Canola rises with soybeans as loonie remains weak

Canola futures gained $3.10 per tonne Monday, thanks to weakness in the Canadian dollar and strength in Chicago soybean futures.

January canola on ICE Futures Canada closed at $445.50 per tonne, up from $442.40 Dec. 19.

January soybeans gained 7.75 cents on the Chicago exchange, finishing at $10.3825 per bu.

The U.S. Department of Agriculture reported Monday that soybean export inspections were 2.2 million tonnes in the third week of December, compared to 1.88 million tonnes for the previous week.

China’s decision to permit imports of a genetically modified Pioneer DuPont soybean variety may have also bolstered soybean prices.

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Australian farmers are forecast to grow slightly more canola and barley this year, while wheat production may dip, according to the latest estimates from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES).

The story of the day in agricultural markets was Russia’s plan to impose export duties on wheat and other grains.

On Monday, prime minister Dmitry Medvedev and Kremlin officials said the duties were necessary to preserve Russian grain stocks for the domestic market.

Last week, the Russians took other steps to curtail exports. They limited railway loadings and stepped up grain quality inspections to cut into exports.

The Russians are expected to release details of the export duties in the next 24 hours.

Wheat traders may have already factored Russia’s unpredictable policies into futures prices.

Chicago wheat futures gained nearly a $1.50 per bu. this fall, going from below $4.90 per bu. in September to $6.40 per bu. last week.

Wheat futures pulled back Friday and dropped further today. CBOT March wheat dropped 6.5 cents per bu. to close at $6.2575 per bu.

Nearby corn futures gained 1.25 cents to finish at $4.1175 per bu.

Milling wheat, barley and durum futures on the ICE Winnipeg exchange were not traded.

February oil futures in New York dropped $1.87 Monday, ending the day at $55.26 per barrel.

The Canadian dollar settled at US85.89 cents, down from 86.15 Friday. The U.S. dollar finished at C$1.1643

ICE Futures Canada, dollars per tonne

Canola Jan 2015       445.50       +3.10       +0.7%
Canola Mar 2015       439.50      +2.40       +0.55%
Canola May 2015       438.40      +2.30       +0.52%
Canola Jul 2015         438.30       +2.60       +0.59%
Canola Nov 2015       431.70       +2.10       +0.49%

Milling Wheat Mar 2015       235.00       unch        0.00%
Milling Wheat May 2015       238.00       unch        0.00%
Milling Wheat Jul 2015       239.00          unch        0.00%

Durum Wheat Mar 2015       357.50       unch       0.00%
Durum Wheat May 2015       357.50       unch       0.00%
Durum Wheat Jul 2015       357.50       unch       0.00%

Barley Mar 2015       177.00       unch       0.00%
Barley May 2015       179.00       unch       0.00%
Barley Jul 2015       181.00       unch       0.00%

Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015    445.50    +3.10    +0.70%

Canola Mar 2015    439.50    +2.40    +0.55%
Canola May 2015    438.40    +2.30    +0.53%
Canola Jul 2015    438.30    +2.60    +0.60%
Canola Nov 2015    431.70    +2.10    +0.49%

Milling Wheat Mar 2015    234.00    -1.00    -0.43%
Milling Wheat May 2015    237.00    -1.00    -0.42%
Milling Wheat Jul 2015    239.00    unch    0.00%

Durum Wheat Mar 2015    370.00    +12.50    +3.50%
Durum Wheat May 2015    360.00    +2.50    +0.70%
Durum Wheat Jul 2015    350.00    -7.50    -2.10%

Barley Mar 2015    177.00    unch    0.00%
Barley May 2015    179.00    unch    0.00%
Barley Jul 2015    181.00    unch    0.00%

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

Chicago
Soybeans Jan 2015    1038.25    +7.75    +0.75%
Soybeans Mar 2015    1045.75    +7.25    +0.70%
Soybeans May 2015    1053.5    +7.5    +0.72%
Soybeans Jul 2015    1059.75    +7.75    +0.74%
Soybeans Aug 2015    1058.75    +8    +0.76%
Soybeans Sep 2015    1039.5    +7    +0.68%

Soybean Meal Jan 2015    368.4    +4.9    +1.35%
Soybean Meal Mar 2015    357.2    +5.2    +1.48%
Soybean Meal May 2015    351.1    +4    +1.15%

Soybean Oil Jan 2015    32.04    +0.07    +0.22%
Soybean Oil Mar 2015    32.17    +0.01    +0.03%
Soybean Oil May 2015    32.39    +0.01    +0.03%

Corn Mar 2015    411.75    +1.25    +0.30%
Corn May 2015    420.25    +1.25    +0.30%
Corn Jul 2015    426.75    +0.75    +0.18%
Corn Sep 2015    429.25    +1    +0.23%

Corn Dec 2015    434.75    -0.25    -0.06%

Oats Mar 2015    309.75    -0.75    -0.24%
Oats May 2015    313    -0.5    -0.16%
Oats Jul 2015    315.5    -1.25    -0.39%
Oats Sep 2015    312    -4.25    -1.34%
Oats Dec 2015    308.5    -3    -0.96%

Wheat Mar 2015    625.75    -6.5    -1.03%
Wheat May 2015    629.25    -5.75    -0.91%
Wheat Jul 2015    630.75    -3.5    -0.55%
Wheat Sep 2015    637.5    -3.75    -0.58%
Wheat Dec 2015    646.25    -4.5    -0.69%

Minneapolis
Spring Wheat Mar 2015    645    -3.25    -0.50%
Spring Wheat May 2015    651    -3    -0.46%
Spring Wheat Jul 2015    658.5    -2.25    -0.34%
Spring Wheat Sep 2015    663.5    -0.75    -0.11%
Spring Wheat Dec 2015    671.75    -0.75    -0.11%

Kansas City
Hard Red Wheat Mar 2015    657.75    -8.25    -1.24%
Hard Red Wheat May 2015    662.75    -7.5    -1.12%
Hard Red Wheat Jul 2015    667    -5    -0.74%
Hard Red Wheat Sep 2015    675.25    -4.75    -0.70%
Hard Red Wheat Dec 2015    685.5    -5.25    -0.76%

Light crude oil nearby futures in New York down $1.87 to US$55.26 per barrel.

The Canadian dollar at noon was US85.89 cents, down from 85.99 cents the previous trading day. The U.S. dollar at noon was C$1.1643.