Canola down slightly

Canola futures’ connection to soybean oil rather than soybeans was obvious today, with soybeans rising, soybean oil falling and canola falling.

The decline in canola was slight, however, at only a few cents per bushel, but it was enough to drag January canola back to around the $500 per tonne mark.

January canola has had trouble rallying above $500, even if recent days have seen a stabilization and slight rebound in prices after an awful July and early August.

The November canola futures rebound has repeatedly stalled at $495.

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Soybean futures for most new crop markets rose 10-12 cents per bushel Monday, but soybean oil fell 27-32 cents per pound.

Corn rose between seven and 10 cents per bu. depending on the contract month, while most wheat futures rose between one and four cents per bu.

The Monday U.S. Department of Agriculture reports have been a bullish event for the crop futures markets, but only in arresting the previous sharp declines and offering a mild retracement.

Big crops are growing across the U.S. and Canada and there is little fear in the market.

Soybeans still need good rains so that pod filling reaches the crop’s existing potential, while most crops are still vulnerable to an early frost.

However, every day of average weather brings the crop closer to mature and takes away one day in which the crop could fall further behind or experience problems.

Equity markets were mixed.

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 2013    494.20    -1.20    -0.24%
Canola Jan 2014    500.00    -1.70    -0.34%
Canola Mar 2014    505.70    -2.20    -0.43%
Canola May 2014    511.80    -2.40    -0.47%
Canola Jul 2014    517.50    -2.20    -0.42%

Milling Wheat Oct 2013    251.00    +1.00
Milling Wheat Dec 2013    256.00    +1.00
Milling Wheat Mar 2014    261.00    +1.00

Durum Wheat Oct 2013    286.00    unch    0.00%
Durum Wheat Dec 2013    290.00    unch    0.00%
Durum Wheat Mar 2014    300.00    unch    0.00%

Barley Oct 2013    189.00    unch    0.00%
Barley Dec 2013    194.00    unch    0.00%
Barley Mar 2014    194.00    unch    0.00%

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

Chicago
Soybeans Sep 2013    1269.5    +11.75    +0.93%
Soybeans Nov 2013    1239    +11.25    +0.92%
Soybeans Jan 2014    1243.25    +10.75    +0.87%
Soybeans Mar 2014    1239.75    +6.75    +0.55%
Soybeans May 2014    1233    +5    +0.41%
Soybeans Jul 2014    1236.5    +5.5    +0.45%

Soybean Meal Sep 2013    407.9    +6.1    +1.52%
Soybean Meal Oct 2013    382.6    +5.9    +1.57%

Soybean Meal Dec 2013    379.1    +6.3    +1.69%

Soybean Oil Sep 2013    42.34    -0.28    -0.66%
Soybean Oil Oct 2013    42.4    -0.27    -0.63%
Soybean Oil Dec 2013    42.63    -0.32    -0.75%

Corn Sep 2013    464.75    +9.5    +2.09%
Corn Dec 2013    455.25    +8    +1.79%
Corn Mar 2014    468.25    +7.5    +1.63%
Corn May 2014    476.5    +7.5    +1.60%
Corn Jul 2014    482.75    +7.5    +1.58%

Oats Sep 2013    365.75    +5    +1.39%
Oats Dec 2013    328.5    +1.25    +0.38%
Oats Mar 2014    332.5    unch    0.00%
Oats May 2014    332.75    unch    0.00%
Oats Jul 2014    337    unch    0.00%

Wheat Sep 2013    630.5    +2.25    +0.36%
Wheat Dec 2013    642.75    +1.25    +0.19%
Wheat Mar 2014    655.5    unch    0.00%
Wheat May 2014    663.5    -0.5    -0.08%
Wheat Jul 2014    661.5    -1    -0.15%

Minneapolis
Spring Wheat Sep 2013    736    +3.5    +0.48%
Spring Wheat Dec 2013    740.25    +2    +0.27%
Spring Wheat Mar 2014    751.75    +1.5    +0.20%
Spring Wheat May 2014    758.25    +2.25    +0.30%
Spring Wheat Jul 2014    762.75    +2.75    +0.36%

Kansas City
KCBT Red Wheat Sep 2013    698.75    +2.5    +0.36%
KCBT Red Wheat Dec 2013    703    +1    +0.14%
KCBT Red Wheat Mar 2014    711    +0.25    +0.04%

KCBT Red Wheat May 2014    713.75    +0.5    +0.07%
KCBT Red Wheat Jul 2014    699    +1.75    +0.25%

Light crude oil nearby futures in New York rose two cents at $106.85 US per barrel.

The Canadian dollar at noon was 96.88 cents US, up from 96.67 cents the previous trading day. The U.S. dollar at noon was $1.0322 Cdn.