Soybeans dragged canola lower Monday, helping to make crops the weakest commodity class in world markets.
Canola fell $9.60 per tonne to $489.80 per tonne for the November contract and fell $9.20 to $498.20 for January.
That echoed soybeans’ decline of 33 cents on the November contract to $13.48 per bushel and a fall of 31 cents for January.
Weekend rains relieved some fears about declining U.S. soybean prospects, while the Canadian Prairies continue to receive good harvest weather and little frost damage.
Outside of vegetable oil crops and their components, crop futures prices were relatively flat Monday.
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A few days past the September U.S. Department of Agriculture World Agricultural Supply and Demand Estimates, a generally bearish consensus appears to have congealed, with traders seeing little reason to worry about corn or wheat supplies and becoming less worried about soybean supplies.
Commodities other than metals were weaker Monday.
U.S. stock indexes soared with apparent relief after Larry Summers announced he was withdrawing his name as a possible successor to Federal Reserve bank chair Ben Bernanke. Summers was seen as likely to press for a withdrawal of the drastic liquidity injections that have been a hallmark of the Bernanke years since the 2008 financial crisis.
That liquidity has helped inflate both stock and commodity markets, and quantitative easing has chased yield-seeking money out of “safe” investments and into non-traditional areas.
ICE Futures Canada, dollars per tonne
Canola Nov 2013 489.80 -9.60 -1.92%
Canola Jan 2014 498.20 -9.20 -1.81%
Canola Mar 2014 505.60 -8.60 -1.67%
Canola May 2014 511.60 -8.40 -1.62%
Canola Jul 2014 516.50 -8.10 -1.54%
Milling Wheat Oct 2013 233.00 -2.00 -0.85%
Milling Wheat Dec 2013 239.00 -1.00 -0.42%
Milling Wheat Mar 2014 244.00 -1.00 -0.41%
Durum Wheat Oct 2013 259.00 unch 0.00%
Durum Wheat Dec 2013 267.00 unch 0.00%
Durum Wheat Mar 2014 273.00 unch 0.00%
Barley Oct 2013 158.50 -6.10 -3.71%
Barley Dec 2013 161.50 -8.10 -4.78%
Barley Mar 2014 163.50 -6.10 -3.60%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2013 1348.25 -33.25 -2.41%
Soybeans Jan 2014 1348.25 -31.5 -2.28%
Soybeans Mar 2014 1322 -25.25 -1.87%
Soybeans May 2014 1294.5 -20.5 -1.56%
Soybeans Jul 2014 1288.75 -18.25 -1.40%
Soybeans Aug 2014 1267.5 -11.5 -0.90%
Soybean Meal Oct 2013 431.2 -13.4 -3.01%
Soybean Meal Jan 2014 426.3 -13.9 -3.16%
Soybean Oil Oct 2013 42.13 -0.21 -0.50%
Soybean Oil Dec 2013 42.37 -0.19 -0.45%
Soybean Oil Jan 2014 42.59 -0.18 -0.42%
Corn Dec 2013 456.5 -2.5 -0.54%
Corn Mar 2014 469 -2.5 -0.53%
Corn May 2014 477.25 -2.25 -0.47%
Corn Jul 2014 483.75 -2.5 -0.51%
Corn Sep 2014 488.25 -2.5 -0.51%
Oats Dec 2013 311.5 -0.75 -0.24%
Oats Mar 2014 311.5 -3.75 -1.19%
Oats May 2014 311.25 -5.75 -1.81%
Oats Jul 2014 304.5 -5.75 -1.85%
Oats Sep 2014 311 -9.75 -3.04%
Wheat Dec 2013 641.25 -0.25 -0.04%
Wheat Mar 2014 652 -0.25 -0.04%
Wheat May 2014 656.5 -1 -0.15%
Wheat Jul 2014 654 -2.5 -0.38%
Wheat Sep 2014 659.25 -3.5 -0.53%
Minneapolis
Spring Wheat Dec 2013 701.75 -4 -0.57%
Spring Wheat Mar 2014 715 -3 -0.42%
Spring Wheat May 2014 723 -3.25 -0.45%
Spring Wheat Jul 2014 730 -3.25 -0.44%
Spring Wheat Sep 2014 734 -3.25 -0.44%
Kansas City
KCBT Red Wheat Mar 2014 696 -2.75 -0.39%
KCBT Red Wheat May 2014 698.5 -3.25 -0.46%
KCBT Red Wheat Jul 2014 686.75 -4.5 -0.65%
KCBT Red Wheat Sep 2014 696.75 -5.5 -0.78%
Light crude oil nearby futures in New York dropped $1.62 at $106.59 US per barrel.
The Bank of Canada noon rate for the loonie was 96.94 cents US, up from 96.70 cents the previous trading day. The U.S. dollar at noon was $1.0316 Cdn.
