Brazil dryness boosts oilseeds

North American oilseeds experienced a happy Friday, while U.S. stock markets tumbled.

But while the declines in U.S. stocks might have been propelled by fear of global economic weakness, the rise in the oilseeds was also a response to fear.

“The beans were supported by talk of dryness in Brazil,” said Errol Anderson of Pro Market.

“We had short-covering that pushed the beans 15 cents, and canola really got the benefit of that.”

Soybean contracts generally rose about 15 cents per bushel while canola rose $3.80 per tonne, or less than 10 cents per bushel.

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Most crop futures were in the green, with only oats falling slightly.

Anderson said canola’s rise was positive news, but didn’t break canola into better territory.

“We’re close to the top of that trading window, but still range bound.”

March canola has been trading between $470 per tonne and $490 since mid-August. On Friday, January canola closed at $474.80 and March at $484.40.

Wheat contracts gained less, rising only a cent or two, with spring wheat actually falling slightly.

Stock markets were spooked by signs of global economic weakness. The Dow 30 fell 300 points.

Contact ed.white@producer.com

Light crude oil nearby futures in New York were down 22 cents to US$34.73 per barrel.

The Canadian dollar at noon was US72.04 cents, up from 71.58 cents the previous trading day. The U.S. dollar at noon was C$1.3882.

Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2016   474.80   +3.80   +0.81%
Canola Mar 2016   484.40   +3.80   +0.79%
Canola May 2016   491.30   +3.90   +0.80%
Canola Jul 2016   496.30   +3.90   +0.79%
Canola Nov 2016   490.10   +3.30   +0.68%

Milling Wheat Mar 2016   241.00   unch   0.00%
Milling Wheat May 2016   244.00   -1.00   -0.41%
Milling Wheat Jul 2016   248.00   -1.00   -0.40%

Durum Wheat Mar 2016   315.00   unch   0.00%
Durum Wheat May 2016   320.00   unch   0.00%
Durum Wheat Jul 2016   320.00   unch   0.00%

Barley Mar 2016   184.00   unch   0.00%
Barley May 2016   190.00   unch   0.00%
Barley Jul 2016   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 Jan 2016   892.25   +15.25   +1.74%
Soybeans Mar 2016   892.75   +15   +1.71%
Soybeans May 2016   898   +14.5   +1.64%
Soybeans Jul 2016   904.5   +14.25   +1.60%
Soybeans Aug 2016   907   +14.25   +1.60%
Soybeans Sep 2016   905.5   +13.75   +1.54%

Soybean Meal Jan 2016   281   +5.1   +1.85%
Soybean Meal Mar 2016   282.6   +5   +1.80%
Soybean Meal May 2016   284.8   +4.8   +1.71%

Soybean Oil Jan 2016   30.53   +0.46   +1.53%
Soybean Oil Mar 2016   30.79   +0.48   +1.58%
Soybean Oil May 2016   31.01   +0.48   +1.57%

Corn Mar 2016   374.5   +0.25   +0.07%

Corn May 2016   380.5   +0.25   +0.07%
Corn Jul 2016   386.25   +0.5   +0.13%
Corn Sep 2016   389.75   unch   0.00%
Corn Dec 2016   397   +0.5   +0.13%

Oats Mar 2016   226.5   -1.5   -0.66%
Oats May 2016   228.25   -1.5   -0.65%
Oats Jul 2016   231   -1.25   -0.54%
Oats Sep 2016   235   -1.25   -0.53%
Oats Dec 2016   233   -0.5   -0.21%

Wheat Mar 2016   486.75   +2.75   +0.57%
Wheat May 2016   493   +2   +0.41%
Wheat Jul 2016   499   +1.75   +0.35%
Wheat Sep 2016   508.5   +1.25   +0.25%
Wheat Dec 2016   523.25   +2   +0.38%

Minneapolis
Spring Wheat Mar 2016   506.25   -1.75   -0.34%
Spring Wheat May 2016   516   -1.5   -0.29%
Spring Wheat Jul 2016   525.5   -1.75   -0.33%
Spring Wheat Sep 2016   536.75   -1.5   -0.28%
Spring Wheat Dec 2016   552   -2.5   -0.45%

Kansas City
Hard Red Wheat Mar 2016   482.25   +1.75   +0.36%
Hard Red Wheat May 2016   492.25   +1.25   +0.25%
Hard Red Wheat Jul 2016   503   +1.25   +0.25%
Hard Red Wheat Sep 2016   516.25   +0.5   +0.10%
Hard Red Wheat Dec 2016   535.25   +1   +0.19%