Canola fell following a softening of the soybean and corn markets today. With July in the rearview mirror, markets appear to be turning to tomorrow’s USDA summary for some guidance on beans and corn, so steps towards dramatically lower or higher US market prices appeared tentative for this first day of August.
On Winnipeg’s ICE November canola lost $11.30, tumbling from yesterday’s $631.30 to a flat $620 or a hair over $14 per bushel.
Soybeans were off 12 cents by the end of the day’s trade, with a few larger swings earlier in the session failing to set a trend.
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Corn too fell lightly, losing 4 3/4 cents on the day, but holding up just above that magic $8 mark.
Wheat lost on all American markets during the day, but firmed up and finished a few cents off for the day in Kansas and Chicago, but lost 16 cents on Minneapolis.
Canola pulled back by $11.40 on January 2013 futures, losing $11.90 on March, before moderating with a $2.70 loss per tonne on every contract after that, reaching forward to November 2014. Pricing for year after next is sitting at $547.10, with November 2013 at $552.30, July 2013 steady a $602.30 and March at $612.90 or about $13.92. New crop 2013 is sitting at $12.55, giving producers some confidence in their canola profitability for lucky 13.
Feeder cattle in the U.S. rose as corn fell, while hogs declined slightly as desire dried up on buyers’ parts.
American policy decisions about not printing any more money in the short term played against the Canadian dollar, losing a small portion of a penny to the Greenback over the day.
Brent crude on the ICE was up 80 cents on the day, light sweet crude on NYMX was up one percent.
New milling wheat contracts were barely traded, two changed hands, durum failed to trade, but was deemed lower and Western barley also failed to trade, but remained flat.
Winnipeg (per tonne)
Canola Nov 12 $620.00, down $11.30 -1.79%
Canola Jan 13 $622.10, down $11.40 -1.80%
Canola Mar 13 $623.10, down $11.90 -1.87%
Canola May 13 $612.90, down $6.40 -1.03%
Western Barley Oct 12 $265.00, up $8.00 +3.11%
Western Barley Dec 12 $270.00, up $8.00 +3.05%
Milling Wheat Oct 12 $297.50, down $20.00 -6.30%
Milling Wheat Dec 12 $305.00, down $20.00 -6.15%
Milling Wheat Mar 13 $315.00, down $20.00 -5.97%
Durum Wheat Oct 12 $311.50, down $14.00 -4.30%
Durum Wheat Dec 12 $316.00, down $14.00 -4.24%
Durum Wheat Mar 13 $322.60, down $14.00 -4.16%
Barley Oct 12 $264.50, unchanged
Barley Dec 12 $269.50, unchanged
Barley Mar 13 $272.50, unchanged
Chicago (per bushel)
Soybeans (P) Aug 12 $16.8225, down 38.75 cents -2.25%
Soybeans (P) Sep 12 $16.3875, down 18.00 -1.09%
Soybeans (P) Nov 12 $16.2900, down 12.00 -0.73%
Soybeans (P) Jan 13 $16.2075, down 11.50 -0.70%
Corn (P) Sep 12 $8.0050, down 6.00 -0.74%
Corn (P) Dec 12 $8.0050, down 4.75 -0.59%
Corn (P) Mar 13 $7.9900, down 2.25 -0.28%
Oats (P) Sep 12 $3.7100, down 9.25 -2.43%
Oats (P) Dec 12 $3.7200, down 10.75 -2.81%
Oats (P) Mar 13 $3.7250, down 15.25 -3.93%
Minneapolis (per bushel)
Spring Wheat Sep 12 $9.3800, down 15.75 cents -1.65%
Spring Wheat Dec 12 $9.4750, down 15.00 -1.56%
Spring Wheat Mar 13 $9.5350, down 14.50 -1.50%
Spring Wheat May 13 $9.5550, down 17.50 -1.80%
The previous day’s best canola basis was $1 under the November contract according to ICE Futures Canada in Winnipeg.
Light crude oil nearby futures in New York rose 85 cents at $88.91 US per barrel.
The Canadian dollar at noon was 99.83 cents US, down from 99.86 cents the previous trading day. The U.S. dollar at noon was $1.0017 Cdn.
