Canola futures were stable Tuesday, as market forces pulled prices in opposing directions.
July canola in Winnipeg increased by 10 cents per tonne to finish the trading day at $449.90 per tonne.
A rise in soybean futures supported canola but a drop in palm oil prices and the relative strength in the Canadian dollar pulled canola slightly lower.
Soybean futures gained early in the day, when the U.S. Department of Agriculture reported 390,000 tonnes of soybean exports, to unknown destinations, for the new crop year. The volume of the sale was one of the largest U.S. export announcements for 2015.
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The optimism from the export data didn’t last. July soybeans finished 4.25 cents higher, settling at $9.7725 per bushel.
Analysts said profit-taking cut into soybean futures. Expectations of a record crop in Argentina, now being harvested, also restrained oilseed gains.
Wheat futures bounced back after a difficult Monday.
The July contract for Chicago wheat gained 3 cents and closed at $4.7725 per bu.
Reports of a better than average crop in Europe, improved conditions for U.S. winter wheat and ample global supply, are all weighing on wheat. The May contract in Chicago dropped to $4.60 per bu. at one point today, the lowest level since 2010.
Reuters reported that Asian customers would likely purchase more Black Sea wheat than usual this year. Russia and Ukraine are cutting wheat prices to attract Asian buyers.
Corn had a quiet day, with the July contract losing 25 cents to close at $3.645 per bu. in Chicago.
Light crude oil nearby futures in New York were up 7 cents to US$57.06 per barrel.
The Canadian dollar at noon was US83.19 cents, up from 82.61 cents the previous trading day. The U.S. dollar at noon was C$1.2021.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 454.20 +1.40 +0.31%
Canola Jul 2015 449.90 +0.10 +0.02%
Canola Nov 2015 442.20 -0.90 -0.20%
Canola Jan 2016 443.60 -1.20 -0.27%
Canola Mar 2016 443.70 -1.50 -0.34%
Milling Wheat May 2015 199.00 +2.00 +1.02%
Milling Wheat Jul 2015 201.00 +2.00 +1.01%
Milling Wheat Oct 2015 207.00 +2.00 +0.98%
Durum Wheat May 2015 313.00 unch 0.00%
Durum Wheat Jul 2015 303.00 unch 0.00%
Durum Wheat Oct 2015 308.00 unch 0.00%
Barley May 2015 205.00 -2.00 -0.97%
Barley Jul 2015 207.00 unch 0.00%
Barley Oct 2015 192.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2015 977.5 +4.5 +0.46%
Soybeans Aug 2015 971.5 +3 +0.31%
Soybeans Sep 2015 959 +2.5 +0.26%
Soybeans Nov 2015 953 +1 +0.11%
Soybeans Jan 2016 959 +0.5 +0.05%
Soybean Meal May 2015 318.7 +3.6 +1.14%
Soybean Meal Jul 2015 317.5 +3.5 +1.11%
Soybean Meal Aug 2015 315.7 +3 +0.96%
Soybean Oil May 2015 31.23 -0.43 -1.36%
Soybean Oil Jul 2015 31.38 -0.46 -1.44%
Soybean Oil Aug 2015 31.46 -0.46 -1.44%
Corn May 2015 361 +0.25 +0.07%
Corn Jul 2015 364.5 -0.25 -0.07%
Corn Sep 2015 371.75 -0.75 -0.20%
Corn Dec 2015 382.5 -0.75 -0.20%
Corn Mar 2016 393.75 -0.5 -0.13%
Oats May 2015 235.5 -2.25 -0.95%
Oats Jul 2015 240.75 -0.5 -0.21%
Oats Sep 2015 247.75 +1.75 +0.71%
Oats Dec 2015 253.75 -1.5 -0.59%
Oats Mar 2016 262.5 -1.5 -0.57%
Wheat May 2015 471.5 +1.25 +0.27%
Wheat Jul 2015 476.25 +3 +0.63%
Wheat Sep 2015 485.75 +3.25 +0.67%
Wheat Dec 2015 503.25 +3 +0.60%
Wheat Mar 2016 520 +3.75 +0.73%
Minneapolis
Spring Wheat May 2015 528.5 +4 +0.76%
Spring Wheat Jul 2015 541.25 +6.75 +1.26%
Spring Wheat Sep 2015 551.25 +6 +1.10%
Spring Wheat Dec 2015 563.75 +6.25 +1.12%
Spring Wheat Mar 2016 578.75 +6.25 +1.09%
Kansas City
Hard Red Wheat May 2015 497.25 +6.5 +1.32%
Hard Red Wheat Sep 2015 513.75 +7 +1.38%
Hard Red Wheat Dec 2015 534 +7.5 +1.42%
Hard Red Wheat Mar 2016 547.5 +7.75 +1.44%
Contact robert.arnason@producer.com
