Canola plunges $16.60 on falling soybeans

Canola futures fell sharply on Tuesday when ICE Futures Canada reopened after the Remembrance Day long weekend.

Canola had to catch up with the declines in Chicago soybeans on Monday, which fell on follow through action from Friday’s bearish USDA report.

January canola on Tuesday closed at $574.80 per tonne, down $16.60, or 2.81 percent. The price is the lowest since mid June.

January soybeans closed at $14.08 per bushel, up 3.0 cents or 0.21 percent.

From the close Nov. 8, the day before the USDA report, and the close today, January canola has fallen 4.2 percent and January soybeans have fallen 5.8 percent.

The USDA report on Friday increased the size of the U.S. soybean crop. Pressure also came from improved moisture conditions in Brazil’s soybean belt.

Worries about the U.S. fiscal cliff and Greek/Spanish debt problems also hung over the market.

Soybeans dropped below the psychologically important $14 per bushel level this morning but staged a late rally on strength in the cash market that took the prices back above $14.

Wheat edged lower today, but when trade resumes it will be supported by a larger than expected decline in the weekly crop condition rating. USDA today pegged the good-to-excellent rating of the U.S. winter wheat crop at 36 percent, down from 39 percent last week and 50 percent a year ago.

 

Winnipeg (per tonne)

Canola Nov 12  $577.30, down 16.60       -2.80%

Canola Jan 13  $574.80, down 16.60       -2.81%

Canola Mar 13  $572.90, down 16.50       -2.80%

Canola May 13  $570.50, down 16.00       -2.73%

 

Milling Wheat Dec 12  $307.00, down 3.30       -1.06%

Milling Wheat Mar 13  $316.50, down 3.30       -1.03%

Milling Wheat May 13  $319.50, down 3.30       -1.02%

 

Durum Wheat Dec 12  $312.40, unchanged

Durum Wheat Mar 13  $319.00, unchanged

Durum Wheat May 13  $323.00, unchanged

 

Barley Dec 12  $250.00, unchanged

Barley Mar 13  $253.00, unchanged

Barley May 13  $254.00, unchanged

 

Chicago (per bushel)

Soybeans (P) Nov 12  $14.27, up 16.0       +1.13%

Soybeans (P) Jan 13  $14.08, up 3.0       +0.21%

Soybeans (P) Mar 13  $13.8575, down 2.25       -0.16%

Soybeans (P) May 13  $13.725, down 3.0       -0.22%

 

Corn (P) Dec 12  $7.235, up 5.5 +0.77%

Corn (P) Mar 13        7.2625, up 4.0 +0.55%

Corn (P) May 13  $7.225, up 3.0       +0.42%

 

Oats (P) Dec 12  $3.6375, up 4.5       +1.25%

Oats (P) Mar 13  $3.725, up 4.5       +1.22%

Oats (P) May 13  $3.7475, up 7.25       +1.97%

 

Minneapolis (per bushel)

Spring Wheat Dec 12  $9.2225, down 2.25       -0.24%

Spring Wheat Mar 13  $9.315, down 1.75       -0.19%

Spring Wheat May 13  $9.4075, down 0.25       -0.03%

Spring Wheat Jul 13  $9.38, up 1.25       +0.13%

 

Nearby crude oil in New York fell 19 cents, or 0.22 percent, to settle at $85.38 a barrel.

The International Energy Agency on Monday forecast lower oil demand for the last quarter of this year and in 2013.

The Bank of Canada noon rate for the loonie was 99.84 cents US, down from 99.94 on Friday.

U.S. buck is $1.00016 Cdn.

In unofficial tallies:

The Toronto Stock Exchange’s S&P/TSX composite index fell 56.80 points, or 0.47 percent, to close at 12,134.66.

The Dow Jones industrial average was up 29.57 points, or 0.23 percent, at 12,844.65.

The Standard & Poor’s 500 Index was up 3.99 points, or 0.29 percent, at 1,384.02.

The Nasdaq Composite Index was down 3.29 points, or 0.11 percent, at 2,900.97.

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