Canola eases off on good weather

American crop futures markets were closed for the Memorial Day holiday Monday, but ICE Futures Canada was open.

Canola eased off on good growing conditions and prospects for sufficient moisture to carry most of the western Canadian crop into mid-June.

A major rain system was expected to hit eastern Saskatchewan and across southern Manitoba Monday night and Tuesday.

European canola and Malaysian palm oil rose.

Canola has held most of the price gains it achieved during the recent rally and is now lodged up against a resistance level, or just beneath a support level, depending how you look at it. The $500-$540 per tonne area has played an important role in the canola market since 2013.

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The usual U.S. Department of Agriculture crop progress report has been delayed until Tuesday because of the holiday, but many traders are keenly awaiting its results because it will be the first to contain a corn condition rating, as opposed to just a crop progress estimate.

That report sets the benchmark from which the most important U.S. crop is judged for the rest of the season.

From now on, weather factors will have a big impact on the final production results of this summer’s crops, so watching closely for weekly improvements or declines will be a key focus of traders and analysts. Each notch up or down will help to firm supply and demand estimates.

Contact ed.white@producer.com

Light crude oil nearby futures in New York Friday were down 15 cents to US$49.33 per barrel.

The Canadian dollar at noon Monday was US76.56 cents, down from 76.91 cents the previous trading day. The U.S. dollar at noon was C$1.3061.

Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2016   512.10   -0.70   -0.14%
Canola Nov 2016   516.80   -1.50   -0.29%
Canola Jan 2017   520.30   -1.40   -0.27%
Canola Mar 2017   521.40   -1.40   -0.27%
Canola May 2017   522.60   -1.20   -0.23%

Milling Wheat Jul 2016   238.00   unch   0.00%
Milling Wheat Oct 2016   234.00   +1.00   +0.43%
Milling Wheat Dec 2016   239.00   +1.00   +0.42%

Durum Wheat Jul 2016   307.00   +4.00   +1.32%
Durum Wheat Oct 2016   297.00   +4.00   +1.37%
Durum Wheat Dec 2016   299.00   +3.00   +1.01%

Barley Jul 2016   171.00   unch   0.00%
Barley Oct 2016   171.00   unch   0.00%
Barley Dec 2016   171.00   unch   0.00%

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

Chicago
Soybeans Jul 2016   1086.5   +6.75   +0.63%
Soybeans Aug 2016   1083   +5.75   +0.53%
Soybeans Sep 2016   1067.5   +5.75   +0.54%
Soybeans Nov 2016   1056.25   +5.75   +0.55%
Soybeans Jan 2017   1054   +7   +0.67%

Soybeans Mar 2017   1030.5   +4.75   +0.46%

Soybean Meal Jul 2016   402.6   -7   -1.71%
Soybean Meal Aug 2016   388.7   -4.4   -1.12%
Soybean Meal Sep 2016   381.1   -0.3   -0.08%

Soybean Oil Jul 2016   31.48   +0.44   +1.42%
Soybean Oil Aug 2016   31.61   +0.45   +1.44%
Soybean Oil Sep 2016   31.74   +0.44   +1.41%

Corn Jul 2016   412.75   +4.5   +1.10%
Corn Sep 2016   414.25   +3.75   +0.91%
Corn Dec 2016   413.5   +3.75   +0.92%
Corn Mar 2017   420   +3.5   +0.84%
Corn May 2017   423.75   +4   +0.95%

Oats Jul 2016   193   +1.75   +0.92%
Oats Sep 2016   205.25   +1.75   +0.86%
Oats Dec 2016   215.5   -1.25   -0.58%
Oats Mar 2017   224.75   -1.25   -0.55%
Oats May 2017   224.75   -1.25   -0.55%

Wheat Jul 2016   481.5   +0.25   +0.05%
Wheat Sep 2016   491.75   unch   0.00%
Wheat Dec 2016   508.25   -0.25   -0.05%
Wheat Mar 2017   523.5   -0.5   -0.10%
Wheat May 2017   533.75   unch   0.00%

Minneapolis
Spring Wheat Jul 2016   528   -6.5   -1.22%
Spring Wheat Sep 2016   535.5   -6.75   -1.24%
Spring Wheat Dec 2016   549.25   -6   -1.08%
Spring Wheat Mar 2017   562   -4.25   -0.75%
Spring Wheat May 2017   569.25   -3.75   -0.65%

Kansas City
Hard Red Wheat Jul 2016   459.75   -2.5   -0.54%

Hard Red Wheat Sep 2016   475.75   -2.75   -0.57%
Hard Red Wheat Dec 2016   498.5   -3   -0.60%
Hard Red Wheat Mar 2017   514.75   -3   -0.58%
Hard Red Wheat May 2017   524.75   -3   -0.57%