Canola continued to lag behind the soy complex Monday.
It was an up day, but one that saw canola weaken compared to the soybean complex.
“If it had followed soy markets all the way it would have been up close to five bucks,” said Ken Ball, a broker with P.I. Financial in Winnipeg.
“Canola just wasn’t willing to follow the soy markets higher.”
Every North American field crop futures contract closed up Monday, but gains were mostly limited to only a few pennies per bushel.
Canola closed up $3.60 for the May contract at $469.40 and $2.80 for July at $474.10.
Crusher and export demand for canola remains good, but farmer hedging is also coming into the market as they get ready to head for the fields in coming weeks.
Although there was much chatter about frost and cold in the southern U.S. plains during the weekend, winter wheat futures showed little impact. One estimate was that up to 20 percent of the wheat crop in western Oklahoma and southwestern Kansas was damaged.
Warm weather in recent week has allowed some of the crop leave dormancy and become vulnerable to sharp cold snaps like this one.
Kansas City winter wheat closed up only 5.25 cents or just over one percent. Minneapolis spring and Chicago soft wheat closed up less than one percent.
“The market isn’t convinced anything too major happened,” said Ball.
“There (are reports of freezing in winter wheat areas) every year.”
Light crude oil nearby futures in New York were up 47 cents to US$39.91 per barrel.
The Canadian dollar at noon was US77.03 cents, up from 76.52 cents the previous trading day. The U.S. dollar at noon was C$1.3069.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2016 469.40 +3.60 +0.77%
Canola Jul 2016 474.10 +2.80 +0.59%
Canola Nov 2016 479.40 +2.50 +0.52%
Canola Jan 2017 483.40 +2.50 +0.52%
Canola Mar 2017 486.00 +2.40 +0.50%
Milling Wheat May 2016 230.00 -5.00 -2.13%
Milling Wheat Jul 2016 230.00 -5.00 -2.13%
Milling Wheat Oct 2016 227.00 -3.00 -1.30%
Durum Wheat May 2016 297.00 +7.00 +2.41%
Durum Wheat Jul 2016 288.00 +10.00 +3.60%
Durum Wheat Oct 2016 283.00 +17.00 +6.39%
Barley May 2016 176.00 unch 0.00%
Barley Jul 2016 180.00 unch 0.00%
Barley Oct 2016 180.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2016 902 +4.5 +0.50%
Soybeans Jul 2016 908.25 +4 +0.44%
Soybeans Aug 2016 910.5 +4 +0.44%
Soybeans Sep 2016 910.5 +4.25 +0.47%
Soybeans Nov 2016 913.5 +3.75 +0.41%
Soybeans Jan 2017 917.5 +3.5 +0.38%
Soybean Meal May 2016 268.8 +2.2 +0.83%
Soybean Meal Jul 2016 271.4 +2.1 +0.78%
Soybean Meal Aug 2016 272.4 +1.9 +0.70%
Soybean Oil May 2016 33.58 +0.16 +0.48%
Soybean Oil Jul 2016 33.82 +0.17 +0.51%
Soybean Oil Aug 2016 33.9 +0.17 +0.50%
Corn May 2016 369.5 +2.5 +0.68%
Corn Jul 2016 374.25 +2.5 +0.67%
Corn Sep 2016 379.25 +2.5 +0.66%
Corn Dec 2016 387.75 +2.25 +0.58%
Corn Mar 2017 396.25 +2.25 +0.57%
Oats May 2016 190.75 +2.75 +1.46%
Oats Jul 2016 200.5 +2.5 +1.26%
Oats Sep 2016 207 +1.5 +0.73%
Oats Dec 2016 215 +0.25 +0.12%
Oats Mar 2017 219.5 unch 0.00%
Wheat May 2016 466.5 +3.5 +0.76%
Wheat Jul 2016 473.5 +3.25 +0.69%
Wheat Sep 2016 483.5 +3.5 +0.73%
Wheat Dec 2016 497.25 +3.25 +0.66%
Wheat Mar 2017 510 +2.5 +0.49%
Minneapolis
Spring Wheat May 2016 512.5 +3.5 +0.69%
Spring Wheat Jul 2016 520.25 +2.75 +0.53%
Spring Wheat Sep 2016 529.75 +2.25 +0.43%
Spring Wheat Dec 2016 544 +2.25 +0.42%
Spring Wheat Mar 2017 558 +2.5 +0.45%
Kansas City
Hard Red Wheat May 2016 474.75 +5.25 +1.12%
Hard Red Wheat Jul 2016 485.5 +5.5 +1.15%
Hard Red Wheat Sep 2016 499.25 +5.5 +1.11%
Hard Red Wheat Dec 2016 519 +5 +0.97%
Hard Red Wheat Mar 2017 530.75 +4.5 +0.86%
