ICE Canada canola futures rose on Monday, boosted by catch-up buying after last week’s holidays and higher soybean oil.
ICE Canada was closed Thursday and Friday. On Friday, Chicago March soybeans, which often set canola’s direction, gained nearly two percent in light technical trade and support from excessive monsoon rains in Malaysia.
Today, soybeans gave back some of that increase on profit taking.
Most-active March canola today climbed $3.80 to $439.60 per tonne.
The Canadian Oilseed Processors Association said members crushed 144,058 tonnes of canola in the week ending Dec. 24, up 5.7 percent. That represented a capacity use of about 79 percent, slightly lower than the average to date this year but the same as last year at the same time.
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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.
Malaysian February palm oil rose 1.9 percent, on concerns that heavy rains in Malaysia would hurt palm production.
NYSE Liffe Paris February rapeseed gained 0.5 percent.
Rains expected throughout Argentina’s Pampas grains belt over the New Year holiday should refresh recently planted soybeans and corn, the country’s top two cash crops, a local weather expert said on Monday, Reuters reported
Weather on the Pampas was hot and dry over the weekend, but that will change on Tuesday with rain that was expected to continue on and off through the first half of January, said German Heinzenknecht, a meteorologist at consultancy Applied Climatology.
Wheat closed higher.
Forecasts for possibly crop-damaging cold in the U.S. Plains wheat belt offset price pressure from ample global supplies and generally sluggish export demand for U.S. wheat. Concerns about an export tariff on Russian exports further underpinned wheat, Reuters reported.
On Thursday, when Canadian and U.S. markets were closed, Russia said it would introduce grain export duties of no less than 35 euros per tonne, starting from Feb. 1 to stabilize domestic prices.
Iraq bought wheat from Canada, the U.S. and Australia in a tender in which no Russian wheat was offered, showing the potential for other exporters to benefit from dwindling Russian shipments.
But top importer Egypt was assured by Russia that it will receive wheat booked for January shipment.
U.S. corn futures fell on Monday on technical selling and profit-taking after stronger-than-expected weekly export sales earlier lifted the market to its highest in nearly six months.
Traders were squaring positions ahead of the end of the year and activity was thin in the holiday week, which exaggerated some market moves.
Corn had rallied early on Monday to its highest since early July as export data released by the U.S. Agriculture Department showed stronger-than-expected sales in the latest reporting week.
U.S. corn export sales in the week ended Dec. 18 hit a 10-week high of 1.7 million tonnes, above trade forecasts for 500,000 to 800,000 tonnes.
“Corn export sales were massive and that supported the market earlier, but it wasn’t able to hold the gains, which is not good for corn technically,” said Joe Davis, vice president of commodity sales at Futures International.
Traders downplayed reports of excessive rain in parts of Brazil and Argentina, two of the world’s top three soy growers, as both countries are still expected to produce bumper crops.
Light crude oil nearby futures in New York fell $1.12 to US$53.61 per barrel.
The Canadian dollar at noon was US85.97 cents, down from 86.04 cents the previous trading day. The U.S. dollar at noon was C$1.1632.
Canada’s main stock index closed higher on Monday, boosted by bank stocks and energy shares, which rose even as the price of oil dropped.
In early tallies, the Toronto Stock Exchange’s S&P/TSX composite index closed up 54.67 points, or 0.37 percent, at 14,663.92.
U.S. stocks ended little changed in thin trading on Monday and the S&P 500 notched its latest record high, but gains were curbed when an early rally in energy prices lost momentum.
The Dow Jones industrial average fell 14.96 points, or 0.08 percent, to 18,038.75, the S&P 500 gained 1.9 points, or 0.09 percent, to 2,090.67 and the Nasdaq Composite added 0.05 points, or 0 percent, to 4,806.91.
ICE Futures Canada, dollars per tonne
Canola Jan 2015 453.60 +2.00 +0.44%
Canola Mar 2015 439.60 +3.80 +0.87%
Canola May 2015 435.20 +1.80 +0.42%
Canola Jul 2015 433.20 +1.30 +0.30%
Canola Nov 2015 424.40 +1.90 +0.45%
Milling Wheat Mar 2015 231.00 +1.00 +0.43%
Milling Wheat May 2015 234.00 +1.00 +0.43%
Milling Wheat Jul 2015 237.00 +1.00 +0.42%
Durum Wheat Mar 2015 380.00 unch 0.00%
Durum Wheat May 2015 370.00 unch 0.00%
Durum Wheat Jul 2015 360.00 unch 0.00%
Barley Mar 2015 177.00 unch 0.00%
Barley May 2015 179.00 unch 0.00%
Barley Jul 2015 181.00 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 2015 1041.75 -5.75 -0.55%
Soybeans Mar 2015 1048.75 -5.25 -0.50%
Soybeans May 2015 1056 -5 -0.47%
Soybeans Jul 2015 1061.75 -4.25 -0.40%
Soybeans Aug 2015 1059.75 -4.5 -0.42%
Soybeans Sep 2015 1040 -4.25 -0.41%
Soybean Meal Jan 2015 377.4 -2.3 -0.61%
Soybean Meal Mar 2015 358.3 -3.5 -0.97%
Soybean Meal May 2015 350.1 -3 -0.85%
Soybean Oil Jan 2015 32.79 +0.33 +1.02%
Soybean Oil Mar 2015 32.93 +0.34 +1.04%
Soybean Oil May 2015 33.14 +0.33 +1.01%
Corn Mar 2015 412.75 -2 -0.48%
Corn May 2015 421.25 -1.75 -0.41%
Corn Jul 2015 428 -1.75 -0.41%
Corn Sep 2015 430.75 -1.75 -0.40%
Corn Dec 2015 436.75 -2.25 -0.51%
Oats Mar 2015 303.25 -2.75 -0.90%
Oats May 2015 306.25 -2.25 -0.73%
Oats Jul 2015 309.75 -2 -0.64%
Oats Sep 2015 308 -2 -0.65%
Oats Dec 2015 306.75 -0.75 -0.24%
Wheat Mar 2015 615.5 +4.75 +0.78%
Wheat May 2015 619 +4.25 +0.69%
Wheat Jul 2015 620.25 +3.75 +0.61%
Wheat Sep 2015 627.25 +4 +0.64%
Wheat Dec 2015 637.5 +3.75 +0.59%
Minneapolis
Spring Wheat Mar 2015 637.25 +5.75 +0.91%
Spring Wheat May 2015 644.25 +5.25 +0.82%
Spring Wheat Jul 2015 652 +4 +0.62%
Spring Wheat Sep 2015 658 +3 +0.46%
Spring Wheat Dec 2015 665 +1 +0.15%
Kansas City
Hard Red Wheat Mar 2015 647.5 +3.25 +0.50%
Hard Red Wheat May 2015 651 +2 +0.31%
Hard Red Wheat Jul 2015 656 +2 +0.31%
Hard Red Wheat Sep 2015 665.5 +2 +0.30%
Hard Red Wheat Dec 2015 676.5 +1.75 +0.26%
