Canola recovers against soy

Canola had a great day Monday, recovering strength against U.S. soybeans and especially against the downdraft of soybean oil.

Canola was the strongest crop futures market in North America, rising about 1.5 percent, while soybeans rose less than three quarters of a percent and soybean oil, usually canola’s bellwether, fell 0.84 percent.

January canola futures rose $6.40 per tonne to $429.10 and March rose $5.50 to $426.40.

Most other crop classes moved only moderately. Corn was a few cents off and while spring wheat fell slightly, soft red winter wheat rose a few cents.

Canola’s rise Monday, assisted by a declining Canadian dollar, continues a trend of strengthening and of narrowing the discount it still has against soybeans.

“It’s kind of on the cheap side, a little bit,” said Ken Ball of P.I. Financial in Winnipeg.

“It (was) lagging the U.S. markets” until recent sessions.

Fund money came into crop futures this morning and provided some buying pressure, which took most prices higher for a while. However, only some of those gains lasted the full session.

Crops are beginning to show the attributes of a market settling into at least a nearby range, with both selling and buying.

“It’s a dog fight: back and forth, back and forth,” said Ball.

“They remain good two-way markets.”

 

Light crude oil nearby futures in New York down $2.79 to US$63.05 per barrel.

The Canadian dollar at noon was US87.17 cents, down from 87.54 cents the previous trading day. The U.S. dollar at noon was C$1.1472.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Jan 2015            429.10            +6.40            +1.51%

Canola Mar 2015            426.40            +5.50            +1.31%

Canola May 2015            428.80            +5.50            +1.30%

Canola Jul 2015            430.80            +6.30            +1.48%

Canola Nov 2015            428.40            +6.20            +1.47%

 

Milling Wheat Dec 2014            231.00            -1.00            -0.43%

Milling Wheat Mar 2015            239.00            -1.00            -0.42%

Milling Wheat May 2015            242.00            -1.00            -0.41%

 

Durum Wheat Dec 2014            356.50            unch            0.00%

Durum Wheat Mar 2015            357.50            unch            0.00%

Durum Wheat May 2015            357.50            unch            0.00%

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Barley Dec 2014            174.00            unch            0.00%

Barley Mar 2015            177.00            unch            0.00%

Barley May 2015            179.00            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 2015            1043.75            +7.75            +0.75%

Soybeans Mar 2015            1049.75            +7.75            +0.74%

Soybeans May 2015            1056            +7.75            +0.74%

Soybeans Jul 2015            1060.75            +7.25            +0.69%

Soybeans Aug 2015            1058.5            +6.25            +0.59%

Soybeans Sep 2015            1035            +4            +0.39%

 

Soybean Meal Dec 2014            401.5            +7.3            +1.85%

Soybean Meal Jan 2015            370.1            +3.7            +1.01%

Soybean Meal Mar 2015            358.1            +3.9            +1.10%

 

Soybean Oil Dec 2014            31.77            -0.24            -0.75%

Soybean Oil Jan 2015            31.85            -0.23            -0.72%

Soybean Oil Mar 2015            32.07            -0.23            -0.71%

 

Corn Dec 2014            377.5            -4            -1.05%

Corn Mar 2015            390.25            -4.75            -1.20%

Corn May 2015            398.75            -4.75            -1.18%

Corn Jul 2015            405.25            -4.75            -1.16%

Corn Sep 2015            410            -4            -0.97%

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Oats Dec 2014            304.75            +5.25            +1.75%

Oats Mar 2015            314.5            +1.75            +0.56%

Oats May 2015            314.75            +2.75            +0.88%

Oats Jul 2015            315.5            +4.25            +1.37%

Oats Sep 2015            314            +4.25            +1.37%

 

Wheat Dec 2014            610            +1            +0.16%

Wheat Mar 2015            598            +4            +0.67%

Wheat May 2015            602            +3            +0.50%

Wheat Jul 2015            603.5            +1.25            +0.21%

Wheat Sep 2015            611.25            +1.25            +0.20%

 

Minneapolis

Spring Wheat Dec 2014            617            -2.5            -0.40%

Spring Wheat Mar 2015            622            -1            -0.16%

Spring Wheat May 2015            629.5            -0.25            -0.04%

Spring Wheat Jul 2015            636            -1            -0.16%

Spring Wheat Sep 2015            643.5            -1.75            -0.27%

 

Kansas City

Hard Red Wheat Dec 2014            634            +1.5            +0.24%

Hard Red Wheat Mar 2015            639.25            unch            0.00%

Hard Red Wheat May 2015            643.5            +0.25            +0.04%

Hard Red Wheat Jul 2015            643.5            +0.25            +0.04%

Hard Red Wheat Sep 2015            653.5            +0.75            +0.11%

 

 

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