Canola, like most crops, had a slightly down day in the futures markets Monday, but stayed comfortably within the $500-$510 per tonne zone of support and resistance with which it has flirted for months.
November canola fell $1.70 per tonne to $508.60 and January fell $1.50 to $513.70.
Soybean oil rose slightly Monday, but that wasn’t enough to save canola from succumbing to the pressure from weakening soybeans and soybean meal.
Wheat contracts fell six to nine cents per bushel.
Forecasts of cooler weather in the U.S. Midwest pressured soybean complex prices, relieving worries about recent heat.
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Wheat prices continue to weaken, with spring wheat the weakest of the three sisters Monday.
Hefty world production outside North America is alleviating concerns raised by the drought on the northern U.S. plains and Canadian Prairies. High protein wheat will be in short supply in North America, but other world sources are available.
The downward twitch on Monday was not generally seen as substantial, but rather as a weather market event.
Rain in Australia garnered some chatter among traders.
As well, good progress with France’s wheat harvest and improving prospects in Russia further dragged down prices.
The Canadian dollar remains above 80 cents U.S., making it hard for canola to rally.
US CROP CONDITIONS
After the close, the USDA issued its weekly crop condition report.
The condition rating of spring wheat declined. The amount poor to very poor rose to 43 percent from 40 percent the week before. Fair fell to 26 percent from 27. Good to excellent fell to 31 percent from 33.
The national soybean rating improved a little, which could pressure soybeans in overnight trade.
Good to excellent climbed to 59 from 57. Fair rose one point to 28 and the poor to very poor fell to 13 percent from 14 the week before.
Almost half of the soy crop is setting pods.
The corn condition dipped slightly with good to excellent falling to 61 percent from 62. Fair was steady at 26 percent.
The poor to very poor rose one point to 13 percent.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up 46 cents US$50.17 per barrel.
In the afternoon, the Canadian dollar was trading around US80.03 cents, down from 80.43 cents the previous trading day. The U.S. dollar was C$1.2495.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 15.22 points, or 0.1 percent, at 15,143.87. For the month, the index lost 0.3 percent.
The Dow Jones Industrial Average rose 0.28 percent to end at 21,891.12 points and the S&P 500 lost 0.07 percent to 2,470.3. The Nasdaq Composite dropped 0.42 percent to 6,348.12.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 508.60s -1.70 -0.33%
Canola Jan 18 513.70s -1.50 -0.29%
Canola Mar 18 517.70s -1.30 -0.25%
Canola May 18 519.80s -0.70 -0.13%
Canola Jul 18 521.70s -1.20 -0.23%
Milling Wheat Oct 17 279.00s -4.00 -1.41%
Milling Wheat Dec 17 282.00s -3.00 -1.05%
Milling Wheat Mar 18 286.00s -3.00 -1.04%
Durum Wheat Oct 17 308.00s -1.00 -0.32%
Durum Wheat Dec 17 309.00s -1.00 -0.32%
Durum Wheat Mar 18 291.00s unch unch
Barley Oct 17 140.00s unch unch
Barley Dec 17 140.00s unch unch
Barley Mar 18 140.00s unch unch
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 Aug 17 994-4s -6-2 -0.62%
Soybeans Sep 17 999-4s -6-4 -0.65%
Soybeans Nov 17 1007-2s -5-6 -0.57%
Soybeans Jan 18 1016-0s -5-4 -0.54%
Soybeans Mar 18 1020-4s -4-6 -0.46%
Soybean Meal Aug 17 318.6s -2.4 -0.75%
Soybean Meal Sep 17 320.7s -2.6 -0.80%
Soybean Meal Oct 17 322.6s -2.7 -0.83%
Soybean Oil Aug 17 34.71s +0.10 +0.29%
Soybean Oil Sep 17 34.81s +0.10 +0.29%
Soybean Oil Oct 17 34.92s +0.09 +0.26%
Corn Sep 17 370-6s -3-4 -0.94%
Corn Dec 17 384-6s -3-2 -0.84%
Corn Mar 18 396-2s -3-4 -0.88%
Corn May 18 401-6s -3-2 -0.80%
Oats Sep 17 284-2s -6-0 -2.07%
Oats Dec 17 286-2s -5-4 -1.89%
Oats Mar 18 285-4s -5-2 -1.81%
Oats May 18 284-4s -5-2 -1.81%
Oats Jul 18 283-2s -5-2 -1.82%
Wheat Sep 17 474-4s -6-4 -1.35%
Wheat Dec 17 499-6s -6-2 -1.24%
Wheat Mar 18 520-6s -5-4 -1.05%
Wheat May 18 532-6s -5-2 -0.98%
Wheat Jul 18 540-4s -4-6 -0.87%
Minneapolis
Spring Wheat Sep 17 731-2s -9-2 -1.25%
Spring Wheat Dec 17 744-2s -6-6 -0.90%
Spring Wheat Mar 18 742-0s -4-4 -0.60%
Spring Wheat May 18 732-4s -3-4 -0.48%
Spring Wheat Jul 18 720-2s -3-2 -0.45%
Kansas City
Hard Red Wheat Sep 17 474-6s -6-2 -1.30%
Hard Red Wheat Dec 17 502-0s -6-2 -1.23%
Hard Red Wheat Mar 18 519-6s -6-2 -1.19%
Hard Red Wheat May 18 532-6s -6-0 -1.11%
Hard Red Wheat Jul 18 546-4s -5-4 -1.00%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (Pit) Aug 17 112.000s -0.900 -0.80%
Live Cattle (Pit) Oct 17 111.950s -0.475 -0.42%
Live Cattle (Pit) Dec 17 113.150s -0.250 -0.22%
Feeder Cattle (Pit) Aug 17 146.175s +0.125 +0.09%
Feeder Cattle (Pit) Sep 17 146.650s -0.450 -0.31%
Feeder Cattle (Pit) Oct 17 146.225s -0.625 -0.43%
Lean Hogs (Pit) Aug 17 80.300s -1.100 -1.35%
Lean Hogs (Pit) Oct 17 66.025s -0.475 -0.71%
Lean Hogs (Pit) Dec 17 60.500s -0.550 -0.90%
