Canola closes up

Canola punched above its weight in the oilseed ring, with nearby soybeans losing slightly, while November canola gained $7.70 on the day.

Early trading July 31 saw profit taking dropping the canola price from the opening bell. Influences from a bearish American soybean market clawed at the $623.60, $14.17 per bushel, canola price, falling to $671.50 before regaining strength. The smaller oilseed decided to follow its own path, and went up as the day wore on, while November soybeans were flat to down slightly finishing the day at $16.42 per bu.

Canola’s basis remained about $1 under November.

Read Also

Alberta harvest wrapping up: report

Harvest operations advanced to 96 per cent complete in Alberta as of Oct. 7, with only a few late-seeded cereal and canola fields remaining, according to the latest provincial crop report.

Western barley was unchanged with October at $257. Wheat took a markets rally break, following corn lower. The little cereals were off between 1.5 and three percent on the day, however that is after a July run-up of nearly 20 percent.

December Chicago corn was off 8 ¾ cents, but held above the magical $8 mark. Still that is after a 26 percent rise in the month of July, so small pullbacks might be expected in such a hot market.

Speaking of heat, the American Midwest is still getting it, as is Ontario. Localized showers in Ohio, Indiana, Pennsylvania and parts of southern Illinois softened the drought, but failed to raise expectations about corn yields, according to the daily chatter of American traders and markets watchers. Iowa, Illinois, Nebraska, Kansas and the U.S. South and West all failed to get rain and that has wiped out any overall corn yield gains that might have accrued to central Midwest showers.

Supply and demand numbers didn’t move, but the calendar did, as commodity-trading fund managers moved to take some of their significant July profits out the market and put them back into the their clients’ trading accounts or onto the firms’ balance sheets.

A Reuters markets analysts survey confirmed that soybean production fell again in the past week, with a projection of 2.83 billion bushels being harvested sometime between now and Christmas.

Crude oil fell by $2 over the day based on expectations that global economies might soften and with reports that despite narrowing crude stocks diesel and gasoline inventories are rising.

Winnipeg (per tonne)

Canola Nov 12 $631.30, up $7.70 +1.23%

Canola Jan 13 $633.50, up $7.20 +1.15%

Canola Mar 13 $635.00, up $7.50 +1.20%

Canola May 13 $619.30, up $6.00 +0.98%

Western Barley Oct 12 $257.00, unchanged

Western Barley Dec 12 $262.00, unchanged

Milling Wheat Oct 12 $317.50, down $10.00 -3.05%

Milling Wheat Dec 12 $325.00, down $10.00 -2.99%

Milling Wheat Mar 13 $335.00, down $10.00 -2.90%

Durum Wheat Oct 12 $325.50, down $4.90 -1.48%

Durum Wheat Dec 12 $330.00, down $4.90 -1.46%