85%
Hard Red Wheat Sep 17 569.50 +10.00 +1.79%
Hard Red Wheat Dec 17 594.25 +10.00 +1.71%
Hard Red Wheat Mar 18 606.75 +10.00 +1.68%
Hard Red Wheat May 18 613.75 +10.00 +1.66%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Aug 2017 113.55 -2.75 -2.36%
Live Cattle (P) Oct 2017 112.82 -2.43 -2.11%
Live Cattle (P) Dec 2017 113.53 -2.37 -2.04%
Feeder Cattle (P) Aug 2017 142.22 -4.78 -3.25%
Feeder Cattle (P) Sep 2017 142.72 -4.58 -3.11%
Feeder Cattle (P) Oct 2017 142.28 -4.02 -2.75%
Lean Hogs (P) Jul 2017 92.05 +1.00 +1.10%
Lean Hogs (P) Aug 2017 84.58 +0.13 +0.15%
Lean Hogs (P) Oct 2017 72.12 +0.72 +1.01%
