Canola futures closed sharply lower on Monday pressured by good growing weather in Western Canada and the near ideal condition of crops in the U.S. Midwest.
The November contract fell more than two percent to near its low of $431.50 set February 11-12. It closed at $433.90, down $9.40.
Speculative funds sold canola, increasing their net short positions.
Pressure also came from Europe where the EU’s crop monitoring unit forecast rapeseed yields at 59 bu. per acre, up from last month’s forecast of 57.3 bu.
The latest figure would be 6.9 percent above last year’s and 8.4 percent above the five-year average.
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Soybeans and corn fell on the great weather in the Midwest
November soybeans fell for a third straight session and neared its contract low of $10.65.
December corn fell 1.72 percent
The U.S. Department of Agriculture in its weekly crop progress report released after the close of trading rated the corn crop at 76 percent good to excellent, steady with last week and matching analyst expectations, Reuters reported.
The soy crop was rated 73 percent good to excellent, up one percentage point from last week. Analysts had expected steady soy ratings.
Wheat futures at all three major exchanges fell on the U.S. winter wheat harvest and favourable growing conditions on the Northern Plains. The U.S. spring wheat crop was 70 percent good to excellent, the same as last week.
There might be quality problems in EU-top producer France’s wheat crop after heavy rain fell this weekend. The crop is being harvested.
The fighting in eastern Ukraine had little impact on the wheat market today.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 433.90 -9.40 -2.12%
Canola Jan 2015 437.20 -9.60 -2.15%
Canola Mar 2015 437.10 -9.30 -2.08%
Canola May 2015 433.10 -9.30 -2.10%
Canola Jul 2015 428.50 -10.60 -2.41%
Milling Wheat Oct 2014 186.00 -2.00 -1.06%
Milling Wheat Dec 2014 191.00 -2.00 -1.04%
Milling Wheat Mar 2015 203.00 -1.00 -0.49%
Durum Wheat Oct 2014 250.00 unch 0.00%
Durum Wheat Dec 2014 256.00 unch 0.00%
Durum Wheat Mar 2015 257.00 unch 0.00%
Barley Oct 2014 137.50 unch 0.00%
Barley Dec 2014 139.50 unch 0.00%
Barley Mar 2015 140.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2014 1175.75 -1 -0.08%
Soybeans Sep 2014 1091.5 -12.75 -1.15%
Soybeans Nov 2014 1071.5 -13.75 -1.27%
Soybeans Jan 2015 1079.75 -13.75 -1.26%
Soybeans Mar 2015 1087.5 -14 -1.27%
Soybeans May 2015 1095.25 -14 -1.26%
Soybean Meal Aug 2014 380.7 +0.4 +0.11%
Soybean Meal Sep 2014 360.1 -3.1 -0.85%
Soybean Meal Oct 2014 349.7 -4.6 -1.30%
Soybean Oil Aug 2014 36.14 -0.43 -1.18%
Soybean Oil Sep 2014 36.21 -0.45 -1.23%
Soybean Oil Oct 2014 36.17 -0.46 -1.26%
Corn Sep 2014 364 -7.25 -1.95%
Corn Dec 2014 372 -6.5 -1.72%
Corn Mar 2015 383.75 -6.75 -1.73%
Corn May 2015 392.25 -6.75 -1.69%
Corn Jul 2015 399.75 -6.75 -1.66%
Oats Sep 2014 331.75 +0.25 +0.08%
Oats Dec 2014 325 -0.25 -0.08%
Oats Mar 2015 319 unch 0.00%
Oats May 2015 311.25 unch 0.00%
Oats Jul 2015 314.5 unch 0.00%
Wheat Sep 2014 530 -2.25 -0.42%
Wheat Dec 2014 554.25 -2 -0.36%
Wheat Mar 2015 577.25 -0.5 -0.09%
Wheat May 2015 592.5 -0.25 -0.04%
Wheat Jul 2015 605.75 +0.75 +0.12%
Minneapolis
Spring Wheat Sep 2014 623.25 -7 -1.11%
Spring Wheat Dec 2014 633.75 -6.25 -0.98%
Spring Wheat Mar 2015 646.75 -6 -0.92%
Spring Wheat May 2015 655 -6 -0.91%
Spring Wheat Jul 2015 663.25 -6 -0.90%
Kansas City
KC HRW Wheat Sep 2014 628 -5.75 -0.91%
KC HRW Wheat Dec 2014 639.75 -6 -0.93%
KC HRW Wheat Mar 2015 647.5 -5 -0.77%
KC HRW Wheat May 2015 653.25 -4.25 -0.65%
KC HRW Wheat Jul 2015 640.75 -3 -0.47%
Light crude oil nearby futures in New York rose $1.46 at $104.59 US per barrel.
The Canadian dollar at noon was 93.14 cents US, unchanged from the previous trading day. The U.S. dollar at noon was $1.0737 Cdn.
The fighting in Ukraine and the Israel-Gaza conflict kept investors in a defensive mood.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 16.58 points, or 0.11 percent, at 15,249.99.
The Dow Jones industrial average fell 48.45 points or 0.28 percent, to end at 17,051.73.
The S&P 500 declined 4.59 points or 0.23 percent, to finish at 1,973.63.
The Nasdaq Composite dropped 7.44 points or 0.17 percent, to close at 4,424.70.
