Canola continues to slip

A slump in soybean oil futures has slapped canola with Monday losses.

Soybeans rose weakly, helped by a strong grain in soybean meal.

Wheat contracts also slipped, with spring wheat falling hardest, down 11-13 cents per bushel, or about double the decline posted by winter wheat contracts.

Canola has been slipping since mid-November, entering a steady grind lower in recent days. The January contract is three dollars above one level of support, with more support around the $500 per tonne mark. After that, $490-$496 is the next area where canola has repeatedly held up.

Canola has already broken a number of moving averages, which had angled upward since the Sept. 16 low around the $490 mark. The steady climb ended last week and swung expectations to the downside.

That takes canola to its weakest point in a month.

Some of the selling has been technical. As well, farmers are now in full marketing mode, with bills to pay and time to move crop.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 84 cents at US$58.11 per barrel.

In the afternoon, the Canadian dollar was trading around US78.33 cents, down from 78.66 cents the previous trading day. The U.S. dollar was C$1.2766.

Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 18 507.80s -3.20 -0.63%
Canola Mar 18 516.30s -3.10 -0.60%
Canola May 18 522.30s -2.10 -0.40%
Canola Jul 18 525.50s -1.80 -0.34%
Canola Nov 18 503.40s -2.20 -0.44%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.

Chicago
Soybeans Jan 18 996-0s +2-6 +0.28%
Soybeans Mar 18 1007-6s +3-0 +0.30%
Soybeans May 18 1017-4s +2-6 +0.27%
Soybeans Jul 18 1025-4s +3-0 +0.29%
Soybeans Aug 18 1026-0s +2-6 +0.27%

Soybean Meal Dec 17 327.1s +3.3 +1.02%
Soybean Meal Jan 18 329.3s +3.4 +1.04%
Soybean Meal Mar 18 332.5s +3.5 +1.06%

Soybean Oil Dec 17 33.60s -0.34 -1.00%
Soybean Oil Jan 18 33.74s -0.34 -1.00%
Soybean Oil Mar 18 33.98s -0.34 -0.99%

Corn Dec 17 338-6s -3-4 -1.02%
Corn Mar 18 351-6s -3-2 -0.92%
Corn May 18 360-0s -3-2 -0.89%
Corn Jul 18 368-2s -3-0 -0.81%
Corn Sep 18 375-4s -3-0 -0.79%

Oats Dec 17 250-4s +1-2 +0.50%
Oats Mar 18 267-6s +1-0 +0.37%
Oats May 18 274-0s +1-2 +0.46%
Oats Jul 18 278-6s +1-0 +0.36%
Oats Sep 18 280-2s +0-4 +0.18%

Wheat Dec 17 409-4s -6-2 -1.50%
Wheat Mar 18 428-2s -6-4 -1.50%
Wheat May 18 441-0s -6-4 -1.45%
Wheat Jul 18 455-4s -5-6 -1.25%
Wheat Sep 18 470-6s -5-4 -1.15%

Minneapolis

Spring Wheat Dec 17 610-0s -13-4 -2.17%
Spring Wheat Mar 18 627-0s -11-4 -1.80%
Spring Wheat May 18 633-4s -10-0 -1.55%
Spring Wheat Jul 18 637-0s -9-4 -1.47%
Spring Wheat Sep 18 632-2s -1-2 -0.20%

Kansas City
Hard Red Wheat Dec 17 407-2s -7-2 -1.75%
Hard Red Wheat Mar 18 425-2s -6-6 -1.56%
Hard Red Wheat May 18 438-4s -6-6 -1.52%
Hard Red Wheat Jul 18 456-4s -6-6 -1.46%
Hard Red Wheat Sep 18 474-2s -6-4 -1.35%

Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 119.825s +1.250 +1.05%
Live Cattle Feb 18 126.050s +1.475 +1.18%
Live Cattle Apr 18 126.850s +1.600 +1.28%

Feeder Cattle Jan 18 154.450s +1.150 +0.75%
Feeder Cattle Mar 18 152.550s +0.775 +0.51%
Feeder Cattle Apr 18 152.475s +0.900 +0.59%

Lean Hogs Dec 17 64.525s +1.275 +2.02%
Lean Hogs Feb 18 70.100s +0.700 +1.01%
Lean Hogs Apr 18 74.075s +0.500 +0.68%

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