Friday saw the week end down for canola futures and back into the $480s per tonne range that alarmed farmers in early-August.
It was a disappointing ending for a week that saw a short-term rally in canola and vegetable oil prices dissipate after one day as overwhelming fundamental and seasonal factors prevented the oilseeds from hanging on to gains.
November canola futures fell $7.50 per tonne to $484 and January fell $7.20 to $493.80. November soybeans fell 24 cents to $13.15 per bushel and January fell 23 cents to 13.18.
The recent losses in soybeans have given back all of the rally that broke out of an upwards gap in late-August and are sitting at what could be a resistance level, where prices peaked in June and from which the gap upwards occurred.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
Traders are still anxious about soybean yields, with many reports of dryness-reduced crops, but those anxieties are already built into prices. Other reports say soybean yields in many areas are good, so the market will pay much attention to early yields to see which story is being overplayed: the drought-reduced or the generally-OK tale.
All other North American crop futures fell Friday too, with oats, corn and wheat also moderately down.
Harvest pressure is great on the Prairies and northern U.S. Great Plains, while U.S. corn and soybean yield prospects do not seem to be worsening.
Most commodities were off Friday, with metals showing the biggest losses. Gold has given up half of the “not tapering yet” rally of Wednesday.
Stocks were off too, with equity markets losing the joyfulness that was inflated when the U.S. Federal Reserve said yesterday it was not yet ready to begin tapering the $85 billion per month of bond purchases it has been executing every month.
Near the end of the trading day, Blackberry announced it was going to cut 4,500 staff.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013 484.00 -7.50 -1.53%
Canola Jan 2014 493.80 -7.20 -1.44%
Canola Mar 2014 502.00 -7.10 -1.39%
Canola May 2014 507.90 -7.00 -1.36%
Canola Jul 2014 513.30 -6.80 -1.31%
Milling Wheat Oct 2013 227.00 -3.00 -1.30%
Milling Wheat Dec 2013 233.00 -3.00 -1.27%
Milling Wheat Mar 2014 239.00 -3.00 -1.24%
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 158.30 unch 0.00%
Barley Dec 2013 161.30 unch 0.00%
Barley Mar 2014 163.30 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 2013 1315.25 -24.25 -1.81%
Soybeans Jan 2014 1318 -23.5 -1.75%
Soybeans Mar 2014 1300.25 -23 -1.74%
Soybeans Jul 2014 1270.5 -23.25 -1.80%
Soybeans Aug 2014 1254.75 -20.75 -1.63%
Soybean Meal Oct 2013 413.4 -8.2 -1.94%
Soybean Meal Dec 2013 411.6 -8.8 -2.09%
Soybean Meal Jan 2014 411.1 -8.4 -2.00%
Soybean Oil Oct 2013 42.09 -0.62 -1.45%
Soybean Oil Dec 2013 42.34 -0.62 -1.44%
Soybean Oil Jan 2014 42.58 -0.61 -1.41%
Corn Dec 2013 451 -8.5 -1.85%
Corn Mar 2014 463.75 -8.25 -1.75%
Corn May 2014 472 -8.25 -1.72%
Corn Jul 2014 478.75 -8 -1.64%
Corn Sep 2014 483.5 -7.5 -1.53%
Oats Dec 2013 308.75 -3.25 -1.04%
Oats Mar 2014 307 -2.5 -0.81%
Oats May 2014 308 -2.5 -0.81%
Oats Jul 2014 301.25 -2.5 -0.82%
Oats Sep 2014 307.25 -2.5 -0.81%
Wheat Dec 2013 646.25 -10.75 -1.64%
Wheat Mar 2014 657 -10.5 -1.57%
Wheat May 2014 662.75 -10.25 -1.52%
Wheat Jul 2014 657.5 -11 -1.65%
Wheat Sep 2014 662.5 -10.5 -1.56%
Minneapolis
Spring Wheat Dec 2013 699.75 -8.75 -1.24%
Spring Wheat Mar 2014 712.5 -7.25 -1.01%
Spring Wheat Jul 2014 725.5 -9.25 -1.26%
Spring Wheat Sep 2014 728.75 -9.5 -1.29%
Kansas City
KCBT Red Wheat Dec 2013 692.75 -9.25 -1.32%
KCBT Red Wheat Mar 2014 697.25 -9.75 -1.38%
KCBT Red Wheat May 2014 699.75 -10 -1.41%
KCBT Red Wheat Jul 2014 689 -10.5 -1.50%
KCBT Red Wheat Sep 2014 697.75 -10.75 -1.52%
Light crude oil nearby futures in New York dropped $1.72 at $104.67 US per barrel.
The Canadian dollar at noon was 97.21 cents US, down from 97.68 cents the previous trading day. The U.S. dollar at noon was $1.0287 Cdn.
