You could almost hear the traders clearing the decks for Tuesday’s U.S. Department of Agriculture reports.
“It was a very quiet day,” P.I. Financial broker Ken Ball said Monday.
“Traders like to get profits in the bank before a report.”
Canola was a comparatively strong crop in futures markets today, rising $6.40 for May to $457.10 per tonne and $5.70 for July to $455.30.
Soybean futures rose only eight cents a bushel. Soybean oil fell almost a full percentage point. Canola usually follows soybean oil’s lead, but not today.
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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.
Most traders expect the Tuesday USDA supply and demand reports will have little effect on crop markets. The expectation is that the USDA will slightly trim its soybean year end stocks number.
Malaysian palm oil fell today, but Paris canola futures rose.
Wheat futures were strongly positive, although that surge too was attributed by traders to short-covering after recent profitable declines.
There is also continuing concern about the conditions of the hard red winter wheat crop in the U.S. southern Plains.
Commodities overall had a mixed day, with grains the strongest category, metals being in the green but meats falling and energy futures having a bad day. However, among the energies, WTI crude actually rose almost a full percentage point, but natural gas fell more than five percent.
Stock markets were strong, with the Dow 30 gaining over 150 points by mid-afternoon.
Light crude oil nearby futures in New York were up 39 cents to US$50 per barrel.
The Canadian dollar at noon was US79.38 cents, up from US79.26 cents the previous trading day. The U.S. dollar at noon was C$1.2598.
The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed down 98.01 points, or 0.66 percent, at 14,854.49.
The Dow Jones industrial average rose 138.94 points, or 0.78 percent, to 17,995.72, the S&P 500 gained 8.17 points, or 0.39 percent, to 2,079.43 and the Nasdaq Composite added 15.07 points, or 0.31 percent, to 4,942.44.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015 452.10 +6.40 +1.44%
Canola May 2015 457.10 +6.40 +1.42%
Canola Jul 2015 455.30 +5.70 +1.27%
Canola Nov 2015 449.70 +5.00 +1.12%
Canola Jan 2016 451.20 +5.00 +1.12%
Milling Wheat Mar 2015 225.00 +5.00 +2.27%
Milling Wheat May 2015 232.00 +5.00 +2.20%
Milling Wheat Jul 2015 235.00 +5.00 +2.17%
Durum Wheat Mar 2015 333.00 unch 0.00%
Durum Wheat May 2015 323.00 unch 0.00%
Durum Wheat Jul 2015 313.00 unch 0.00%
Barley Mar 2015 182.00 unch 0.00%
Barley May 2015 184.00 unch 0.00%
Barley Jul 2015 186.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2015 988.25 +9 +0.92%
Soybeans May 2015 993.25 +8.25 +0.84%
Soybeans Jul 2015 998.5 +8 +0.81%
Soybeans Aug 2015 996.75 +7.75 +0.78%
Soybeans Sep 2015 981.25 +6.25 +0.64%
Soybeans Nov 2015 972 +6.75 +0.70%
Soybean Meal Mar 2015 343.9 +6.9 +2.05%
Soybean Meal May 2015 334.1 +6.4 +1.95%
Soybean Meal Jul 2015 330.7 +5.7 +1.75%
Soybean Oil Mar 2015 30.88 -0.26 -0.83%
Soybean Oil May 2015 31 -0.28 -0.90%
Soybean Oil Jul 2015 31.18 -0.28 -0.89%
Corn Mar 2015 383.25 +4 +1.05%
Corn May 2015 388.75 +2.75 +0.71%
Corn Jul 2015 396.25 +2.25 +0.57%
Corn Sep 2015 403.75 +2.5 +0.62%
Corn Dec 2015 412.75 +2 +0.49%
Oats Mar 2015 284.25 +4 +1.43%
Oats May 2015 286.25 +3.25 +1.15%
Oats Jul 2015 287.5 +3.5 +1.23%
Oats Sep 2015 287.5 -1.75 -0.61%
Oats Dec 2015 285.5 +2.75 +0.97%
Wheat Mar 2015 494.25 +8.5 +1.75%
Wheat May 2015 490 +7.5 +1.55%
Wheat Jul 2015 494.25 +7.75 +1.59%
Wheat Sep 2015 504 +8.5 +1.72%
Wheat Dec 2015 518.5 +8.25 +1.62%
Minneapolis
Spring Wheat Mar 2015 548.25 +6.25 +1.15%
Spring Wheat May 2015 560.75 +4.25 +0.76%
Spring Wheat Jul 2015 566 +4.25 +0.76%
Spring Wheat Sep 2015 573.75 +4.75 +0.83%
Spring Wheat Dec 2015 584 +4.5 +0.78%
Kansas City
Hard Red Wheat Mar 2015 529 +8.25 +1.58%
Hard Red Wheat May 2015 530.5 +8.25 +1.58%
Hard Red Wheat Jul 2015 535.5 +8 +1.52%
Hard Red Wheat Sep 2015 546.75 +7.5 +1.39%
Hard Red Wheat Dec 2015 562.5 +6.5 +1.17%
