CHICAGO and WINNIPEG, June 2 (Reuters) – ICE Canada canola futures slid on Monday for the seventh time in eight sessions with worries easing about late planting and technical selling.
Some planting concerns remain for canola in wet areas of eastern Saskatchewan and western Manitoba. But in some areas, farmers are expected to shift some wheat acres to canola.
July canola touched $448.40 per tonne, the lowest nearby price in five weeks, triggering technical selling, a trader said.
July canola dipped $5.10 to settle at $453.20 per tonne.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
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-active November canola shed $3.50 to end at $461.40 per tonne.
Inter-month spreads accounted for most of the trade, with the July-November spread widening to a November premium of $8.20.
Palm oil and soy oil futures also fell.
U.S. old crop soybean futures rose on Monday on signs of strong export demand that threatened to further deplete thin U.S. supplies, traders said.
Corn was close to unchanged, with good crop weather pressuring prices, while wheat futures sagged to a three-month low on ample global stocks and lackluster demand. CBOT wheat has fallen for nine straight days and in 17 of the last 18 sessions.
Tight U.S. soybean supplies, combined with expectations of a huge harvest this fall amid forecasts for good crop weather in the Midwest, led investors to add to bull spreads. The spreading pushed the front-month soybean contract above $15 a bushel while new-crop months were close to unchanged.
Corn prices followed a similar pattern.
The U.S. Agriculture Department will release its first ratings for the recently seeded corn crop on Monday afternoon. Analysts expected the USDA to show good-to-excellent ratings for corn at 70 percent.
“This weather continues to benefit most of the U.S. crop,” Matt Zeller, director of market information at INTL FCStone, said in a note to clients. “Early-season prospects couldn’t be shaping up much better.”
Soybean prices surged to session highs after the USDA said weekly export inspections of the oilseed were a better-than-expected 156,364 tonnes.
Weekend rains in the southern U.S. Plains and forecasts for more precipitation this week may help heading and maturing hard red winter wheat crops in some areas.
The improving U.S. picture has reinforced a bearish mood in the wheat market, with good crop conditions across Europe and promising sowing prospects in Australia and Argentina.
Favourable weather in May has also brightened prospects for the 2014 grain harvest in Russia and Ukraine, easing risks related to the lack of financing available for sowing, analysts and traders said.
Russia and Ukraine have already clinched a series of new-crop export sales deals, putting further pressure on U.S. prices.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014 453.20 -5.10 -1.11%
Canola Nov 2014 461.40 -3.50 -0.75%
Canola Jan 2015 467.30 -3.10 -0.66%
Canola Mar 2015 469.80 -3.00 -0.63%
Canola May 2015 471.30 -2.90 -0.61%
Milling Wheat Jul 2014 207.00 -7.00 -3.27%
Milling Wheat Oct 2014 207.00 -7.00 -3.27%
Milling Wheat Dec 2014 211.00 -7.00 -3.21%
Durum Wheat Jul 2014 251.00 -1.00 -0.40%
Durum Wheat Oct 2014 242.00 -1.00 -0.41%
Durum Wheat Dec 2014 244.00 -1.00 -0.41%
Barley Jul 2014 145.00 -5.00 -3.33%
Barley Oct 2014 145.00 -5.00 -3.33%
Barley Dec 2014 147.00 -5.00 -3.29%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2014 1500.5 +7.25 +0.49%
Soybeans Aug 2014 1427 +2.5 +0.18%
Soybeans Sep 2014 1282 -3.75 -0.29%
Soybeans Nov 2014 1229.75 -4 -0.32%
Soybeans Jan 2015 1235.75 -3.75 -0.30%
Soybeans Mar 2015 1239.25 -4 -0.32%
Soybean Meal Jul 2014 506 +5.8 +1.16%
Soybean Meal Aug 2014 475.6 +1.7 +0.36%
Soybean Meal Sep 2014 434.8 -1.3 -0.30%
Soybean Oil Jul 2014 38.31 -0.19 -0.49%
Soybean Oil Aug 2014 38.41 -0.2 -0.52%
Soybean Oil Sep 2014 38.51 -0.17 -0.44%
Corn Jul 2014 465.5 -0.25 -0.05%
Corn Sep 2014 459.25 +1.25 +0.27%
Corn Dec 2014 458.5 +1 +0.22%
Corn Mar 2015 467.5 +1 +0.21%
Corn May 2015 473.75 +0.75 +0.16%
Oats Jul 2014 371.25 +0.25 +0.07%
Oats Sep 2014 354.5 +1.75 +0.50%
Oats Dec 2014 329.75 -1.75 -0.53%
Oats Mar 2015 321.25 -5 -1.53%
Oats May 2015 319 -2.5 -0.78%
Wheat Jul 2014 620.75 -6.5 -1.04%
Wheat Sep 2014 631.75 -8 -1.25%
Wheat Dec 2014 654.25 -6.25 -0.95%
Wheat Mar 2015 672 -5.25 -0.78%
Wheat May 2015 681 -5 -0.73%
Minneapolis
Spring Wheat Jul 2014 697.25 -9.25 -1.31%
Spring Wheat Sep 2014 705.75 -9.25 -1.29%
Spring Wheat Dec 2014 717.25 -7.75 -1.07%
Spring Wheat Mar 2015 725 -7 -0.96%
Spring Wheat May 2015 729.5 -5.5 -0.75%
Kansas City
KC HRW Wheat Jul 2014 718.75 -4.25 -0.59%
KC HRW Wheat Sep 2014 727 -3.75 -0.51%
KC HRW Wheat Dec 2014 737.75 -4.25 -0.57%
KC HRW Wheat Mar 2015 743.75 -4.25 -0.57%
KC HRW Wheat May 2015 743.75 -2 -0.27%
Light crude oil nearby futures in New York dropped 24 cents at $102.47 US per barrel.
The Canadian dollar at noon was 91.79 cents US, down from 92.02 cents the previous trading day. The U.S. dollar at noon was $1.0895 Cdn.
In early unofficial tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 76.60 points, or 0.52 percent, at 14,680.76.
The Dow Jones was up 26.46 points or 0.16 percent at 16.743.63.
The S&P 500 was up 1.4 points or 0.07 percent at 1,924.97.
The Nasdaq fell 5.42 points or 0.13 percent at 4,237.20.
