Forecasts for substantial rain in the U.S. southern Plains late next week battered wheat about two percent lower on Friday.
Canola edged higher with a slight decline in the Canadian dollar and slightly stronger soy oil futures, but gains were limited by weaker U.S. soybean futures.
November canola closed at $472.60 per tonne, up $1.10.
Over the week, November canola rose $3.10.
November canola is stuck in a $10 trading range of $470 to $480.
The Canadian election next week is a wild card. If there is a change in power it could have an impact on the loonie, at least temporarily, and that could have an effect on canola prices.
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U.S. grains: Soybeans retreat after one-month high; corn, wheat sag
Chicago Board of Trade soybean futures turned lower on Tuesday on profit-taking after the benchmark contract touched a one-month high in early moves, while market players continued to monitor U.S.-China trade relations, analysts said.
Soy oil futures edged higher today, following gains in the crude oil market. Also, weekly U.S. soy oil export sales at 53,200 tonnes, topped a range of trade expectations for zero to 30,000 tonnes.
>>>>>>More Market News: Manitoba, Ontario corn yields through the roof
Soybean export sales were at the top end of the trade’s expectation but the market focused on good harvest progress in the U.S. Midwest, Reuters reported.
November soybeans dipped 0.77 percent today. Over the week soybeans gained 1.4 percent. Soy meal rose 1.9 percent this week while soy oil gained 1.6 percent, its third straight weekly rise.
Palm oil futures dipped as Oct. 1-15 palm oil exports were below the same period last month
Soybean planting in Brazil’s Mato Grosso state, which is responsible for nearly 30 percent of the country’s soy output, was 14.3 percent complete, five percentage points ahead of last year’s harvest, Reuters reported. Dry weather in the state is being monitored closely, while it is too wet in southern growing areas.
Wheat futures fell on a forecast for rain in the dry southern Plains of the U.S. late next week. Also, markets are weighed down by the large surplus of global wheat supplies.
Chicago wheat fell below $5 a bushel.
The U.S. Department of Agriculture forecasts 2015-16 wheat exports at 23.133 million tonnes, the smallest since 1971-72 and similar to 2002-03 when 23.139 tonnes were exported.
Corn edged up by about a penny a bushel today
Weekly US corn export sales were within the range of expectations, Reuters reported.
Gains were held in check by the rapid advance of the U.S. harvest.
For the week, December corn dropped 1.4 percent, its second weekly loss.
Light crude oil nearby futures in New York today were up 88 cents to US$47.26 per barrel.
The Canadian dollar at noon was US77.32 cents, down from 77.50 cents the previous trading day. The U.S. dollar at noon was C$1.2933.
Reuters reported the University of Michigan said its consumer sentiment index rose to 92.1 in early October from a reading of 87.2 September.
In early, unofficial tallies:
The S&P/TSX composite index closed up 9.13 points at 13,838.10.
Over the week it fell 0.9 percent.
The Dow Jones industrial average rose 73.56 points, or 0.43 percent, to 17,215.31, the S&P 500 gained 9.18 points, or 0.45 percent, to 2,033.04 and the Nasdaq Composite added 16.59 points, or 0.34 percent, to 4,886.69.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015Â Â Â Â Â Â Â Â 472.60Â Â Â Â Â Â Â Â +1.10Â Â Â Â Â Â Â Â +0.23%
Canola Jan 2016Â Â Â Â Â Â Â Â 477.10Â Â Â Â Â Â Â Â +2.20Â Â Â Â Â Â Â Â +0.46%
Canola Mar 2016Â Â Â Â Â Â Â Â 479.80Â Â Â Â Â Â Â Â +2.00Â Â Â Â Â Â Â Â +0.42%
Canola May 2016Â Â Â Â Â Â Â Â 480.50Â Â Â Â Â Â Â Â +2.30Â Â Â Â Â Â Â Â +0.48%
Canola Jul 2016Â Â Â Â Â Â Â Â 480.00Â Â Â Â Â Â Â Â +2.20Â Â Â Â Â Â Â Â +0.46%
Milling Wheat Dec 2015Â Â Â Â Â Â Â Â 227.00Â Â Â Â Â Â Â Â -5.00Â Â Â Â Â Â Â Â -2.16%
Milling Wheat Mar 2016Â Â Â Â Â Â Â Â 232.00Â Â Â Â Â Â Â Â -5.00Â Â Â Â Â Â Â Â -2.11%
Milling Wheat May 2016Â Â Â Â Â Â Â Â 236.00Â Â Â Â Â Â Â Â -4.00Â Â Â Â Â Â Â Â -1.67%
Durum Wheat Dec 2015        335.00        unch        0.00%
Durum Wheat Mar 2016        340.00        unch        0.00%
Durum Wheat May 2016        345.00        unch        0.00%
Barley Dec 2015        185.00        unch        0.00%
Barley Mar 2016        187.00        unch        0.00%
Barley May 2016        188.00        unch        0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2015Â Â Â Â Â Â Â Â 898.25Â Â Â Â Â Â Â Â -7Â Â Â Â Â Â Â Â -0.77%
Soybeans Jan 2016Â Â Â Â Â Â Â Â 902Â Â Â Â Â Â Â Â -7Â Â Â Â Â Â Â Â -0.77%
Soybeans Mar 2016Â Â Â Â Â Â Â Â 905.5Â Â Â Â Â Â Â Â -6.75Â Â Â Â Â Â Â Â -0.74%
Soybeans May 2016Â Â Â Â Â Â Â Â 909.5Â Â Â Â Â Â Â Â -6.5Â Â Â Â Â Â Â Â -0.71%
Soybeans Jul 2016Â Â Â Â Â Â Â Â 915Â Â Â Â Â Â Â Â -7Â Â Â Â Â Â Â Â -0.76%
Soybeans Aug 2016Â Â Â Â Â Â Â Â 914Â Â Â Â Â Â Â Â -7Â Â Â Â Â Â Â Â -0.76%
Soybean Meal Dec 2015Â Â Â Â Â Â Â Â 312Â Â Â Â Â Â Â Â -2Â Â Â Â Â Â Â Â -0.64%
Soybean Meal Jan 2016Â Â Â Â Â Â Â Â 310.4Â Â Â Â Â Â Â Â -2.4Â Â Â Â Â Â Â Â -0.77%
Soybean Meal Mar 2016Â Â Â Â Â Â Â Â 308.2Â Â Â Â Â Â Â Â -2.5Â Â Â Â Â Â Â Â -0.80%
Soybean Oil Dec 2015Â Â Â Â Â Â Â Â 28.6Â Â Â Â Â Â Â Â +0.02Â Â Â Â Â Â Â Â +0.07%
Soybean Oil Jan 2016Â Â Â Â Â Â Â Â 28.89Â Â Â Â Â Â Â Â +0.02Â Â Â Â Â Â Â Â +0.07%
Soybean Oil Mar 2016Â Â Â Â Â Â Â Â 29.1Â Â Â Â Â Â Â Â +0.01Â Â Â Â Â Â Â Â +0.03%
Corn Dec 2015Â Â Â Â Â Â Â Â 376.75Â Â Â Â Â Â Â Â +1.25Â Â Â Â Â Â Â Â +0.33%
Corn Mar 2016Â Â Â Â Â Â Â Â 387.75Â Â Â Â Â Â Â Â +1.25Â Â Â Â Â Â Â Â +0.32%
Corn May 2016Â Â Â Â Â Â Â Â 394Â Â Â Â Â Â Â Â +1.25Â Â Â Â Â Â Â Â +0.32%
Corn Jul 2016Â Â Â Â Â Â Â Â 399.25Â Â Â Â Â Â Â Â +1.5Â Â Â Â Â Â Â Â +0.38%
Corn Sep 2016Â Â Â Â Â Â Â Â 397.25Â Â Â Â Â Â Â Â +1.25Â Â Â Â Â Â Â Â +0.32%
Oats Dec 2015Â Â Â Â Â Â Â Â 230.75Â Â Â Â Â Â Â Â -3.75Â Â Â Â Â Â Â Â -1.60%
Oats Mar 2016Â Â Â Â Â Â Â Â 232.5Â Â Â Â Â Â Â Â -4Â Â Â Â Â Â Â Â -1.69%
Oats May 2016Â Â Â Â Â Â Â Â 234.5Â Â Â Â Â Â Â Â -3.75Â Â Â Â Â Â Â Â -1.57%
Oats Jul 2016Â Â Â Â Â Â Â Â 238.25Â Â Â Â Â Â Â Â -3.5Â Â Â Â Â Â Â Â -1.45%
Oats Sep 2016Â Â Â Â Â Â Â Â 240.5Â Â Â Â Â Â Â Â -3.5Â Â Â Â Â Â Â Â -1.43%
Wheat Dec 2015Â Â Â Â Â Â Â Â 492.25Â Â Â Â Â Â Â Â -10.25Â Â Â Â Â Â Â Â -2.04%
Wheat Mar 2016Â Â Â Â Â Â Â Â 500Â Â Â Â Â Â Â Â -10.5Â Â Â Â Â Â Â Â -2.06%
Wheat May 2016Â Â Â Â Â Â Â Â 505Â Â Â Â Â Â Â Â -10.25Â Â Â Â Â Â Â Â -1.99%
Wheat Jul 2016Â Â Â Â Â Â Â Â 508.5Â Â Â Â Â Â Â Â -10.25Â Â Â Â Â Â Â Â -1.98%
Wheat Sep 2016Â Â Â Â Â Â Â Â 517.25Â Â Â Â Â Â Â Â -9.75Â Â Â Â Â Â Â Â -1.85%
Minneapolis
Spring Wheat Dec 2015Â Â Â Â Â Â Â Â 512.25Â Â Â Â Â Â Â Â -10Â Â Â Â Â Â Â Â -1.91%
Spring Wheat Mar 2016Â Â Â Â Â Â Â Â 525.5Â Â Â Â Â Â Â Â -9.25Â Â Â Â Â Â Â Â -1.73%
Spring Wheat May 2016Â Â Â Â Â Â Â Â 535.75Â Â Â Â Â Â Â Â -9Â Â Â Â Â Â Â Â -1.65%
Spring Wheat Jul 2016Â Â Â Â Â Â Â Â 546Â Â Â Â Â Â Â Â -8.25Â Â Â Â Â Â Â Â -1.49%
Spring Wheat Sep 2016Â Â Â Â Â Â Â Â 557Â Â Â Â Â Â Â Â -6.5Â Â Â Â Â Â Â Â -1.15%
Kansas City
Hard Red Wheat Dec 2015Â Â Â Â Â Â Â Â 483.5Â Â Â Â Â Â Â Â -12.75Â Â Â Â Â Â Â Â -2.57%
Hard Red Wheat Mar 2016Â Â Â Â Â Â Â Â 498.5Â Â Â Â Â Â Â Â -12.75Â Â Â Â Â Â Â Â -2.49%
Hard Red Wheat May 2016Â Â Â Â Â Â Â Â 508.5Â Â Â Â Â Â Â Â -12.5Â Â Â Â Â Â Â Â -2.40%
Hard Red Wheat Jul 2016Â Â Â Â Â Â Â Â 518.5Â Â Â Â Â Â Â Â -12.25Â Â Â Â Â Â Â Â -2.31%
Hard Red Wheat Sep 2016Â Â Â Â Â Â Â Â 532Â Â Â Â Â Â Â Â -12.25Â Â Â Â Â Â Â Â -2.25%
