Monday’s crop futures markets were mostly a bit weaker, but not subject of major moves.
The most interesting element to some was the divergent behaviours between sometimes-sisters canola and soybeans.
Instead of acting in lockstep, the two oilseeds seemed to veer away from each other during the session.
“There was obviously some money playing back and forth between the canola and soybean markets,” said Ken Ball of P.I.Financial.
“There must have been some spreading going on.”
Early on soybeans sank but canola stayed firm, then canola suddenly slumped while soybeans rose.
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Other than this intercommodity motion, the crop markets weren’t too exciting. Soybeans fell seven cents, corn was almost flat, wheat contracts fell slightly with spring wheat being the relatively weakest type. Oats rose three cents on most contracts.
Canola’s weakening was shared by Paris canola futures and Malaysian palm oil.
While prices moved little, a glum feeling hangs over crop prices, with the U.S. crops continuing to come into the bin in generally good condition. Good harvest weather in coming days is expected to continue the easy flow of crop to storage.
However, both U.S. corn and soybeans are behind their usual stage of harvest, being the furthest delayed for five years.
The present market faces less weather dangers than at most times of the year, with Northern Hemisphere crops mostly free from serious damage risk, while South America is not yet at a period in which general prospects are set.
Crude oil fell again, leaving that commodity far weaker than at most times in recent years.
Monday was free of wild stock market volatility, which is a change from last week’s wild action, with both routs and rallies dominating most days.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 405.40 -5.10 -1.24%
Canola Jan 2015 408.10 -5.70 -1.38%
Canola Mar 2015 413.20 -6.30 -1.50%
Canola May 2015 416.10 -6.90 -1.63%
Canola Jul 2015 417.40 -6.70 -1.58%
Milling Wheat Dec 2014 224.00 unch 0.00%
Milling Wheat Mar 2015 230.00 unch 0.00%
Milling Wheat May 2015 233.00 unch 0.00%
Durum Wheat Dec 2014 356.50 unch 0.00%
Durum Wheat Mar 2015 357.50 unch 0.00%
Durum Wheat May 2015 357.50 unch 0.00%
Barley Dec 2014 119.00 unch 0.00%
Barley Mar 2015 122.00 unch 0.00%
Barley May 2015 122.00 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 2014 944.25 -7.5 -0.79%
Soybeans Jan 2015 952.25 -7.5 -0.78%
Soybeans Mar 2015 960.25 -7.75 -0.80%
Soybeans May 2015 969 -7.75 -0.79%
Soybeans Jul 2015 976 -7.75 -0.79%
Soybeans Aug 2015 978 -7.5 -0.76%
Soybean Meal Dec 2014 329.4 -1.1 -0.33%
Soybean Meal Jan 2015 323.3 -1.8 -0.55%
Soybean Meal Mar 2015 316.6 -2.3 -0.72%
Soybean Oil Dec 2014 31.7 -0.32 -1.00%
Soybean Oil Jan 2015 31.97 -0.32 -0.99%
Soybean Oil Mar 2015 32.24 -0.29 -0.89%
Corn Dec 2014 348.25 +0.25 +0.07%
Corn Mar 2015 361.75 +0.5 +0.14%
Corn May 2015 370.5 +0.5 +0.14%
Corn Jul 2015 378 +0.5 +0.13%
Corn Sep 2015 385.5 +1 +0.26%
Oats Dec 2014 350.5 +2.75 +0.79%
Oats Mar 2015 339 +3.25 +0.97%
Oats May 2015 331.25 +3.25 +0.99%
Oats Jul 2015 324.25 +3.5 +1.09%
Oats Sep 2015 327.25 +3.25 +1.00%
Wheat Dec 2014 513.5 -2.5 -0.48%
Wheat Mar 2015 526.25 -1.75 -0.33%
Wheat May 2015 532.5 -2 -0.37%
Wheat Jul 2015 539 -2.5 -0.46%
Wheat Sep 2015 549 -1.75 -0.32%
Minneapolis
Spring Wheat Dec 2014 566.75 -3.75 -0.66%
Spring Wheat May 2015 582.25 -1.25 -0.21%
Spring Wheat Jul 2015 590.5 -0.75 -0.13%
Spring Wheat Sep 2015 598.5 -0.5 -0.08%
Kansas City
Hard Red Wheat Dec 2014 601 -0.75 -0.12%
Hard Red Wheat Mar 2015 601.5 -0.25 -0.04%
Hard Red Wheat May 2015 598.5 unch 0.00%
Hard Red Wheat Jul 2015 589.25 +1 +0.17%
Hard Red Wheat Sep 2015 599.75 +1 +0.17%
Light crude oil nearby futures in New York dropped 4 cents at $82.71 US per barrel.
The Canadian dollar at noon was 88.68 cents US, down from 88.90 cents the previous trading day. The U.S. dollar at noon was $1.1277 Cdn.