Markets trotted into Canada’s Thanksgiving Day weekend like a fat turkey: so overfed that an awkwardly reluctant waddle was the only thing possible.
Even though the U.S. Department of Agriculture released a World Agricultural Supply and Demand Estimates report that some thought could give bulls some room to run, the markets instead turned down for corn, soybeans and even spring wheat.
Only Chicago and Kansas City winter wheat futures contracts rose three to five cents on the day, reflecting the most bullish news in WASDE: world ending stocks for wheat were reduced four million tonnes to 192.59 from 196.38.
November soybeans dropped 19 cents per bushel to $9.22 while December corn fell 10 cents to $3.34.
Canola dropped $5.70 per tonne on the November contract to $398.90 and January fell $6.10 to $405.20.
December spring wheat futures fell less than a penny to $5.53 per bushel.
Both Kansas City and Chicago winter wheat futures rose five cents, which was 10 cents off their initial peak post-report.
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Ken Ball of P.I.Financial said the immediate rally on release of WASDE might have been short-covering from traders who had gambled on WASDE finding “monster” production numbers in one or more crops.
With only moderately larger production numbers, generally slightly lower than analyst pre-report expectations, there wasn’t an immediate potential for a big selloff.
But as the session wore on, bearish traders found the WASDE to reconfirm their belief that U.S. crops are huge and likely to grow in coming USDA reports.
Errol Anderson of Pro Market Communications said the confirmation of record U.S. crops allows bears to push down on crop prices again, with the recent price recoveries vulnerable to being lost and new lows reached.
“We’ll test those lows and see how many buyers step in,” said Anderson.
On the week canola fell 1.2 percent, soybeans rose 1.1 percent, corn climbed 3.3 percent and Minneapolis spring wheat rose 1.8 percent.
The grains market traded against a background of falling stock market prices as traders became increasingly uneasy about the weakness of the global economy, with the German economy sagging and China’s growth slowing.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 398.90 -5.70 -1.41%
Canola Jan 2015 405.20 -6.10 -1.48%
Canola Mar 2015 412.50 -5.90 -1.41%
Canola Jul 2015 421.60 -6.40 -1.50%
Milling Wheat Oct 2014 211.00 +4.00 +1.93%
Milling Wheat Dec 2014 214.00 +3.00 +1.42%
Milling Wheat Mar 2015 222.00 +3.00 +1.37%
Durum Wheat Oct 2014 350.00 unch 0.00%
Durum Wheat Dec 2014 356.50 unch 0.00%
Durum Wheat Mar 2015 357.50 unch 0.00%
Barley Oct 2014 115.50 unch 0.00%
Barley Dec 2014 117.50 unch 0.00%
Barley Mar 2015 120.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014 922.5 -19.5 -2.07%
Soybeans Jan 2015 930.5 -19.5 -2.05%
Soybeans Mar 2015 938.75 -19.75 -2.06%
Soybeans May 2015 947 -19.75 -2.04%
Soybeans Jul 2015 953.75 -20.25 -2.08%
Soybeans Aug 2015 956.25 -20.5 -2.10%
Soybean Meal Oct 2014 339.3 +6.3 +1.89%
Soybean Meal Dec 2014 311 -2.5 -0.80%
Soybean Meal Jan 2015 307.5 -3.6 -1.16%
Soybean Oil Oct 2014 32.28 -0.6 -1.82%
Soybean Oil Dec 2014 32.44 -0.57 -1.73%
Soybean Oil Jan 2015 32.71 -0.58 -1.74%
Corn Dec 2014 334 -10.75 -3.12%
Corn May 2015 355.75 -10.75 -2.93%
Corn Jul 2015 363.75 -10.25 -2.74%
Corn Sep 2015 371.75 -9.75 -2.56%
Oats Dec 2014 342.75 -1 -0.29%
Oats Mar 2015 327.25 -0.25 -0.08%
Oats May 2015 320.5 -3 -0.93%
Oats Jul 2015 315.25 -3.5 -1.10%
Oats Sep 2015 320 -5 -1.54%
Wheat Dec 2014 498.5 +5.25 +1.06%
Wheat Mar 2015 509.5 +4.25 +0.84%
Wheat May 2015 515.25 +3.5 +0.68%
Wheat Jul 2015 522.75 +3.25 +0.63%
Wheat Sep 2015 534 +3.25 +0.61%
Minneapolis
Spring Wheat Dec 2014 553.25 -0.25 -0.05%
Spring Wheat Mar 2015 563.5 -2.5 -0.44%
Spring Wheat May 2015 573.25 -2.25 -0.39%
Spring Wheat Jul 2015 583.25 -2.5 -0.43%
Spring Wheat Sep 2015 593.5 -2.75 -0.46%
Kansas City
Hard Red Wheat Dec 2014 577.75 +5 +0.87%
Hard Red Wheat Mar 2015 578.75 +3.5 +0.61%
Hard Red Wheat May 2015 578.75 +2.5 +0.43%
Hard Red Wheat Jul 2015 572.75 +1 +0.17%
Hard Red Wheat Sep 2015 584.75 +1 +0.17%
Light crude oil nearby futures in New York rose 5 cents at $85.82 US per barrel.
The Canadian dollar at noon was 89.47 cents US, down from 89.69 cents the previous trading day. The U.S. dollar at noon was $1.1177 Cdn.
Stocks plunged as traders became alarmed by the slowing global economy. Canada posted strong September job growth. For the week, the TSX composite fell 3.8 percent, the Nasdaq plummeted by 4.5 percent, the Dow tumbled by 2.7 percent and the S&P 500 fell 3.1 percent .
