Canola futures settled lower on Monday ahead of Tuesday’s Statistics Canada seeding report.
Traders are looking for at least 18.5 million acres of canola in Tuesday’s report. Look for coverage of the StatsCan report at Producer.com on Tuesday.
Seeding delays limited the loss in new crop months on Monday.
U.S. crop futures rose on weather problems. Hard wheat led the way, supported by drought in the southern plains and seeding delays in Canada and North Dakota. Dry weather in Western Europe is also supporting wheat.
Seeding delays in the Midwest supported corn. Only nine percent of expected corn acreage was seeded as of Sunday. The trade had expected 13 percent. Last year, 46 percent was in the ground and the five-year average is 23 percent.
In U.S. spring wheat, six percent has been seeded, compared to the five-year average of 25 percent.
Winnipeg (per tonne)
Canola May 11 $575.90, down $2.60
Canola Jul 11 $586.00, down $2.20
Canola Nov 11 $587.90, down 40 cents
Canola Jan 12 $594.40, down 80 cents
The previous day’s best basis narrowed to 30 cents under the May contract according to ICE Futures Canada in Winnipeg.
The May contract’s 14-day Relative Strength Index was 48. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
Western Barley May 11 $200, unchanged
Chicago (per bushel)
Soybeans May 11 $13.895, up 9.0 cents
Soybeans Jul 11 $13.965, up 6.75
Soybeans Nov 11 $13.825, unchanged
Corn May 11 $7.625, up 25.25
Corn Dec 11 $6.815, up 16.0
Oats May 11 $3.98, up 8.25
Oats Dec 11 $4.1425, up 8.25
Minneapolis (per bushel)
Spring Wheat May 11 $9.8075, up 29.25 cents
Spring Wheat Jul 11 $9.8925, up 28.5
Spring Wheat Dec 11 $10.025, up 25.0
Light crude oil nearby futures in New York fell one cent to $112.28 US per barrel.
The Canadian dollar at noon was $1.0481 US, down from $1.0505 the previous trading day. The U.S. dollar at noon was 95.41 cents Cdn.
The Toronto Stock Exchange composite index ended down 64.70 points, or 0.46 percent, at 13,907.32.
The Standard and Poor’s 500 index fell 2.13 points, or 0.16 percent, to 1335.25.
