It was a weak day in the crop futures markets Monday, but old crop soybeans roared back from the beating it took Friday.
However, since it was a meal-based rally in soybeans, canola didn’t share the positive returns. The meal rally only kept canola from falling further.
“It kept canola a little bit weak,” said broker Ken Ball of PI Financial in Winnipeg.
“It broke through that $530 support level Friday and overnight and that probably triggered some liquidation selling of speculative longs.”
November canola futures fell $6 per tonne to $524.80, with January clinging to $530.80, a $5.90 decline.
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Most soybean oil futures were off about 40 cents, soybean meal futures were up and overall soybean old crop futures rose strongly, with August rising more than 24 cents per bushel, September climbing more than 16 cents and November rising more than six cents.
Wheat was weaker on the day, with Chicago and Minneapolis futures falling more than 11 cents per bu,, but Kansas City falling only about two-thirds of that. The forecast for warm dry weather in the Midwest this week should allow good progress on the harvest of the soft red winter crop, which had been delayed because of regular rains.
After the market closed, the USDA reported that the condition of the corn crop has dipped to 66 percent good to excellent, down from 68 percent the week before. Soybeans also fell, to 65 percent good to excellent from 67 percent the week before. The market had expected the ratings would not change.
USDA said 16 percent of the crop was at the silking stage, behind the five-year average of 35 percent. In soybeans, 26 percent was in bloom, versus the five-year average of 40 percent.
Grain was the only class of commodities that had an overall decline Monday, with most classes rising and metals and energies rising strongly.
Most equity markets rose slightly.
One item that drew attention in the markets Monday was the news that Twinkies, the quintessential junk food, is back in front of consumers, although slightly slimmed down.
Original Twinkies had about 150 calories per roll, but the new ones have about 135.
This is not believed to be due to concerns with the ever-increasing obesity of Americans, but due to cost-cutting by Twinkies’ original owner in the months leading up to that company’s bankruptcy.
Hostess, which now makes the delicacies, stuck with the reformulated rolls when it reintroduced them.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013 524.80 -6.00 -1.13%
Canola Jan 2014 530.80 -5.90 -1.10%
Canola Mar 2014 536.10 -5.40 -1.00%
Canola May 2014 535.60 -3.90 -0.72%
Canola Jul 2014 534.20 -3.40 -0.63%
Milling Wheat Oct 2013 266.00 -5.00 -1.85%
Milling Wheat Dec 2013 270.00 -6.00 -2.17%
Milling Wheat Mar 2014 278.00 -4.00 -1.42%
Durum Wheat Oct 2013 302.00 unch 0.00%
Durum Wheat Dec 2013 307.00 unch 0.00%
Durum Wheat Mar 2014 312.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
Barley Mar 2014 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2013 1453.75 +24.75 +1.73%
Soybeans Sep 2013 1314.5 +16.25 +1.25%
Soybeans Nov 2013 1263.75 +6.5 +0.52%
Soybeans Jan 2014 1268.5 +6.75 +0.53%
Soybeans Mar 2014 1268.5 +8.25 +0.65%
Soybeans May 2014 1265.25 +9.5 +0.76%
Soybean Meal Aug 2013 451.5 +8.6 +1.94%
Soybean Meal Oct 2013 379.3 +3.4 +0.90%
Soybean Oil Aug 2013 45.84 -0.38 -0.82%
Soybean Oil Sep 2013 45.76 -0.41 -0.89%
Soybean Oil Oct 2013 45.44 -0.44 -0.96%
Corn Sep 2013 536.25 -9.25 -1.70%
Corn Dec 2013 503.5 -5.75 -1.13%
Corn Mar 2014 515.75 -5.75 -1.10%
Corn May 2014 523.5 -5.5 -1.04%
Corn Jul 2014 529.75 -5.75 -1.07%
Oats Sep 2013 353.25 +1 +0.28%
Oats Dec 2013 341.75 +0.25 +0.07%
Oats Mar 2014 348.25 unch 0.00%
Oats May 2014 348.5 -5 -1.41%
Oats Jul 2014 358 -5 -1.38%
Wheat Sep 2013 669.5 -11.5 -1.69%
Wheat Dec 2013 682.25 -11.5 -1.66%
Wheat Mar 2014 694.25 -11.25 -1.59%
Wheat May 2014 701.75 -11 -1.54%
Wheat Jul 2014 700.25 -9 -1.27%
Minneapolis
Spring Wheat Sep 2013 755 -11.5 -1.50%
Spring Wheat Dec 2013 766.5 -11.75 -1.51%
Spring Wheat Mar 2014 780.5 -12.25 -1.55%
Spring Wheat May 2014 788.5 -10.5 -1.31%
Spring Wheat Jul 2014 795.25 -11 -1.36%
Kansas City
KCBT Red Wheat Dec 2013 718 -6.25 -0.86%
KCBT Red Wheat Mar 2014 730.5 -6.5 -0.88%
KCBT Red Wheat May 2014 737.5 -7 -0.94%
KCBT Red Wheat Jul 2014 734.75 -7.25 -0.98%
Light crude oil nearby futures in New York rose 37 cents at $106.32 US per barrel.
The Canadian dollar at noon was 96.03 cents US, down from 96.23 cents the previous trading day. The U.S. dollar at noon was $1.0413 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 66.17 points, or 0.53 percent, at 12,528.35, after reaching 12,569.93, its highest since June 5.
The Dow Jones industrial average rose 19.96 points, or 0.13 percent, to 15,484.26, a record closing high.
The Standard & Poor’s 500 Index gained 2.31 points, or 0.14 percent, to finish at 1,682.50, also a record.
The Nasdaq Composite Index advanced 7.41 points, or 0.21 percent, to end at 3,607.49, its highest close since September 2000.
