North American oilseeds experienced a happy Friday, while U.S. stock markets tumbled.
But while the declines in U.S. stocks might have been propelled by fear of global economic weakness, the rise in the oilseeds was also a response to fear.
“The beans were supported by talk of dryness in Brazil,” said Errol Anderson of Pro Market.
“We had short-covering that pushed the beans 15 cents, and canola really got the benefit of that.”
Soybean contracts generally rose about 15 cents per bushel while canola rose $3.80 per tonne, or less than 10 cents per bushel.
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Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
Most crop futures were in the green, with only oats falling slightly.
Anderson said canola’s rise was positive news, but didn’t break canola into better territory.
“We’re close to the top of that trading window, but still range bound.”
March canola has been trading between $470 per tonne and $490 since mid-August. On Friday, January canola closed at $474.80 and March at $484.40.
Wheat contracts gained less, rising only a cent or two, with spring wheat actually falling slightly.
Stock markets were spooked by signs of global economic weakness. The Dow 30 fell 300 points.
Contact ed.white@producer.com
Light crude oil nearby futures in New York were down 22 cents to US$34.73 per barrel.
The Canadian dollar at noon was US72.04 cents, up from 71.58 cents the previous trading day. The U.S. dollar at noon was C$1.3882.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2016 474.80 +3.80 +0.81%
Canola Mar 2016 484.40 +3.80 +0.79%
Canola May 2016 491.30 +3.90 +0.80%
Canola Jul 2016 496.30 +3.90 +0.79%
Canola Nov 2016 490.10 +3.30 +0.68%
Milling Wheat Mar 2016 241.00 unch 0.00%
Milling Wheat May 2016 244.00 -1.00 -0.41%
Milling Wheat Jul 2016 248.00 -1.00 -0.40%
Durum Wheat Mar 2016 315.00 unch 0.00%
Durum Wheat May 2016 320.00 unch 0.00%
Durum Wheat Jul 2016 320.00 unch 0.00%
Barley Mar 2016 184.00 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 Jan 2016 892.25 +15.25 +1.74%
Soybeans Mar 2016 892.75 +15 +1.71%
Soybeans May 2016 898 +14.5 +1.64%
Soybeans Jul 2016 904.5 +14.25 +1.60%
Soybeans Aug 2016 907 +14.25 +1.60%
Soybeans Sep 2016 905.5 +13.75 +1.54%
Soybean Meal Jan 2016 281 +5.1 +1.85%
Soybean Meal Mar 2016 282.6 +5 +1.80%
Soybean Meal May 2016 284.8 +4.8 +1.71%
Soybean Oil Jan 2016 30.53 +0.46 +1.53%
Soybean Oil Mar 2016 30.79 +0.48 +1.58%
Soybean Oil May 2016 31.01 +0.48 +1.57%
Corn Mar 2016 374.5 +0.25 +0.07%
Corn Jul 2016 386.25 +0.5 +0.13%
Corn Sep 2016 389.75 unch 0.00%
Corn Dec 2016 397 +0.5 +0.13%
Oats Mar 2016 226.5 -1.5 -0.66%
Oats May 2016 228.25 -1.5 -0.65%
Oats Jul 2016 231 -1.25 -0.54%
Oats Sep 2016 235 -1.25 -0.53%
Oats Dec 2016 233 -0.5 -0.21%
Wheat Mar 2016 486.75 +2.75 +0.57%
Wheat May 2016 493 +2 +0.41%
Wheat Jul 2016 499 +1.75 +0.35%
Wheat Sep 2016 508.5 +1.25 +0.25%
Wheat Dec 2016 523.25 +2 +0.38%
Minneapolis
Spring Wheat Mar 2016 506.25 -1.75 -0.34%
Spring Wheat May 2016 516 -1.5 -0.29%
Spring Wheat Jul 2016 525.5 -1.75 -0.33%
Spring Wheat Sep 2016 536.75 -1.5 -0.28%
Spring Wheat Dec 2016 552 -2.5 -0.45%
Kansas City
Hard Red Wheat Mar 2016 482.25 +1.75 +0.36%
Hard Red Wheat May 2016 492.25 +1.25 +0.25%
Hard Red Wheat Jul 2016 503 +1.25 +0.25%
Hard Red Wheat Sep 2016 516.25 +0.5 +0.10%
Hard Red Wheat Dec 2016 535.25 +1 +0.19%
