Monday was a yo-yo day in the crop futures markets, with crops such as canola first falling and then rising.
At the end of the day, canola prices were barely changed, revealing little of the day’s market volatility.
November canola futures closed at $557.70 per tonne, $1.80 above the Friday close. Overnight canola plunged to $547 in early trading, but then recovered to only slightly beneath the Friday close for a few hours, then strongly rallied to as high as $560, before settling back towards the close.
Tuesday Statistics Canada reports on Canadian seeded acreage.
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Canola values are being helped by reports of mixed and non-optimal growing conditions in Western Canada, with the wild rains of the past week challenging crop prospects from Alberta to Manitoba.
Soybeans were strong Monday, supported by tight old crop stocks and the need to ration supply. Soybean oil lost money on the day.
Soft red winter and hard red winter wheat, as well as corn, were sharply down Monday. Corn is enjoying generally good growing weather and the winter wheat harvest has begun.
But hard red spring wheat suffered only small losses, as production challenges in spring wheat areas worried traders. USDA reports on seeded area on Friday and the data is expected to show North Dakota farmers unable to plant significant acreages.
In general, world markets were in a tizzy Monday, with a big sell-off in Chinese markets sparking sympathetic sell-offs in most world equity markets. Independently, the central banks of China and the United States are talking about tightening the money supply
As the day wore on, optimism returned to the markets, pushing stock prices higher and recovering much of the early losses.
The Dow Jones Industrial Average fell almost 250 points at the open but crawled back to end the day within 75 points of the Friday close.
Crude oil was early in the red, but ended up slightly higher on the day, in contrast to most commodities, which like most crops ended up moderately weaker.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013Â Â Â Â Â Â 606.40Â Â Â Â Â Â +0.70Â Â Â Â Â Â +0.12%
Canola Nov 2013Â Â Â Â Â Â 557.70Â Â Â Â Â Â +1.80Â Â Â Â Â Â +0.32%
Canola Jan 2014Â Â Â Â Â Â 561.60Â Â Â Â Â Â +1.50Â Â Â Â Â Â +0.27%
Canola Mar 2014Â Â Â Â Â Â 560.00Â Â Â Â Â Â +0.90Â Â Â Â Â Â +0.16%
Canola May 2014Â Â Â Â Â Â 557.50Â Â Â Â Â Â +1.00Â Â Â Â Â Â +0.18%
Milling Wheat Jul 2013      294.00      unch      0.00%
Milling Wheat Oct 2013      294.00      unch      0.00%
Milling Wheat Dec 2013      294.00      unch      0.00%
Durum Wheat Jul 2013      301.90      unch      0.00%
Durum Wheat Oct 2013      294.90      unch      0.00%
Durum Wheat Dec 2013      299.40      unch      0.00%
Barley Jul 2013      244.00      unch      0.00%
Barley Oct 2013      194.00      unch      0.00%
Barley Dec 2013      199.00      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2013Â Â Â Â Â Â 1512Â Â Â Â Â Â +18.75Â Â Â Â Â Â +1.26%
Soybeans Aug 2013Â Â Â Â Â Â 1421.25Â Â Â Â Â Â +7.5Â Â Â Â Â Â +0.53%
Soybeans Sep 2013Â Â Â Â Â Â 1316.75Â Â Â Â Â Â +1Â Â Â Â Â Â +0.08%
Soybeans Nov 2013      1273.5      unch      0.00%
Soybeans Jan 2014Â Â Â Â Â Â 1276.75Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.02%
Soybeans Mar 2014Â Â Â Â Â Â 1276.5Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.26%
Soybean Meal Jul 2013Â Â Â Â Â Â 451Â Â Â Â Â Â +3.3Â Â Â Â Â Â +0.74%
Soybean Meal Aug 2013Â Â Â Â Â Â 422.6Â Â Â Â Â Â +3Â Â Â Â Â Â +0.71%
Soybean Meal Sep 2013Â Â Â Â Â Â 399Â Â Â Â Â Â +1.1Â Â Â Â Â Â +0.28%
Soybean Oil Jul 2013Â Â Â Â Â Â 47.55Â Â Â Â Â Â -0.47Â Â Â Â Â Â -0.98%
Soybean Oil Aug 2013Â Â Â Â Â Â 47.54Â Â Â Â Â Â -0.43Â Â Â Â Â Â -0.90%
Soybean Oil Sep 2013Â Â Â Â Â Â 47.16Â Â Â Â Â Â -0.4Â Â Â Â Â Â -0.84%
Corn Jul 2013Â Â Â Â Â Â 653.25Â Â Â Â Â Â -8.5Â Â Â Â Â Â -1.28%
Corn Sep 2013Â Â Â Â Â Â 579Â Â Â Â Â Â -13Â Â Â Â Â Â -2.20%
Corn Dec 2013Â Â Â Â Â Â 546.5Â Â Â Â Â Â -9.75Â Â Â Â Â Â -1.75%
Corn Mar 2014Â Â Â Â Â Â 557Â Â Â Â Â Â -10Â Â Â Â Â Â -1.76%
Corn May 2014Â Â Â Â Â Â 564.25Â Â Â Â Â Â -9.5Â Â Â Â Â Â -1.66%
Oats Jul 2013Â Â Â Â Â Â 392.25Â Â Â Â Â Â -3.25Â Â Â Â Â Â -0.82%
Oats Sep 2013Â Â Â Â Â Â 382.75Â Â Â Â Â Â -5Â Â Â Â Â Â -1.29%
Oats Dec 2013Â Â Â Â Â Â 376.25Â Â Â Â Â Â -7.75Â Â Â Â Â Â -2.02%
Oats Mar 2014Â Â Â Â Â Â 379.25Â Â Â Â Â Â -8.25Â Â Â Â Â Â -2.13%
Oats May 2014Â Â Â Â Â Â 381.5Â Â Â Â Â Â -8.25Â Â Â Â Â Â -2.12%
Wheat Jul 2013Â Â Â Â Â Â 679Â Â Â Â Â Â -19Â Â Â Â Â Â -2.72%
Wheat Sep 2013Â Â Â Â Â Â 687.75Â Â Â Â Â Â -17.25Â Â Â Â Â Â -2.45%
Wheat Dec 2013Â Â Â Â Â Â 702Â Â Â Â Â Â -15Â Â Â Â Â Â -2.09%
Wheat Mar 2014Â Â Â Â Â Â 716.25Â Â Â Â Â Â -14.75Â Â Â Â Â Â -2.02%
Wheat May 2014Â Â Â Â Â Â 725.25Â Â Â Â Â Â -14.75Â Â Â Â Â Â -1.99%
Minneapolis
Spring Wheat Jul 2013Â Â Â Â Â Â 811.25Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.34%
Spring Wheat Sep 2013Â Â Â Â Â Â 785.25Â Â Â Â Â Â -6.25Â Â Â Â Â Â -0.79%
Spring Wheat Dec 2013Â Â Â Â Â Â 793.75Â Â Â Â Â Â -6.25Â Â Â Â Â Â -0.78%
Spring Wheat Mar 2014Â Â Â Â Â Â 808Â Â Â Â Â Â -5Â Â Â Â Â Â -0.62%
Spring Wheat May 2014Â Â Â Â Â Â 814Â Â Â Â Â Â -5.5Â Â Â Â Â Â -0.67%
Kansas City
KCBT Red Wheat Jul 2013Â Â Â Â Â Â 715.25Â Â Â Â Â Â -21.25Â Â Â Â Â Â -2.89%
KCBT Red Wheat Sep 2013Â Â Â Â Â Â 719Â Â Â Â Â Â -17Â Â Â Â Â Â -2.31%
KCBT Red Wheat Dec 2013Â Â Â Â Â Â 737Â Â Â Â Â Â -13.5Â Â Â Â Â Â -1.80%
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 750.5Â Â Â Â Â Â -12.75Â Â Â Â Â Â -1.67%
KCBT Red Wheat May 2014Â Â Â Â Â Â 754.5Â Â Â Â Â Â -16Â Â Â Â Â Â -2.08%
Light crude oil nearby futures in New York rose $1.49 at $95.18 US per barrel.
The Canadian dollar at noon was 94.95 cents US, down from 95.51 cents the previous trading day. The U.S. dollar at noon was $1.0532 Cdn.
