Pressured by sinking soy futures and the continued burden of a record Canadian crop, canola futures dropped $8 per tonne Monday.
The March canola contract in Winnipeg sank to $445.70 per tonne, down from $453.70 per tonne Friday.
Forecasts of rain and cooler temperatures in Brazil and Argentina put a damper on soybean futures. March soybeans in Chicago fell 11.25 cents to close at $13.1975.
Analysts expect hot, dry weather in South America to abate by the end of the week, which should benefit parched soybean crops in Argentina and Brazil.
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Market watchers also speculated that China would shift its soybean purchases from the United States to South America, which also weighed on soybean prices.
The Canadian dollar rose on the day, gaining .68 cents to close at $.9431 US, which may have contributed to canola declines.
The dollar rose following positive data on Canada’s economy.
A Monday report showed that Canada’s gross domestic product expanded .3 percent in October, beating expectations. Statistics Canada said manufacturing production gained 1.3 percent in October, on the heels of a 1.2 percent gain in September.
The numbers suggest that Canada’s economy is growing faster than Bank of Canada predictions.
Corn futures were quiet, as the March contract gained one cent to close at $4.3425.
The massive global wheat crop continued to weigh on prices and Minneapolis hard red spring wheat futures continued a steady two month slide. March futures fell 6.5 cents to settle at $6.44 per bushel. In late October Minneapolis wheat futures were trading at $7.60 per bu.
Nearby oats gained three cents, settling at $3.5175.
New York crude oil futures dropped 41 cents, closing at $98.91.
Trading will be light the next couple of days as the markets close early for Christmas Eve and will be closed Dec. 25.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2014 436.30 -7.30 -1.65%
Canola Mar 2014 445.70 -8.00 -1.76%
Canola May 2014 454.90 -7.70 -1.66%
Canola Jul 2014 462.70 -8.60 -1.82%
Canola Nov 2014 475.90 -8.70 -1.80%
Milling Wheat Mar 2014 188.00 -3.00 -1.57%
Milling Wheat May 2014 196.00 -5.00 -2.49%
Milling Wheat Jul 2014 200.00 -4.00 -1.96%
Durum Wheat Mar 2014 243.00 unch 0.00%
Durum Wheat May 2014 247.00 unch 0.00%
Durum Wheat Jul 2014 248.00 unch 0.00%
Barley Mar 2014 146.00 unch 0.00%
Barley May 2014 148.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2014 1328.5 -10.5 -0.78%
Soybeans Mar 2014 1319.75 -11.25 -0.85%
Soybeans May 2014 1305.5 -10.5 -0.80%
Soybeans Jul 2014 1290.75 -10.5 -0.81%
Soybeans Aug 2014 1263.25 -8 -0.63%
Soybeans Sep 2014 1204 -7.75 -0.64%
Soybean Meal Jan 2014 444.2 -2.4 -0.54%
Soybean Meal Mar 2014 429.9 -3.7 -0.85%
Soybean Meal May 2014 420.1 -3.9 -0.92%
Soybean Oil Jan 2014 39.28 -0.16 -0.41%
Soybean Oil Mar 2014 39.57 -0.17 -0.43%
Soybean Oil May 2014 39.92 -0.2 -0.50%
Corn Mar 2014 434.25 +1 +0.23%
Corn May 2014 442.5 +1 +0.23%
Corn Jul 2014 449.5 +1 +0.22%
Corn Sep 2014 455 +0.75 +0.17%
Corn Dec 2014 461 +0.25 +0.05%
Oats Mar 2014 351.75 +3 +0.86%
Oats May 2014 327.5 -0.5 -0.15%
Oats Jul 2014 321.25 unch 0.00%
Oats Sep 2014 313.5 unch 0.00%
Oats Dec 2014 311 -0.75 -0.24%
Wheat Mar 2014 609.5 -4 -0.65%
Wheat May 2014 616.75 -4 -0.64%
Wheat Jul 2014 620.25 -4.5 -0.72%
Wheat Sep 2014 629.75 -4.5 -0.71%
Wheat Dec 2014 642.25 -4.75 -0.73%
Minneapolis
Spring Wheat Mar 2014 644 -6.5 -1.00%
Spring Wheat May 2014 654 -6 -0.91%
Spring Wheat Jul 2014 664.5 -5.25 -0.78%
Spring Wheat Sep 2014 672.75 -4.75 -0.70%
Spring Wheat Dec 2014 684.25 -4.75 -0.69%
Kansas City
KCBT Red Wheat Mar 2014 648.5 -8.75 -1.33%
KCBT Red Wheat May 2014 650.5 -7.25 -1.10%
KCBT Red Wheat Jul 2014 650.25 -5.5 -0.84%
KCBT Red Wheat Sep 2014 662.5 -4.25 -0.64%
KCBT Red Wheat Dec 2014 675.75 -4 -0.59%
Light crude oil nearby futures in New York dropped 41 cents at $98.91 US per barrel.
The Canadian dollar at noon was 94.31 cents US, up from 93.63 cents the previous trading day. The U.S. dollar at noon was $1.0603 Cdn.
