March canola futures gained slightly Monday, crawling back toward the $500 per tonne level.
However, canola was weak compared to its American sisters.
“Somebody was standing on it all day,” said Ken Ball, a broker with P.I. Financial, about canola’s lethargic response to strength in soybeans and its products.
Soybeans rose 10 cents per bushel in nearby contracts.
Ball said he suspected short speculators kept the pressure on canola, but crushers made up the other side, leaving futures relatively unchanged.
“It certainly would have been attractive today for crushers to come into the market,” said Ball.
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The $500 level is a big round number position that draws a lot of attention, but funds and sophisticated traders place little stock in round numbers.
However, the $500 point has seen much price resilience, with canola bouncing off it in both directions. That support and resistance might be coming more from chart structure and less from the number itself.
“It’s been a nice 50 percent retracement,” said Ball.
“We are almost exactly halfway between the recent low and the recent high.”
Ball said canola remains relatively cheap compared to soybeans, so canola prices could see gains relative to U.S. soybeans.
All major grains contracts except oats rose Monday. This is typical of oats, which often follows its own path.
Gains were modest.
By mid-afternoon Monday the Dow 30 had failed to break through the 2,000 mark, frustrating those who wished to celebrate the anticipated breach. Equity futures have been in a holding pattern for a month, flattening after the sharp November Donald Trump rally.
Light crude oil nearby futures in New York were down $2.03 to US$51.96 per barrel, on concerns that rising Iraqi exports and U.S. output would wipe out the support coming from OPEC cuts.
The Canadian dollar at noon was US75.63 cents, down from 75.67 cents the previous trading day. The U.S. dollar at noon was C$1.3222.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2017 499.20 +0.90 +0.18%
Canola May 2017 505.90 +0.90 +0.18%
Canola Jul 2017 510.30 +0.70 +0.14%
Canola Nov 2017 489.90 +1.10 +0.23%
Canola Jan 2018 491.30 +1.10 +0.22%
Milling Wheat Mar 2017 240.00 +3.00 +1.27%
Milling Wheat May 2017 242.00 +3.00 +1.26%
Milling Wheat Jul 2017 241.00 +2.00 +0.84%
Durum Wheat Mar 2017 317.00 -1.00 -0.31%
Durum Wheat May 2017 320.00 -1.00 -0.31%
Durum Wheat Jul 2017 323.00 -3.00 -0.92%
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 996.50 +9.25 +0.94%
Soybeans Mar 2017 1005.25 +10.00 +1.00%
Soybeans May 2017 1014.25 +9.50 +0.95%
Soybeans Jul 2017 1021.75 +9.75 +0.96%
Soybeans Aug 2017 1020.25 +10.25 +1.01%
Soybeans Sep 2017 1006.00 +10.75 +1.08%
Soybean Meal Jan 2017 309.80 +2.10 +0.68%
Soybean Meal Mar 2017 313.90 +2.40 +0.77%
Soybean Meal May 2017 316.70 +2.30 +0.73%
Soybean Oil Jan 2017 35.27 +0.53 +1.53%
Soybean Oil Mar 2017 35.49 +0.49 +1.40%
Soybean Oil May 2017 35.74 +0.48 +1.36%
Corn Mar 2017 360.00 +1.25 +0.35%
Corn May 2017 367.00 +1.25 +0.34%
Corn Jul 2017 374.00 +1.50 +0.40%
Corn Sep 2017 380.25 +2.00 +0.53%
Corn Dec 2017 387.50 +1.75 +0.45%
Oats Mar 2017 225.50 -3.25 -1.42%
Oats May 2017 225.00 -2.50 -1.10%
Oats Jul 2017 225.00 -6.00 -2.60%
Oats Sep 2017 226.25 +1.00 +0.44%
Oats Dec 2017 228.50 -2.25 -0.98%
Wheat Mar 2017 427.25 +3.50 +0.83%
Wheat May 2017 440.00 +5.25 +1.21%
Wheat Jul 2017 454.00 +6.00 +1.34%
Wheat Sep 2017 466.75 +6.25 +1.36%
Wheat Dec 2017 482.00 +6.75 +1.42%
Minneapolis
Spring Wheat Mar 2017 559.75 +8.00 +1.45%
Spring Wheat May 2017 553.50 +7.25 +1.33%
Spring Wheat Jul 2017 550.75 +5.00 +0.92%
Spring Wheat Sep 2017 553.25 +3.25 +0.59%
Spring Wheat Dec 2017 559.75 +2.50 +0.45%
Kansas City
Hard Red Wheat Mar 2017 438.50 +5.50 +1.27%
Hard Red Wheat May 2017 450.25 +5.75 +1.29%
Hard Red Wheat Jul 2017 461.75 +6.00 +1.32%
Hard Red Wheat Sep 2017 475.75 +6.00 +1.28%
Hard Red Wheat Dec 2017 493.75 +6.00 +1.23%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Feb 2017 116.52 +1.54 +1.34%
Live Cattle (P) Apr 2017 115.98 +1.65 +1.44%
Live Cattle (P) Jun 2017 105.30 +1.30 +1.25%
Feeder Cattle (P) Jan 2017 129.28 +0.78 +0.61%
Feeder Cattle (P) Mar 2017 125.50 +1.48 +1.19%
Feeder Cattle (P) Apr 2017 125.10 +1.38 +1.12%
Lean Hogs (P) Feb 2017 63.75 -0.35 -0.55%
Lean Hogs (P) Apr 2017 68.38 +0.16 +0.23%
Lean Hogs (P) May 2017 73.85 +1.05 +1.44%
