Canola edges higher but wheat falls on Plains rain forecast

Canola grabbed the coattails of soybean oil, swung onto its back and rode a little higher Monday.

A weaker Canadian dollar also supported canola, which closed higher for the first time in a week.

Canola and soybean oil were exceptions in a grains market that mostly fell a few pennies per bushel.

WHEAT

Wheat was under the most pressure

Hard red winter wheat contracts fell eight cents a bu., while soft red winter wheat contracts fell six cents. Spring wheat, however, hardly budged on the day.

Forecasts released in the morning calling for rain and snow later this week for the southern plains improved the yield outlooks for winter wheat. Later in the day, the seven-day forecast reduced the rain accumulation for western Kansas and Oklahoma where it has been exceptionally dry and warm. Nebraska and the southern Midwest are still expected to get good rain coverage.

Soybeans held firm, with only a fraction-of-a-penny loss.

Corn continued to be exported from the United States at a healthy clip, but volumes are not as impressive as the numbers reported one week ago.

There was not much news to move the grain markets.

South American weather continues generally good although rain in Brazil’s northern grain belt could hold up harvest later this week.

Paraguay’s agriculture minister said his country, now the world’s fourth largest soybean exporter, will probably produce a 10 million tonne crop, a new record. That crop is heading into the end of its harvesting period.

OUTSIDE MARKETS

Light crude oil nearby futures in New York were down 56 cents to US$48.22 per barrel.

In the afternoon, the Canadian dollar was trading around US74.90 cents, down from 74.98 cents the previous trading day. The U.S. dollar was C$1.3351.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 48.17 points, or 0.31 percent, at 15,442.32.

The Dow Jones Industrial Average slipped 0.04 percent to end at 20,905.86 points, while the S&P 500 fell 0.20 percent to 2,373.47.

The Nasdaq Composite was almost unchanged, up 0.01 percent to finish at 5,901.53 after briefly hitting an intraday record high.

 

 

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2017   505.40   +1.70   +0.34%

Canola Jul 2017   510.90   +2.10   +0.41%

Canola Nov 2017   492.70   +2.90   +0.59%

Canola Jan 2018   497.90   +2.50   +0.50%

Canola Mar 2018   502.50   +2.20   +0.44%

 

Milling Wheat May 2017   235.00   unch   0.00%

Milling Wheat Jul 2017   236.00   unch   0.00%

Milling Wheat Oct 2017   230.00   unch   0.00%

 

Durum Wheat May 2017   282.00  unch   0.00%

Durum Wheat Jul 2017   281.00   unch   0.00%

Durum Wheat Oct 2017   268.00   unch   0.00%

 

Barley May 2017   137.00   unch   0.00%

Barley Jul 2017   138.00   unch   0.00%

Barley Oct 2017   138.00   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 2017   999.50   -0.75   -0.07%

Soybeans Jul 2017   1009.50   -0.75   -0.07%

Soybeans Aug 2017   1011.00   -0.25   -0.02%

Soybeans Sep 2017   1001.25   -0.25   -0.02%

Soybeans Nov 2017   993.50   +0.75   +0.08%

Soybeans Jan 2018   998.50   unch   0.00%

 

Soybean Meal May 2017   326.60   -1.80   -0.55%

Soybean Meal Jul 2017   330.00   -1.70   -0.51%

Soybean Meal Aug 2017   329.40   -1.30   -0.39%

 

Soybean Oil May 2017   32.74   +0.46   +1.43%

Soybean Oil Jul 2017   33.02   +0.46   +1.41%

Soybean Oil Aug 2017   33.10   +0.44   +1.35%

 

Corn May 2017   363.50   -4.25   -1.16%

Corn Jul 2017   371.25   -3.75   -1.00%

Corn Sep 2017   378.50   -3.50  -0.92%

Corn Dec 2017   386.25   -3.50   -0.90%

Corn Mar 2018   396.00   -3.25   -0.81%

 

Oats May 2017   250.75   +0.50   +0.20%

Oats Jul 2017   241.25   -2.00   -0.82%

Oats Sep 2017   234.75   +1.75   +0.75%

Oats Dec 2017   234.50   -4.50   -1.88%

Oats Mar 2018   233.50   unch   0.00%

 

Wheat May 2017   430.25   -6.25   -1.43%

Wheat Jul 2017   445.50   -6.00   -1.33%

Wheat Sep 2017   460.75   -6.00   -1.29%

Wheat Dec 2017   479.50   -6.00   -1.24%

Wheat Mar 2018   493.75   -6.00   -1.20%

 

Minneapolis

Spring Wheat May 2017   548.25   +1.75   +0.32%

Spring Wheat Jul 2017   552.75   +1.25   +0.23%

Spring Wheat Sep 2017   558.25   -0.25   -0.04%

Spring Wheat Dec 2017   566.00   -1.25   -0.22%

Spring Wheat Mar 2018   575.25   -3.25   -0.56%

 

Kansas City

Hard Red Wheat May 2017   445.25   -8.50   -1.87%

Hard Red Wheat Jul 2017   457.25   -8.00   -1.72%

Hard Red Wheat Sep 2017   471.75   -8.25   -1.72%

Hard Red Wheat Dec 2017   492.00   -7.00   -1.40%

Hard Red Wheat Mar 2018   506.75   -5.25   -1.03%

 

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Apr 2017   118.90   -0.10   -0.08%

Live Cattle (P) Jun 2017   109.80   +0.42   +0.38%

Live Cattle (P) Aug 2017   105.65   +0.45   +0.43%

 

Feeder Cattle (P) Mar 2017   131.48   +0.28   +0.21%

Feeder Cattle (P) Apr 2017   132.45   +0.95   +0.72%

Feeder Cattle (P) May 2017   131.28   +0.98   +0.75%

 

Lean Hogs (P) Apr 2017   68.65   -0.35   -0.51%

Lean Hogs (P) May 2017   73.62   unch   0.00%

Lean Hogs (P) Jun 2017   77.38   +0.13   +0.17%

 

 

 

About the author

Comments

explore

Stories from our other publications