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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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
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%
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 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%
