Canola dips Monday on weaker soy oil, rain forecast lowers wheat

Canola futures fell Monday, but stayed well within the trading band futures have been inside since mid-October.

May fell $5 per tonne, or about one percent, to $517.90. That wasn’t a great way to begin a week, but the price is still above recent lows of around $512 set in mid-February and late-January.

New crop November canola dipped below the psychologically important $500 level.

Canola’s decline was led by an almost two percent slump in the value of soybean oil, with soybeans slightly weakening. Soybean meal, however, rose.

Read Also

Canada lifts several import tariffs on U.S. goods as talks continue

Starting September 1, Canada will adjust its tariffs on agricultural products, consumer goods and machinery, Prime Minister Mark Carney announced at a press conference in Ottawa on Friday.

Canola, being an oil-based crop, was more affected by the falling of oil values than the strengthening of meal.

The slight rise of the loonie also put pressure on canola versus soybeans.

Rising forecasts of South American soybean production and weak U.S. soybean exports in the past week helped soften the North American vegoil outlook.

WHEAT

Wheat futures fell too, with losses concentrated in Kansas City winter wheat, followed by Chicago wheat and then Minneapolis spring wheat.

Some forecasters expect rain in the southern plains that might improve the outlook for the wheat crop going into spring.

There was a slight decline in the condition of the Kansas wheat crop over the past week. Kansas is the biggest winter wheat producer.

Today’s report said the amount considered good to excellent has fallen to 40 percent from 43 percent last week.

The amount that is fair rose to 37 percent from 35 and the amount poor to very-poor rose to 23 percent from 22 percent last week.

Kansas topsoil moisture is rated 26 percent very short and 41 percent short, while only 33 percent is rated adequate.

Wheat crop conditions in neighbouring Oklahoma were little changed this week.

CORN

Corn fell slightly, regardless of generally good exports including last week’s best export pace for the past nine months.

The strong U.S. export number was overshadowed by expectations of increasing South American corn production.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down nine cents to US$48.40 per barrel.

In the afternoon, the Canadian dollar was trading around US74.38 cents, up from 74.33 cents the previous trading day. The U.S. dollar was C$1.3444.

The Toronto Stock Exchange’s S&P/TSX composite index closed up 38.14 points, or 0.25 percent, at 15,544.82.

The Dow Jones Industrial Average fell 21.3 points, or 0.1 percent, to 20,881.68, the S&P 500 gained 0.93 points, or 0.04 percent, to 2,373.53 and the Nasdaq Composite added 14.06 points, or 0.24 percent, to 5,875.78.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2017 517.90 -5.00 -0.96%

Canola Jul 2017 521.70 -3.90 -0.74%

Canola Nov 2017 499.50 -3.20 -0.64%

Canola Jan 2018 504.90 -3.30 -0.65%

Canola Mar 2018 509.20 -3.30 -0.64%

Milling Wheat May 2017 232.00 -3.00 -1.28%

Milling Wheat Jul 2017 234.00 -3.00 -1.27%

Milling Wheat Oct 2017 226.00 -3.00 -1.31%

Durum Wheat May 2017 282.00 unch 0.00%

Durum Wheat Jul 2017 281.00 unch 0.00%

Durum Wheat Oct 2017 268.00 unch 0.00%

Barley May 2017 137.00 unch 0.00%

Barley Jul 2017 138.00 unch 0.00%

Barley Oct 2017 138.00 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans Mar 2017 996.25 -1.00 -0.10%

Soybeans May 2017 1006.00 -1.25 -0.12%

Soybeans Jul 2017 1015.75 -1.25 -0.12%

Soybeans Aug 2017 1017.00 -1.00 -0.10%

Soybeans Sep 2017 1007.75 +1.00 +0.10%

Soybeans Nov 2017 1002.25 +1.75 +0.17%

Soybean Meal Mar 2017 326.90 +1.90 +0.58%

Soybean Meal May 2017 330.90 +1.80 +0.55%

Soybean Meal Jul 2017 334.40 +1.80 +0.54%

Soybean Oil Mar 2017 31.87 -0.64 -1.97%

Soybean Oil May 2017 32.12 -0.52 -1.59%

Soybean Oil Jul 2017 32.39 -0.52 -1.58%

Corn Mar 2017 354.50 -4.25 -1.18%

Corn May 2017 361.00 -3.75 -1.03%

Corn Jul 2017 368.50 -4.25 -1.14%

Corn Sep 2017 375.75 -4.25 -1.12%

Corn Dec 2017 383.50 -3.75 -0.97%

Oats Mar 2017 269.50 +0.25 +0.09%

Oats May 2017 246.00 -1.50 -0.61%

Oats Jul 2017 239.75 +3.75 +1.59%

Oats Sep 2017 236.25 unch 0.00%

Oats Dec 2017 235.00 +1.00 +0.43%

Wheat Mar 2017 412.25 -11.50 -2.71%

Wheat May 2017 430.50 -10.25 -2.33%

Wheat Jul 2017 446.50 -9.50 -2.08%

Wheat Sep 2017 461.50 -9.25 -1.96%

Wheat Dec 2017 479.75 -8.75 -1.79%

Minneapolis

Spring Wheat Mar 2017 523.50 -12.50 -2.33%

Spring Wheat May 2017 531.25 -6.00 -1.12%

Spring Wheat Jul 2017 539.00 -6.25 -1.15%

Spring Wheat Sep 2017 546.00 -6.25 -1.13%

Spring Wheat Dec 2017 555.75 -5.50 -0.98%

Kansas City

Hard Red Wheat Mar 2017 432.50 -13.75 -3.08%

Hard Red Wheat May 2017 442.75 -12.50 -2.75%

Hard Red Wheat Jul 2017 454.75 -12.25 -2.62%

Hard Red Wheat Sep 2017 470.00 -12.00 -2.49%

Hard Red Wheat Dec 2017 490.25 -11.25 -2.24%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Apr 2017 117.75 +0.20 +0.17%

Live Cattle (P) Jun 2017 108.10 +0.50 +0.46%

Live Cattle (P) Aug 2017 103.55 +0.50 +0.49%

Feeder Cattle (P) Mar 2017 128.60 +1.05 +0.82%

Feeder Cattle (P) Apr 2017 128.10 +1.30 +1.03%

Feeder Cattle (P) May 2017 127.00 +1.12 +0.89%

Lean Hogs (P) Apr 2017 70.22 +1.72 +2.51%

Lean Hogs (P) May 2017 74.75 +1.40 +1.91%

Lean Hogs (P) Jun 2017 78.72 +1.74 +2.26%

Your reading list