Canola, soybeans up, spring wheat down

It was a mixed day in crop futures Monday, with canola and soybeans rising but spring wheat falling.

Canola futures rose $4.40 to $489 per tonne for the November contract and $4.90 to $499.70 for the January.

Spring wheat futures fell eight cents per bushel to $7.51 for December and fell eight cents to $7.61 for March.

Strong Chinese buying of U.S. soybeans helped support the vegetable oil crop markets, while wheat classes were weakened by good rains in Kansas, where the winter  wheat  crop is  being seeded.

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Wheat continues to pour onto the world market from the United States, with more than a million more bushels being exported this year compared to this time last year, but the gigantic corn crop is beginning to put pressure on logistics and price.

The Canadian grain system continues to be clogged with heavy crops and poor rail car deliveries.

Oat futures continue to carry a strong inversion of more than 20 cents per bushel as low stocks in the Minneapolis area are not being replenished by western Canada’s ample supplies, which are backed up behind the clogged logistics system.

Crop markets are getting used to having U.S. Department of Agriculture back in operation, although some reports continue to be delayed and numerous wrinkles have appeared in the interpretation of lagging reports.

Monday was a relatively uneventful day in the commodity markets, with slight weakness prevalent. West Texas Intermediate oil fell below $100 per barrel for the first time since July 1.

Equity markets were quiet as well, in marked contrast to the jittery, anxious and euphoric behaviour last week, as the Washington political financial game of chicken with the government shutdown and threatened debt default faded into the past.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2013    489.00    +4.40    +0.91%
Canola Jan 2014    499.70    +4.90    +0.99%
Canola Mar 2014    508.30    +5.40    +1.07%
Canola May 2014    515.20    +5.60    +1.10%
Canola Jul 2014    520.90    +5.50    +1.07%

Milling Wheat Dec 2013    238.00    -3.00    -1.24%
Milling Wheat Mar 2014    245.00    -2.00    -0.81%
Milling Wheat May 2014    251.00    -1.00    -0.40%

Durum Wheat Dec 2013    247.00    unch    0.00%
Durum Wheat Mar 2014    253.00    unch    0.00%
Durum Wheat May 2014    257.00    unch    0.00%

Barley Dec 2013    152.00    unch    0.00%
Barley Mar 2014    154.00    unch    0.00%
Barley May 2014    155.00    unch    0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago
Soybeans Nov 2013    1303.25    +12    +0.93%
Soybeans Jan 2014    1300.5    +10.75    +0.83%

Soybeans Mar 2014    1281.75    +9    +0.71%
Soybeans May 2014    1264.5    +7.25    +0.58%
Soybeans Jul 2014    1260.5    +7    +0.56%
Soybeans Aug 2014    1248.75    +6.75    +0.54%

Soybean Meal Dec 2013    415.7    +5.6    +1.37%
Soybean Meal Jan 2014    410.2    +4.6    +1.13%
Soybean Meal Mar 2014    399.4    +4.5    +1.14%

Soybean Oil Dec 2013    41.64    -0.04    -0.10%
Soybean Oil Jan 2014    41.95    -0.04    -0.10%
Soybean Oil Mar 2014    42.36    -0.04    -0.09%

Corn Dec 2013    444    +2.5    +0.57%
Corn Mar 2014    456.75    +2.75    +0.61%
Corn May 2014    465.25    +3    +0.65%
Corn Jul 2014    472    +2.5    +0.53%
Corn Sep 2014    477.75    +2.5    +0.53%

Oats Dec 2013    336.5    +0.75    +0.22%
Oats Mar 2014    314.5    +4.25    +1.37%
Oats May 2014    313.25    +4.25    +1.38%
Oats Jul 2014    309    +4.75    +1.56%
Oats Sep 2014    308    +4.75    +1.57%

Wheat Dec 2013    699.75    -6    -0.85%
Wheat Mar 2014    709.75    -4.75    -0.66%
Wheat May 2014    712.75    -3.75    -0.52%
Wheat Jul 2014    700    -2.75    -0.39%
Wheat Sep 2014    705    -2.75    -0.39%

Minneapolis
Spring Wheat Dec 2013    751.75    -8.5    -1.12%
Spring Wheat Mar 2014    761.5    -8.5    -1.10%
Spring Wheat May 2014    768    -6.75    -0.87%
Spring Wheat Jul 2014    768    -5    -0.65%
Spring Wheat Sep 2014    767    -4.5    -0.58%

Kansas City
KCBT Red Wheat Dec 2013    761.25    -7.5    -0.98%
KCBT Red Wheat Mar 2014    760.5    -5.75    -0.75%
KCBT Red Wheat May 2014    758.75    -4.5    -0.59%
KCBT Red Wheat Jul 2014    741.5    -5    -0.67%
KCBT Red Wheat Sep 2014    748.25    -3.5    -0.47%

Light crude oil nearby futures in New York dropped $1.59 at $99.22 US per barrel.
The Canadian dollar at noon was 97.12 cents US, down from 97.21 cents the previous trading day. The U.S. dollar at noon was $1.0297 Cdn.

The Toronto Stocks Exchange composite index closed up 50.44 points, or 0.38 percent, at 13,186.53.

The Dow Jones industrial average was down 7.64 points, or 0.05 percent, at 15,392.01.

The Standard & Poor’s 500 Index was up 0.14 points, or 0.01 percent, at 1,744.64.

The Nasdaq Composite Index was up 5.77 points, or 0.15 percent, at 3,920.05.