Canola returns to price levels of early February

Canola, soybeans and corn continued their February flip-flop Monday, returning to price levels around those that they began the month with, well above those of the recent trough.

But wheat futures suffered again, tailing down seemingly relentlessly as ample world stocks and anemic demand continued to provide bearish sentiment with fresh negativity.

Export inspections of U.S. corn and soybeans topped expectations, helping to drive gains in those contracts, while canola’s own healthy recent export movement has helped invigorate that crop’s futures. U.S. weekly wheat exports were below expectations.

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Short-covering has also been a factor with traders rolling out of positions that have brought good profits in recent months.

The gains in crop prices in the past two weeks have been particularly impressive when considered next to U.S. dollar values, which have also been rising, making greenback-denominated crops seem more expensive in most non-U.S. buyers’ eyes.

The British pound took a pounding Monday, following the London mayor’s decision to begin actively campaigning for the United Kingdom to leave the European Union, scotching prime minister David Cameron’s hopes to keep popular Conservative politicians mostly on-side with his pro-union push.

Oil is another rebounding commodity with nice gains Monday. West Texas Intermediate contracts from May on were in the mid-$30s, which is well above the sub-$30s they had sunk to a few weeks ago.

Light crude oil March futures in New York were up $1.84 to US$31.48 per barrel.

The Canadian dollar at noon was US73.07 cents, up from 72.46 cents the previous trading day. The U.S. dollar at noon was C$1.3685.

Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2016   468.30   +1.70   +0.36%
Canola May 2016   473.30   +2.80   +0.60%
Canola Jul 2016   478.10   +2.70   +0.57%
Canola Nov 2016   477.80   +1.90   +0.40%
Canola Jan 2017   481.80   +2.00   +0.42%

Milling Wheat Mar 2016   229.00   unch   0.00%
Milling Wheat May 2016   232.00   unch   0.00%
Milling Wheat Jul 2016   236.00   unch   0.00%

Durum Wheat Mar 2016   317.00   unch   0.00%
Durum Wheat May 2016   325.00   unch   0.00%
Durum Wheat Jul 2016   310.00   unch   0.00%

Barley Mar 2016   186.00   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 Mar 2016   881   +2.75   +0.31%
Soybeans May 2016   884.25   +3.5   +0.40%
Soybeans Jul 2016   889   +3.75   +0.42%
Soybeans Aug 2016   890.75   +4   +0.45%
Soybeans Sep 2016   889.25   +3.5   +0.40%
Soybeans Nov 2016   891.5   +3   +0.34%

Soybean Meal Mar 2016 264.9 +0.4 +0.15%

Soybean Meal May 2016 266.1 +0.1 +0.04%
Soybean Meal Jul 2016 268.6 +0.3 +0.11%

Soybean Oil Mar 2016   31.49   +0.1   +0.32%
Soybean Oil May 2016   31.74   +0.11   +0.35%
Soybean Oil Jul 2016   31.98   +0.12   +0.38%

Corn Mar 2016   367.5   +2   +0.55%
Corn May 2016   372.25   +3   +0.81%
Corn Jul 2016   377.25   +3.5   +0.94%
Corn Sep 2016   382.25   +3.5   +0.92%
Corn Dec 2016   390.25   +3.75   +0.97%

Oats Mar 2016   187.75   -4.25   -2.21%
Oats May 2016   195   -1   -0.51%
Oats Jul 2016   203   -1   -0.49%
Oats Sep 2016   209.25   -1   -0.48%
Oats Dec 2016   207.5   -1.5   -0.72%

Wheat Mar 2016   458.5   -3.25   -0.70%
Wheat May 2016   464   -2.75   -0.59%
Wheat Jul 2016   471.75   -2.25   -0.47%
Wheat Sep 2016   482.5   -1.5   -0.31%
Wheat Dec 2016   497.25   -1   -0.20%

Minneapolis
Spring Wheat Mar 2016   492.75   -0.5   -0.10%
Spring Wheat May 2016   498.75   +1   +0.20%
Spring Wheat Jul 2016   506.25   +0.75   +0.15%
Spring Wheat Sep 2016   516   +0.5   +0.10%
Spring Wheat Dec 2016   531   +0.75   +0.14%

Kansas City
Hard Red Wheat Mar 2016   453.75   -3.25   -0.71%
Hard Red Wheat May 2016   463.5   -2.75   -0.59%
Hard Red Wheat Jul 2016   473.75   -2.75   -0.58%
Hard Red Wheat Sep 2016   487.75   -2.5   -0.51%
Hard Red Wheat Dec 2016   508.25   -2.25   -0.44%