Canola weakens on good Argentine weather

Good weather in Argentina cast a pall on soybeans Monday, helping canola to weaken slightly.

It was a generally down day in grains futures, but most losses were only of a few cents.

January canola futures hung in at $517.50, just beneath the $520 level that has been an important point of support and resistance since mid-October. Canola has found $520 to be sticky, moving either side of that mark but then being brought right back to it again.

Some analysts see this as a consolidation period before another leg higher, while others feel the crop is fairly priced, and future price movement will depend on overall vegetable oil fundamentals.

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The biggest fundamental wild card for the canola and soybean markets is the situation in South America, where huge crops of soybeans are growing. Weather conditions there can cause great volatility in world crop markets in the winter.

This weekend there was good rain in Argentina, so some analysts see the Monday weakening as recognition of that.

March spring wheat futures have managed to stay above the $5.40 resistance level that held from July until the end of November.

Light crude oil nearby futures in New York were up 22 cents to US$52.12 per barrel.
The Canadian dollar at noon was US74.64 cents, down from 74.97 cents the previous trading day. The U.S. dollar at noon was C$1.3397.

Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2017   517.50   -0.80   -0.15%
Canola Mar 2017   525.70   -0.10   -0.02%
Canola May 2017   530.50   +0.20   +0.04%

Canola Jul 2017   532.70   +0.30   +0.06%
Canola Nov 2017   505.60   +2.80   +0.56%

Milling Wheat Mar 2017   235.00   -3.00   -1.26%
Milling Wheat May 2017   238.00   -3.00   -1.24%
Milling Wheat Jul 2017   239.00   -2.00   -0.83%

Durum Wheat Mar 2017   319.00   unch   0.00%
Durum Wheat May 2017   322.00   unch   0.00%
Durum Wheat Jul 2017   327.00   unch   0.00%

Barley Mar 2017   142.00   unch   0.00%
Barley May 2017   144.00   unch   0.00%
Barley Jul 2017   145.00   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 2017   1021.50   -15.25   -1.47%
Soybeans Mar 2017   1032.00   -14.75   -1.41%
Soybeans May 2017   1040.50   -13.75   -1.30%
Soybeans Jul 2017   1046.50   -12.25   -1.16%
Soybeans Aug 2017   1043.50   -13.00   -1.23%
Soybeans Sep 2017   1026.50   -10.75   -1.04%

Soybean Meal Jan 2017   312.20   -4.40   -1.39%
Soybean Meal Mar 2017   316.40   -4.80   -1.49%
Soybean Meal May 2017   319.60   -4.30   -1.33%

Soybean Oil Jan 2017   36.56   -0.23   -0.63%
Soybean Oil Mar 2017   36.85   -0.23   -0.62%

Soybean Oil May 2017   37.04   -0.20   -0.54%

Corn Mar 2017   353.25   -4.00   -1.12%
Corn May 2017   360.00   -4.25   -1.17%
Corn Jul 2017   367.50   -3.75   -1.01%
Corn Sep 2017   375.00   -3.75   -0.99%
Corn Dec 2017   384.25   -3.25   -0.84%

Oats Mar 2017   225.50   +0.25   +0.11%
Oats May 2017   227.00   +0.75   +0.33%
Oats Jul 2017   229.00   +0.75   +0.33%
Oats Sep 2017   234.25   +0.75   +0.32%
Oats Dec 2017   230.00   -0.50   -0.22%

Wheat Mar 2017   405.00   -6.00   -1.46%
Wheat May 2017   417.50   -5.75   -1.36%
Wheat Jul 2017   431.25   -4.50   -1.03%
Wheat Sep 2017   445.00   -4.00   -0.89%
Wheat Dec 2017   462.00   -3.25   -0.70%

Minneapolis
Spring Wheat Mar 2017   541.75   -2.75   -0.51%
Spring Wheat May 2017   538.75   -1.00   -0.19%
Spring Wheat Jul 2017   541.25   -2.00   -0.37%
Spring Wheat Sep 2017   546.50   -1.25   -0.23%
Spring Wheat Dec 2017   554.50   -1.25   -0.22%

Kansas City
Hard Red Wheat Mar 2017   414.00   -1.50   -0.36%
Hard Red Wheat May 2017   425.75   -1.25   -0.29%
Hard Red Wheat Jul 2017   437.50   -1.25   -0.28%
Hard Red Wheat Sep 2017   450.75   -1.75   -0.39%

Hard Red Wheat Dec 2017   468.50   +0.25   +0.05%

Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Dec 2016   111.95   -0.43   -0.38%
Live Cattle (P) Feb 2017   115.92   +0.47   +0.41%
Live Cattle (P) Apr 2017   114.13   +0.53   +0.47%

Feeder Cattle (P) Jan 2017   130.88   +0.88   +0.68%
Feeder Cattle (P) Mar 2017   126.92   +0.52   +0.41%
Feeder Cattle (P) Apr 2017   126.15   +0.47   +0.37%

Lean Hogs (P) Feb 2017   66.10   +1.52   +2.35%
Lean Hogs (P) Apr 2017   68.68   +0.48   +0.70%
Lean Hogs (P) May 2017   73.75   -0.15   -0.20%