Canola drops with soybeans

A tough week for wheat and soybeans continued today, thanks to technical weakness and abundant global supplies.

Canola dropped alongside soybeans. May canola futures in Winnipeg fell $4.60, settling at $450.40 per tonne.

Nearby soybean contracts in Chicago sank 8.5 cents, ending the day at $9.855 per bu.

It was the fourth consecutive day of tanking soybean futures. A huge Brazilian soybean crop will enter the world market in a couple of weeks, and U.S exports are stymied by a pricey American dollar.

A truckers’ strike in Brazil and related impact on soy exports is now over, compounding the soybean losses.

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Weakness in palm oil futures also exerted pressure on vegetable oil markets.

The only positive sign for soy and oilseeds was news of heavy rains and flooding in Argentina.

Soft wheat futures in Chicago were dramatically lower Thursday as the May contract lost 15.5 cents per bu. to close at $4.805 per bu.

Chicago wheat has lost more than 25 cents per bu. in the last two days. Traders said the technical indicators for wheat are bearish and futures have more downside.

From a fundamental perspective, Russia’s agriculture minister said Wednesday that the winter wheat crop in the country’s southern region may be larger than anticipated.

Corn demonstrated some resilience, with May contracts gaining one cent Thursday to close at $3.905 per bu.

Oat futures also had a decent day, gaining 1.75 cents to finish at $2.865 per bu.

Light crude oil nearby futures in New York were down 77 cents to US$50.76 per barrel.

The Canadian dollar at noon was US80.12 cents, down from US80.39 cents the previous trading day. The U.S. dollar at noon was C$1.2482.

Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015    445.40    -4.60    -1.02%
Canola May 2015    450.40    -4.60    -1.01%
Canola Jul 2015    449.50    -4.80    -1.06%
Canola Nov 2015    444.60    -1.70    -0.38%
Canola Jan 2016    446.30    -2.00    -0.45%

Milling Wheat Mar 2015    221.00    -2.00    -0.90%
Milling Wheat May 2015    228.00    -3.00    -1.30%
Milling Wheat Jul 2015    230.00    -3.00    -1.29%

Durum Wheat Mar 2015    333.00    unch    0.00%
Durum Wheat May 2015    323.00    unch    0.00%
Durum Wheat Jul 2015    313.00    unch    0.00%

Barley Mar 2015    182.00    +2.00    +1.11%
Barley May 2015    184.00    +2.00    +1.10%
Barley Jul 2015    186.00    +2.00    +1.09%

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

Chicago
Soybeans Mar 2015    979.25    -9.75    -0.99%
Soybeans May 2015    985.5    -8.5    -0.86%

Soybeans Jul 2015    991    -8.75    -0.88%
Soybeans Aug 2015    989    -9.25    -0.93%
Soybeans Sep 2015    974.75    -8.5    -0.86%
Soybeans Nov 2015    966    -6.75    -0.69%

Soybean Meal Mar 2015    334.4    +0.3    +0.09%
Soybean Meal May 2015    325.2    -1.9    -0.58%
Soybean Meal Jul 2015    323.4    -1.8    -0.55%

Soybean Oil Mar 2015    31.43    -0.6    -1.87%
Soybean Oil May 2015    31.57    -0.64    -1.99%
Soybean Oil Jul 2015    31.76    -0.64    -1.98%

Corn Mar 2015    382.75    +1.25    +0.33%
Corn May 2015    390.5    +1    +0.26%
Corn Jul 2015    398.25    +0.75    +0.19%
Corn Sep 2015    405.5    +0.75    +0.19%
Corn Dec 2015    414    +0.25    +0.06%

Oats Mar 2015    293.25    +0.5    +0.17%
Oats May 2015    286.5    +1.75    +0.61%
Oats Jul 2015    285.5    +1.75    +0.62%
Oats Sep 2015    284.75    +0.5    +0.18%
Oats Dec 2015    284.75    +0.5    +0.18%

Wheat Mar 2015    481.25    -12.25    -2.48%
Wheat May 2015    480.5    -15.5    -3.12%
Wheat Jul 2015    487.75    -15.25    -3.03%
Wheat Sep 2015    498.75    -14    -2.73%
Wheat Dec 2015    515    -13.5    -2.55%

Minneapolis
Spring Wheat Mar 2015    547    -10.25    -1.84%
Spring Wheat May 2015    558.5    -7.25    -1.28%
Spring Wheat Jul 2015    564.5    -7.25    -1.27%
Spring Wheat Sep 2015    571.25    -7    -1.21%
Spring Wheat Dec 2015    580.75    -7.75    -1.32%

Kansas City
Hard Red Wheat Mar 2015    514    -9.5    -1.81%
Hard Red Wheat May 2015    517    -10.25    -1.94%
Hard Red Wheat Jul 2015    523.75    -10.5    -1.97%
Hard Red Wheat Sep 2015    536.5    -10.25    -1.87%
Hard Red Wheat Dec 2015    553.5    -10.25    -1.82%

Robert.arnason@producer.com