Canola eased off Monday as soybean oil weakened.
But it wasn’t a dramatic day for the oilseed, with only a 50 cent per tonne drop to $479.60 for May and a 20 cent drop for July to $485.30.
Soybeans rose as soybean meal surged almost two and a half percent.
Wheat fell as rain fell in Oklahoma on the weekend. Also a forecast for more to come next weekend improved the prospects for the hard red winter wheat crop in Kansas. The rain is expected to head north toward the hard red spring wheat area.
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Generally the markets have been bullish for soybeans and bearish for corn since the U.S. Department of Agriculture reported that farmers were planning to cut soybean acres and put in corn.
The market is keenly awaiting tomorrow’s USDA supply and demand report.
U.S. farming regions are on the cusp of planting, so the market is transitioning into an extremely sensitive period when every move in the weather tends to have an impact.
After the market closed the USDA said the condition of the U.S. winter wheat crop slipped.
In the latest weekly report the amount rated as good to excellent fell to 56 percent, down from 59 percent the week before. The trade, on average, had expected no change.
The amount rated fair rose one point to 35 percent and the amount rated poor to very poor rose two points to nine percent.
In Kansas, the leading hard red winter state, winter wheat condition rated 2 percent very poor (one percent last week), 9 poor (7), 39 fair (37), 44 good (48), and 6 excellent (7).
Kansas winter wheat jointed was 60 percent, well ahead of 39 last year and ahead of the five-year average of 41.
Equity markets were slightly off.
West Texas Intermediate crude oil rose back above $40 per barrel.
Light crude oil nearby futures in New York were up 64 cents to US$40.36 per barrel.
The Canadian dollar at noon was US77.44 cents, up from 76.95 cents the previous trading day. The U.S. dollar at noon was C$1.2913.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 26.03 points, or 0.19 percent, at 13,422.76.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2016479.60-0.50-0.10%
Canola Jul 2016485.30-0.20-0.04%
Canola Jan 2017488.70+0.70+0.14%
Canola Mar 2017490.40+0.40+0.08%
Milling Wheat May 2016235.00-5.00-2.08%
Milling Wheat Jul 2016235.00-5.00-2.08%
Milling Wheat Oct 2016233.00-5.00-2.10%
Durum Wheat May 2016301.00+5.00+1.69%
Durum Wheat Jul 2016295.00+4.00+1.37%
Durum Wheat Oct 2016282.00+5.00+1.81%
Barley May 2016172.00unch0.00%
Barley Jul 2016174.00unch0.00%
Barley Oct 2016174.00unch0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2016928.25+11.5+1.25%
Soybeans Jul 2016936.75+11.75+1.27%
Soybeans Aug 2016939+11.5+1.24%
Soybeans Sep 2016938.25+10.5+1.13%
Soybeans Nov 2016940.75+10+1.07%
Soybeans Jan 2017944.75+9.5+1.02%
Soybean Meal May 2016280.1+6.4+2.34%
Soybean Meal Jul 2016282.5+6.4+2.32%
Soybean Meal Aug 2016283.7+6.4+2.31%
Soybean Oil May 201633.9-0.04-0.12%
Soybean Oil Jul 201634.18-0.03-0.09%
Soybean Oil Aug 201634.28-0.04-0.12%
Corn May 2016356.75-5.5-1.52%
Corn Jul 2016359.75-5.25-1.44%
Corn Dec 2016368.75-6.25-1.67%
Corn Mar 2017378.5-6-1.56%
Oats May 2016184.75-2.25-1.20%
Oats Jul 2016193.75-0.75-0.39%
Oats Sep 2016202.25-0.25-0.12%
Oats Dec 2016211+0.25+0.12%
Oats Mar 2017218.25+0.25+0.11%
Wheat May 2016447.25-13-2.82%
Wheat Jul 2016454.25-12.5-2.68%
Wheat Sep 2016464.25-12-2.52%
Wheat Dec 2016479.5-11.25-2.29%
Wheat Mar 2017495.25-10.25-2.03%
Minneapolis
Spring Wheat May 2016510.25-10.75-2.06%
Spring Wheat Jul 2016518-11.5-2.17%
Spring Wheat Sep 2016527.75-11.25-2.09%
Spring Wheat Dec 2016541.25-10.5-1.90%
Spring Wheat Mar 2017554.25-10.25-1.82%
Kansas City
Hard Red Wheat May 2016443.75-16.25-3.53%
Hard Red Wheat Jul 2016454.25-16.5-3.51%
Hard Red Wheat Sep 2016468.75-16-3.30%
Hard Red Wheat Dec 2016489.5-15.25-3.02%
Hard Red Wheat Mar 2017503.25-14.5-2.80%
