Canola had a less-bad day than its sister North American vegoil commodities, which was about the best thing that could be said about Monday’s futures market.
On Friday canola was the weak sister as soybeans rose, but Monday it was the tough one, handling a lot of downward pressure across markets without taking big losses.
“Canola lagged by five, six, seven dollars (a tonne) on the way up (Friday) and it lagged by about the same amount on the way down (Monday),” said broker Ken Ball of P.I. Financial in Winnipeg.
Read Also
U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
November canola futures fell $2.50 per tonne to $473.80 and January fell $2.70 to $478.80.
November canola was down about a half percent while November soybeans fell 1.4 percent and soy oil fell 1.95 percent.
Spring wheat futures were little changed on the day likely due to reports of poor North American weather possibly causing quality downgrades. Chicago and Kansas wheat closed slightly lower.
Statistics Canada will release a farmer survey-based forecast of Canadian crop production on Friday.
Stock markets were shaken by fresh fears that China’s economy is losing momentum and not finding much new fuel to power the world’s demand growth engine.
Crop markets were also weakened by heavy harvest pressure, with much harvesting expected across the U.S. this week. Most of the U.S. corn and soybean crops are still in the field, so overall pressure on feedgrain and vegetable oil markets will likely be a factor for weeks.
Traders are awaiting the U.S. Department of Agriculture’s quarterly stocks report on Wednesday, a report that will provide a better sense of how much room U.S. farmers have in their bins to store the new crop.
If they have less room than expected, traders will probably anticipate more off-the-combine sales, which would be a bearish factor.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 473.80 -2.50 -0.52%
Canola Jan 2016 478.80 -2.70 -0.56%
Canola Mar 2016 481.00 -2.80 -0.58%
Canola May 2016 481.30 -2.40 -0.50%
Canola Jul 2016 480.60 -1.80 -0.37%
Milling Wheat Oct 2015 237.00 unch 0.00%
Milling Wheat Dec 2015 241.00 unch 0.00%
Milling Wheat Mar 2016 246.00 unch 0.00%
Durum Wheat Oct 2015 345.00 unch 0.00%
Durum Wheat Dec 2015 345.00 unch 0.00%
Durum Wheat Mar 2016 350.00 unch 0.00%
Barley Oct 2015 184.00 unch 0.00%
Barley Mar 2016 186.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2015 876.75 -12.5 -1.41%
Soybeans Jan 2016 880.75 -12.5 -1.40%
Soybeans Mar 2016 885.25 -12.25 -1.36%
Soybeans May 2016 888.25 -11.25 -1.25%
Soybeans Jul 2016 893 -10.75 -1.19%
Soybeans Aug 2016 892.5 -10.5 -1.16%
Soybean Meal Oct 2015 304.7 -4 -1.30%
Soybean Meal Dec 2015 304.1 -4.1 -1.33%
Soybean Meal Jan 2016 303.1 -3.8 -1.24%
Soybean Oil Oct 2015 27.18 -0.54 -1.95%
Soybean Oil Dec 2015 27.37 -0.54 -1.93%
Soybean Oil Jan 2016 27.69 -0.52 -1.84%
Corn Dec 2015 386.75 -2.25 -0.58%
Corn Mar 2016 398 -2.25 -0.56%
Corn May 2016 405 -2.5 -0.61%
Corn Jul 2016 410.25 -2.5 -0.61%
Corn Sep 2016 402.75 -2.25 -0.56%
Oats Dec 2015 229.25 -2 -0.86%
Oats Mar 2016 232.25 -1 -0.43%
Oats May 2016 236.5 -1 -0.42%
Oats Jul 2016 237.25 -1 -0.42%
Oats Sep 2016 237.25 -1 -0.42%
Wheat Dec 2015 505.5 -2.25 -0.44%
Wheat Mar 2016 512.75 -2.25 -0.44%
Wheat Jul 2016 520 -2.75 -0.53%
Wheat Sep 2016 528.25 -2.5 -0.47%
Minneapolis
Spring Wheat Dec 2015 522.75 unch 0.00%
Spring Wheat Mar 2016 536.75 +0.5 +0.09%
Spring Wheat May 2016 546.5 +0.25 +0.05%
Spring Wheat Jul 2016 556.5 +0.25 +0.04%
Spring Wheat Sep 2016 567.5 +0.75 +0.13%
Kansas City
Hard Red Wheat Dec 2015 497.5 -2.75 -0.55%
Hard Red Wheat Mar 2016 512.5 -2.25 -0.44%
Hard Red Wheat May 2016 522.25 -2.5 -0.48%
Hard Red Wheat Jul 2016 531.5 -2.25 -0.42%
Hard Red Wheat Sep 2016 545 -2.5 -0.46%
Contact ed.white@producer.com
