Wheat rallies on weather

Continued dry and hot weather in the U.S. southern Plains allowed wheat futures to continue to rally, reaching some contract highs.

But oilseeds didn’t participate in the rally, with canola falling about 10 cents per bushel and soybeans falling for summer months but rising roughly five cents per bushel in new crop months.

Weather now dominates North American markets, with every swing in the weather likely to send prices soaring or swooning.

July Minneapolis spring wheat futures rose 14 cents to $7.77 per bushel, while December rose 11 cents to $8.05. Chicago winter wheat rose 13 and 12 cents on for the same months, and Kansas City rose 10 and nine cents.

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Temperatures in the dry and dusty southern Plains rose in the 90s F over the weekend, further stressing a crop that has had a tough few months to survive.

In the northern Plains, including Canada, cold temperatures further delayed seeding, keeping progress weeks behind usual.

Some weather forecasts called for less rain than previously predicted on the southern Plains, adding to the bullishness.

Corn joined in the wheat rally, with cool and wet weather slowing planting.

Ukrainian chaos and uncertainty helped boost both wheat and corn prices, as disruptions in Odessa – a key port – worried some.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2014    489.60    -3.80    -0.77%
Canola Jul 2014    475.60    -4.80    -1.00%
Canola Nov 2014    480.20    -4.20    -0.87%
Canola Jan 2015    485.60    -4.30    -0.88%
Canola Mar 2015    490.40    -4.20    -0.85%

Milling Wheat May 2014    241.00    +6.00    +2.55%

Milling Wheat Jul 2014    245.00    +4.00    +1.66%
Milling Wheat Oct 2014    246.00    +5.00    +2.07%

Durum Wheat May 2014    247.00    unch    0.00%
Durum Wheat Jul 2014    247.00    unch    0.00%
Durum Wheat Oct 2014    242.00    unch    0.00%

Barley May 2014    139.50    unch    0.00%
Barley Jul 2014    140.50    unch    0.00%
Barley Oct 2014    140.50    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 2014    1472    -8.75    -0.59%
Soybeans Jul 2014    1463.25    -7.5    -0.51%
Soybeans Aug 2014    1406    -1    -0.07%
Soybeans Sep 2014    1285.5    +4    +0.31%
Soybeans Nov 2014    1227.5    +5    +0.41%
Soybeans Jan 2015    1233.25    +5.25    +0.43%

Soybean Meal May 2014    489.1    -2.1    -0.43%
Soybean Meal Jul 2014    478.7    -1.7    -0.35%
Soybean Meal Aug 2014    452.1    -1.1    -0.24%

Soybean Oil May 2014    40.98    -0.31    -0.75%
Soybean Oil Jul 2014    41.17    -0.34    -0.82%
Soybean Oil Aug 2014    41.17    -0.32    -0.77%

Corn May 2014    503.25    +9.25    +1.87%
Corn Jul 2014    508    +8.5    +1.70%
Corn Sep 2014    503.75    +7.5    +1.51%
Corn Dec 2014    500    +6    +1.21%
Corn Mar 2015    508    +6    +1.20%

Oats May 2014    408.25    +0.75    +0.18%
Oats Jul 2014    351.75    +1.75    +0.50%
Oats Sep 2014    336.25    -1.5    -0.44%

Oats Dec 2014    328.5    +1.25    +0.38%
Oats Mar 2015    326.5    +0.75    +0.23%

Wheat May 2014    721.25    +13.5    +1.91%
Wheat Jul 2014    729    +13    +1.82%
Wheat Sep 2014    737    +12.75    +1.76%
Wheat Dec 2014    749.75    +12    +1.63%
Wheat Mar 2015    761    +11.75    +1.57%

Minneapolis
Spring Wheat May 2014    775.25    +12.25    +1.61%
Spring Wheat Jul 2014    789.25    +14.25    +1.84%
Spring Wheat Sep 2014    795    +12.25    +1.56%
Spring Wheat Dec 2014    805.25    +11.5    +1.45%
Spring Wheat Mar 2015    811.75    +11.5    +1.44%

Kansas City
KC HRW Wheat May 2014    838.75    +7    +0.84%
KC HRW Wheat Jul 2014    832    +10.25    +1.25%
KC HRW Wheat Sep 2014    833.25    +9.75    +1.18%
KC HRW Wheat Dec 2014    837    +9.25    +1.12%
KC HRW Wheat Mar 2015    836.75    +9.5    +1.15%

Light crude oil nearby futures in New York dropped 28 cents at $99.48 US per barrel.

The Canadian dollar at noon was 91.28 cents US, up from 91.13 cents the previous trading day. The U.S. dollar at noon was $1.0955 Cdn.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 68.12 points, or 0.46 percent, at 14,697.03, weakened by data from China showing manufacturing contracted for a fourth consecutive month in April.

However, the U.S. Institute for Supply Management’s services sector index hit the fastest pace in eight months in April, topping expectations, Reuters reported. It was the latest report to offer upbeat news on the American economy after an unusually harsh winter.

The Dow Jones industrial average rose 17.66 points or 0.11 percent, to 16,530.55.

The S&P 500 gained 3.52 points or 0.19 percent, to 1,884.66.

The Nasdaq Composite added 14.158 points or 0.34 percent, to 4,138.055.