Canola drifts lower in quiet trade

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Canola futures fell slightly Monday in light trade as U.S. markets are closed today.

July canola closed at $611.20, down $1.00.

November closed at $564.80, down $2.10.

The weakness was mostly related to the slightly stronger loonie.

Heavy rain fell in southern Saskatchewan over the weekend adding to seeding delays in the eastern part of the province.

We’ll have a story in Thursday’s paper quoting spokespeople from a major seed company and a major crusher who still expect a big canola crop, as large as that forecast in the March seeding intentions report or larger.

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Warmer, drier weather is expected by the end of this week.

• Recent rain in Russia near the Black Sea lessened production worries there but new concerns are rising over increasing dryness in Siberia and the Urals.

• Much-needed rain fell this weekend in eastern Australia’s grain-belt where seeding is wrapping up. Rain in Queensland and New South Wales, which together account for most of the nation’s high-protein hard wheat output, got between 25-50 millimetres of rain last week, ending concerns about dryness.

Canola Jul 12 $611.20, down $1.00 -0.16%

Canola Nov 12 $564.80, down $2.10 -0.37%

Canola Jan 13 $570.10, down $1.80 -0.31%

Canola Mar 13 $573.50, down $1.50 -0.26%

Western Barley Jul 12 $237.00, unchanged

Western Barley Oct 12 $210.00, unchanged

Milling Wheat Oct 12 $262.70, unchanged

Milling Wheat Dec 12 $270.00, unchanged

Milling Wheat Mar 13 $279.00, unchanged

Durum Wheat Oct 12 $275.60, unchanged

Durum Wheat Dec 12 $280.10, unchanged

Durum Wheat Mar 13 $286.70, unchanged