Canola futures drifted lower on Wednesday but winter wheat was under more pressure as rain is forecast to ease dry soil concerns in the U.S. southern Plains.
At one point Kansas and Chicago wheat were down more than 12 cents a bushel but at the close prices had clawed back a bit, with March Kansas closing down 6.5 cents or 1.5 percent at US$4.31 ¾ per bushel.
Minneapolis spring wheat held up much better, and closed almost unchanged.
Between one and four inches of rain are expected in large parts of Kansas and Oklahoma over the next seven days.
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WATCH THIS WEEK’S VIDEO CROP MARKET UPDATE
Soybeans and corn edged slightly lower today but oats rallied more than two percent.
Traders were squaring position in advance of Thursday’s USDA reports.
The department will issue its first survey of seeded winter wheat acres in addition to the usual monthly supply and demand report.
A Reuters poll shows the trade on average expects 34.14 million winter wheat acres, down from last year’s 36.14. That would mean American farmers would seed the smallest winter wheat crop since 1913.
USDA will also issue its December crop stocks report, which will allow the trade insight into how export and domestic demand are affecting ending stocks projections.
In some years the January USDA reports can have a big market impact if the December stocks report alters the department’s forecast for year-end carry out stocks.
A Reuters poll showed that on average the trade expects the USDA will reduce its forecast for year end corn and soybean carry out and keep the wheat carry out number almost unchanged.
CHINE-US TRADE
China today increased its anti dumping duty on American distillers dried grains and also raised anti-subsidy tariffs.
China’s commerce department initially found the U.S. subsidized its DDGS in a ruling in September and issued preliminary duties of almost 34 percent.
The new duties range from 42.2 percent to 53.7 percent.
Beijing said it found the domestic DDGS industry had “suffered substantial harm” due to subsidized imports from the United States.
The penalty hike was larger than experts expected, and came amid growing tensions between the two countries over China’s corn subsidies and its steel and aluminium exports.
Trump, who takes office on Jan. 20, has threatened to impose punitive tariffs on Chinese goods coming into the United States.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 65.26 points, or 0.42 percent, at 15,491.54.
The Dow Jones Industrial Average closed up 98.75 points, or 0.5 percent, to 19,954.28, the S&P 500 gained 6.42 points, or 0.28 percent, to 2,275.32 and the Nasdaq Composite added 11.83 points, or 0.21 percent, to 5,563.65.
Light crude oil nearby futures in New York were up $1.43 to US$52.25 per barrel. Oil fell the previous two days on worries that Iraq and Libya might increase shipments even as OPEC and other major exporters work to implement an agreement to trim production.
Today the market rose on a weaker U.S. dollar, signs Saudi Arabia is cutting production and hopes that the incoming Trump administration will pursue policies that will stimulate the economy.
The Canadian dollar at noon was US75.57 cents, down from 75.71 cents the previous trading day. The U.S. dollar at noon was C$1.3232.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2017Â Â Â Â Â Â Â Â Â Â Â 498.10Â Â Â Â Â Â Â Â Â Â Â -1.90Â Â Â Â Â Â Â Â Â Â Â -0.38%
Canola May 2017Â Â Â Â Â Â Â Â Â Â Â 504.80Â Â Â Â Â Â Â Â Â Â Â -1.90Â Â Â Â Â Â Â Â Â Â Â -0.37%
Canola Jul 2017 508.60Â Â Â Â Â Â Â Â Â Â Â -1.30Â Â Â Â Â Â Â Â Â Â Â -0.25%
Canola Nov 2017Â Â Â Â Â Â Â Â Â Â Â 488.50Â Â Â Â Â Â Â Â Â Â Â -1.40Â Â Â Â Â Â Â Â Â Â Â -0.29%
Canola Jan 2018Â Â Â Â Â Â Â Â Â Â Â 490.30Â Â Â Â Â Â Â Â Â Â Â -1.40Â Â Â Â Â Â Â Â Â Â Â -0.28%
Milling Wheat Mar 2017Â Â Â Â Â Â Â Â Â Â Â 237.00Â Â Â Â Â Â Â Â Â Â Â -2.00Â Â Â Â Â Â Â Â Â Â Â -0.84%
Milling Wheat May 2017Â Â Â Â Â Â Â Â Â Â Â 238.00Â Â Â Â Â Â Â Â Â Â Â -2.00Â Â Â Â Â Â Â Â Â Â Â -0.83%
Milling Wheat Jul 2017Â Â Â Â Â Â Â Â Â Â Â 237.00Â Â Â Â Â Â Â Â Â Â Â -1.00Â Â Â Â Â Â Â Â Â Â Â -0.42%
Durum Wheat Mar 2017           317.00           unch           0.00%
Durum Wheat May 2017           320.00           unch           0.00%
Durum Wheat Jul 2017           323.00           unch           0.00%
Barley Mar 2017           142.00           unch           0.00%
Barley May 2017           144.00           unch           0.00%
Barley Jul 2017           145.00           unch           0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2017Â Â Â Â Â Â Â Â Â Â Â 1003.00Â Â Â Â Â Â Â Â Â Â Â -2.50Â Â Â Â Â Â Â Â Â Â Â -0.25%
Soybeans Mar 2017Â Â Â Â Â Â Â Â Â Â Â 1011.50Â Â Â Â Â Â Â Â Â Â Â -2.25Â Â Â Â Â Â Â Â Â Â Â -0.22%
Soybeans May 2017Â Â Â Â Â Â Â Â Â Â Â 1020.50Â Â Â Â Â Â Â Â Â Â Â -2.25Â Â Â Â Â Â Â Â Â Â Â -0.22%
Soybeans Jul 2017Â Â Â Â Â Â Â Â Â Â Â 1027.75Â Â Â Â Â Â Â Â Â Â Â -2.00Â Â Â Â Â Â Â Â Â Â Â -0.19%
Soybeans Aug 2017Â Â Â Â Â Â Â Â Â Â Â 1026.00Â Â Â Â Â Â Â Â Â Â Â -2.00Â Â Â Â Â Â Â Â Â Â Â -0.19%
Soybeans Sep 2017Â Â Â Â Â Â Â Â Â Â Â 1011.00Â Â Â Â Â Â Â Â Â Â Â -2.00Â Â Â Â Â Â Â Â Â Â Â -0.20%
Soybean Meal Jan 2017Â Â Â Â Â Â Â Â Â Â Â 310.70Â Â Â Â Â Â Â Â Â Â Â -2.70Â Â Â Â Â Â Â Â Â Â Â -0.86%
Soybean Meal Mar 2017Â Â Â Â Â Â Â Â Â Â Â 314.90Â Â Â Â Â Â Â Â Â Â Â -2.60Â Â Â Â Â Â Â Â Â Â Â -0.82%
Soybean Meal May 2017Â Â Â Â Â Â Â Â Â Â Â 317.70Â Â Â Â Â Â Â Â Â Â Â -2.40Â Â Â Â Â Â Â Â Â Â Â -0.75%
Soybean Oil Jan 2017Â Â Â Â Â Â Â Â Â Â Â 35.79Â Â Â Â Â Â Â Â Â Â Â +0.36Â Â Â Â Â Â Â Â Â Â Â +1.02%
Soybean Oil Mar 2017Â Â Â Â Â Â Â Â Â Â Â 36.00Â Â Â Â Â Â Â Â Â Â Â +0.36Â Â Â Â Â Â Â Â Â Â Â +1.01%
Soybean Oil May 2017Â Â Â Â Â Â Â Â Â Â Â 36.25Â Â Â Â Â Â Â Â Â Â Â +0.36Â Â Â Â Â Â Â Â Â Â Â +1.00%
Corn Mar 2017Â Â Â Â Â Â Â Â Â Â Â 357.25Â Â Â Â Â Â Â Â Â Â Â -1.00Â Â Â Â Â Â Â Â Â Â Â -0.28%
Corn May 2017Â Â Â Â Â Â Â Â Â Â Â 364.00Â Â Â Â Â Â Â Â Â Â Â -1.25Â Â Â Â Â Â Â Â Â Â Â -0.34%
Corn Jul 2017Â Â Â Â Â Â Â Â Â Â Â 371.00Â Â Â Â Â Â Â Â Â Â Â -1.50Â Â Â Â Â Â Â Â Â Â Â -0.40%
Corn Sep 2017Â Â Â Â Â Â Â Â Â Â Â 378.00Â Â Â Â Â Â Â Â Â Â Â -1.00Â Â Â Â Â Â Â Â Â Â Â -0.26%
Corn Dec 2017Â Â Â Â Â Â Â Â Â Â Â 385.75Â Â Â Â Â Â Â Â Â Â Â -0.75Â Â Â Â Â Â Â Â Â Â Â -0.19%
Oats Mar 2017Â Â Â Â Â Â Â Â Â Â Â 231.75Â Â Â Â Â Â Â Â Â Â Â +5.25Â Â Â Â Â Â Â Â Â Â Â +2.32%
Oats May 2017Â Â Â Â Â Â Â Â Â Â Â 230.50Â Â Â Â Â Â Â Â Â Â Â +5.75Â Â Â Â Â Â Â Â Â Â Â +2.56%
Oats Jul 2017Â Â Â Â Â Â Â Â Â Â Â 230.50Â Â Â Â Â Â Â Â Â Â Â +5.75Â Â Â Â Â Â Â Â Â Â Â +2.56%
Oats Sep 2017           230.75           unch           0.00%
Oats Dec 2017Â Â Â Â Â Â Â Â Â Â Â 231.00Â Â Â Â Â Â Â Â Â Â Â +2.50Â Â Â Â Â Â Â Â Â Â Â +1.09%
Wheat Mar 2017Â Â Â Â Â Â Â Â Â Â Â 418.75Â Â Â Â Â Â Â Â Â Â Â -8.00Â Â Â Â Â Â Â Â Â Â Â -1.87%
Wheat May 2017Â Â Â Â Â Â Â Â Â Â Â 432.25Â Â Â Â Â Â Â Â Â Â Â -7.50Â Â Â Â Â Â Â Â Â Â Â -1.71%
Wheat Jul 2017Â Â Â Â Â Â Â Â Â Â Â 447.25Â Â Â Â Â Â Â Â Â Â Â -7.00Â Â Â Â Â Â Â Â Â Â Â -1.54%
Wheat Sep 2017Â Â Â Â Â Â Â Â Â Â Â 461.00Â Â Â Â Â Â Â Â Â Â Â -6.25Â Â Â Â Â Â Â Â Â Â Â -1.34%
Wheat Dec 2017Â Â Â Â Â Â Â Â Â Â Â 477.00Â Â Â Â Â Â Â Â Â Â Â -5.50Â Â Â Â Â Â Â Â Â Â Â -1.14%
Minneapolis
Spring Wheat Mar 2017Â Â Â Â Â Â Â Â Â Â Â 561.50Â Â Â Â Â Â Â Â Â Â Â +0.25Â Â Â Â Â Â Â Â Â Â Â +0.04%
Spring Wheat May 2017Â Â Â Â Â Â Â Â Â Â Â 551.00Â Â Â Â Â Â Â Â Â Â Â -1.00Â Â Â Â Â Â Â Â Â Â Â -0.18%
Spring Wheat Jul 2017Â Â Â Â Â Â Â Â Â Â Â 546.50Â Â Â Â Â Â Â Â Â Â Â -2.00Â Â Â Â Â Â Â Â Â Â Â -0.36%
Spring Wheat Sep 2017           550.00           unch           0.00%
Spring Wheat Dec 2017Â Â Â Â Â Â Â Â Â Â Â 556.00Â Â Â Â Â Â Â Â Â Â Â -0.75Â Â Â Â Â Â Â Â Â Â Â -0.13%
Kansas City
Hard Red Wheat Mar 2017Â Â Â Â Â Â Â Â Â Â Â 431.75Â Â Â Â Â Â Â Â Â Â Â -6.50Â Â Â Â Â Â Â Â Â Â Â -1.48%
Hard Red Wheat May 2017Â Â Â Â Â Â Â Â Â Â Â 443.50Â Â Â Â Â Â Â Â Â Â Â -6.50Â Â Â Â Â Â Â Â Â Â Â -1.44%
Hard Red Wheat Jul 2017Â Â Â Â Â Â Â Â Â Â Â 454.75Â Â Â Â Â Â Â Â Â Â Â -6.50Â Â Â Â Â Â Â Â Â Â Â -1.41%
Hard Red Wheat Sep 2017Â Â Â Â Â Â Â Â Â Â Â 469.25Â Â Â Â Â Â Â Â Â Â Â -6.25Â Â Â Â Â Â Â Â Â Â Â -1.31%
Hard Red Wheat Dec 2017Â Â Â Â Â Â Â Â Â Â Â 488.00Â Â Â Â Â Â Â Â Â Â Â -6.25Â Â Â Â Â Â Â Â Â Â Â -1.26%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Feb 2017Â Â Â Â Â Â Â Â Â Â Â 119.12Â Â Â Â Â Â Â Â Â Â Â -0.41Â Â Â Â Â Â Â Â Â Â Â -0.34%
Live Cattle (P) Apr 2017Â Â Â Â Â Â Â Â Â Â Â 117.90Â Â Â Â Â Â Â Â Â Â Â -0.77Â Â Â Â Â Â Â Â Â Â Â -0.65%
Live Cattle (P) Jun 2017Â Â Â Â Â Â Â Â Â Â Â 107.78Â Â Â Â Â Â Â Â Â Â Â -0.07Â Â Â Â Â Â Â Â Â Â Â -0.06%
Feeder Cattle (P) Jan 2017Â Â Â Â Â Â Â Â Â Â Â 132.05Â Â Â Â Â Â Â Â Â Â Â -0.65Â Â Â Â Â Â Â Â Â Â Â -0.49%
Feeder Cattle (P) Mar 2017Â Â Â Â Â Â Â Â Â Â Â 129.62Â Â Â Â Â Â Â Â Â Â Â -0.38Â Â Â Â Â Â Â Â Â Â Â -0.29%
Feeder Cattle (P) Apr 2017Â Â Â Â Â Â Â Â Â Â Â 129.08Â Â Â Â Â Â Â Â Â Â Â -0.47Â Â Â Â Â Â Â Â Â Â Â -0.36%
Lean Hogs (P) Feb 2017Â Â Â Â Â Â Â Â Â Â Â 65.60Â Â Â Â Â Â Â Â Â Â Â +0.55Â Â Â Â Â Â Â Â Â Â Â +0.85%
Lean Hogs (P) Apr 2017Â Â Â Â Â Â Â Â Â Â Â 69.50Â Â Â Â Â Â Â Â Â Â Â +0.17Â Â Â Â Â Â Â Â Â Â Â +0.25%
Lean Hogs (P) May 2017Â Â Â Â Â Â Â Â Â Â Â 74.52Â Â Â Â Â Â Â Â Â Â Â +0.09Â Â Â Â Â Â Â Â Â Â Â +0.12%
