Canola closes up more than two percent

Monday broke the recent dullness in the crop markets with a big up day for canola and soybean oil, but the reason was hard to figure out.

“It was a handful of things,” said analyst Jon Driedger of FarmLink Marketing about the more than three percent gain for soybean oil and the nearly two-and-a-half percent gain for canola.

“It was just sort of a combination of multiple things that came together and gave it a bit of a rambunctious day.”

Chinese buying of soybean oil from Argentina, worries about Argentine port problems, and recent technical strength in soybean oil were noted by some as triggers that helped shoot soybean oil higher.

Read Also

U.S. livestock: Hog futures hit contract highs on shock herd decline

Chicago | Reuters – Lean hog futures stormed to contract highs at the Chicago Mercantile Exchange on Friday as smaller-than-expected…

For six weeks soybean oil has been in a gentle uptrend, but Monday saw it shoot to the upper extreme of the rising channel.

Canola rose despite a stronger loonie, highlighting the crop’s strength in an oil-driven market. Soybeans fared well Monday too, but rose more slowly than canola.

While canola is almost 50 percent oil in terms of weight, soybeans are only about 20 percent oil, so an oil rally can only carry soybeans along so far.

Decent rains kissed most U.S. wheat regions during the weekend, so buyers relaxed a little about those crops and prices eased off a few cents in wheat futures contracts.

Corn and oats were slightly off too.

Most crop contracts continue to tread water in this limbo period between seeding and emergence in many areas. Crops are getting sown, conditions are good, but there’ s not much to look at yet.

Stock markets were higher Monday, taking indexes back to record level territory again, after some sharp sell-offs last week.

The royal baby was named. The new princess is Charlotte Elizabeth Diana, a nicely balanced name with references to both grandmother and great-grandmother.

Light crude oil nearby futures in New York were down 22 cents to US$58.93 per barrel.
The Canadian dollar at noon was US82.57 cents, up from 82.02 cents the previous trading day. The U.S. dollar at noon was C$1.2111.

Toronto Stock Exchange’s S&P/TSX composite index closed up 27.7 points, or 0.18 percent, at 15,367.47.

The Dow Jones industrial average rose 46.34 points, or 0.26 percent, to end at 18,070.4, and the S&P 500 gained 6.2 points, or 0.29 percent, to 2,114.49. The Nasdaq Composite added 11.54 points, or 0.23 percent, to 5,016.93.

Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015    470.80    +10.90    +2.37%
Canola Jul 2015    457.30    +10.10    +2.26%
Canola Nov 2015    448.90    +9.10    +2.07%
Canola Jan 2016    450.20    +9.20    +2.09%
Canola Mar 2016    450.10    +9.00    +2.04%

Milling Wheat May 2015    195.00    -2.00    -1.02%
Milling Wheat Jul 2015    198.00    -1.00    -0.50%
Milling Wheat Oct 2015    204.00    -1.00    -0.49%

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    200.00    -5.00    -2.44%
Barley Jul 2015    202.00    -5.00    -2.42%
Barley Oct 2015    187.00    -5.00    -2.60%

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

Chicago
Soybeans May 2015    983    +14.5    +1.50%
Soybeans Jul 2015    976.25    +11.5    +1.19%
Soybeans Aug 2015    969.5    +10.5    +1.09%
Soybeans Sep 2015    956.25    +9.5    +1.00%
Soybeans Nov 2015    949    +8.25    +0.88%
Soybeans Jan 2016    955.25    +8.25    +0.87%

Soybean Meal May 2015    315.8    +1.1    +0.35%
Soybean Meal Jul 2015    313    +1.1    +0.35%
Soybean Meal Aug 2015    310.9    +0.5    +0.16%

Soybean Oil May 2015    32.47    +1.03    +3.28%
Soybean Oil Jul 2015    32.63    +1.05    +3.32%
Soybean Oil Aug 2015    32.65    +1.03    +3.26%

Corn May 2015    358.75    -1    -0.28%

Corn Jul 2015    361.25    -1.75    -0.48%
Corn Sep 2015    367.75    -2    -0.54%
Corn Dec 2015    377.75    -2.5    -0.66%
Corn Mar 2016    389    -2.5    -0.64%

Oats May 2015    229.25    +0.25    +0.11%
Oats Jul 2015    232    -4    -1.69%
Oats Sep 2015    239    -3    -1.24%
Oats Dec 2015    247    -3.75    -1.50%
Oats Mar 2016    256.25    -4.5    -1.73%

Wheat May 2015    469.25    -0.75    -0.16%
Wheat Jul 2015    472.75    -1.25    -0.26%
Wheat Sep 2015    481.25    -1.5    -0.31%
Wheat Dec 2015    498.25    -2.5    -0.50%
Wheat Mar 2016    515.25    -2.75    -0.53%

Minneapolis
Spring Wheat May 2015    516    -4.25    -0.82%
Spring Wheat Jul 2015    530.25    -4.25    -0.80%
Spring Wheat Sep 2015    541    -4    -0.73%
Spring Wheat Dec 2015    554.75    -3    -0.54%
Spring Wheat Mar 2016    570.25    -2.25    -0.39%

Kansas City
Hard Red Wheat May 2015    493.75    +0.5    +0.10%
Hard Red Wheat Jul 2015    498.25    -2.25    -0.45%
Hard Red Wheat Sep 2015    508    -2.5    -0.49%
Hard Red Wheat Dec 2015    527.5    -2.5    -0.47%
Hard Red Wheat Mar 2016    541    -2.25    -0.41%