Canola futures closed higher on Monday, lifted by technical buying, improved commercial demand and concerns about the potential for late seeding.
The gains made up for the losses on Friday. Canola price movements plotted on a chart are mostly moving sideways in a about a $10 per tonne range between $453 and $463.
Late in the trading day May rallied as high as $464.40 for a short time, but was hammered back into the range by the close.
May closed at $460.80, or $10.45 a bushel.
Old crop soybeans fell on the arrival of a shipment of Brazilian soybeans to the U.S. Gulf Coast on the weekend. More South American soybeans are expected to go to the United States to addess the shortages there.
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Profit taking weighed on corn futures.
Worries that cool, wet spring weather will delay seeding in the Midwest were relieved somewhat by a forecast for warmer, drier weather.
Wheat edged higher on weekend rains in the southern Plains that were less than expected.
After the close, state crop progress reports showed the hard red winter wheat crop deteriorated in the past week.
Kansas good-to-excellent 29 percent (32 percent last week). Fair 44 percent (43). Poor-to-very poor 27 percent (25).
Oklahoma good-to-excellent 15 percent (17 percent). Fair 37 percent (39). Poor-to-very poor 48 percent (44).
Texas good-to-excellent 13 percent (11). Fair 26 percent (30). Poor-to-very poor 61 percent (59).
The first national assessment of the winter wheat crop was delayed until Tuesday.
USDA will release its monthly supply and demand report on Wednesday. Traders expect the report will reduce the estimate of year end soybean stocks.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2014Â Â Â Â Â Â 461.00Â Â Â Â Â Â +6.80Â Â Â Â Â Â +1.50%
Canola Jul 2014Â Â Â Â Â Â 470.80Â Â Â Â Â Â +6.40Â Â Â Â Â Â +1.38%
Canola Nov 2014Â Â Â Â Â Â 485.70Â Â Â Â Â Â +5.50Â Â Â Â Â Â +1.15%
Canola Jan 2015Â Â Â Â Â Â 493.10Â Â Â Â Â Â +5.60Â Â Â Â Â Â +1.15%
Canola Mar 2015Â Â Â Â Â Â 500.00Â Â Â Â Â Â +5.40Â Â Â Â Â Â +1.09%
Milling Wheat May 2014Â Â Â Â Â Â 217.00Â Â Â Â Â Â +2.00Â Â Â Â Â Â +0.93%
Milling Wheat Jul 2014Â Â Â Â Â Â 215.00Â Â Â Â Â Â +2.00Â Â Â Â Â Â +0.94%
Milling Wheat Oct 2014Â Â Â Â Â Â 218.00Â Â Â Â Â Â +2.00Â Â Â Â Â Â +0.93%
Durum Wheat May 2014      250.00      unch      0.00%
Durum Wheat Jul 2014      250.00      unch      0.00%
Durum Wheat Oct 2014      252.00      unch      0.00%
Barley May 2014      130.50      unch      0.00%
Barley Jul 2014      128.50      unch      0.00%
Barley Oct 2014      128.50      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 2014Â Â Â Â Â Â 1464.25Â Â Â Â Â Â -9.5Â Â Â Â Â Â -0.64%
Soybeans Jul 2014Â Â Â Â Â Â 1448.25Â Â Â Â Â Â -6.75Â Â Â Â Â Â -0.46%
Soybeans Aug 2014Â Â Â Â Â Â 1372.75Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.13%
Soybeans Sep 2014      1257      unch      0.00%
Soybeans Nov 2014Â Â Â Â Â Â 1208.25Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.02%
Soybeans Jan 2015      1213.25      unch      0.00%
Soybean Meal May 2014Â Â Â Â Â Â 474.3Â Â Â Â Â Â -4.8Â Â Â Â Â Â -1.00%
Soybean Meal Jul 2014Â Â Â Â Â Â 464.7Â Â Â Â Â Â -2.2Â Â Â Â Â Â -0.47%
Soybean Meal Aug 2014Â Â Â Â Â Â 436.1Â Â Â Â Â Â -1.3Â Â Â Â Â Â -0.30%
Soybean Oil May 2014Â Â Â Â Â Â 41.43Â Â Â Â Â Â -0.14Â Â Â Â Â Â -0.34%
Soybean Oil Jul 2014Â Â Â Â Â Â 41.65Â Â Â Â Â Â -0.12Â Â Â Â Â Â -0.29%
Soybean Oil Aug 2014Â Â Â Â Â Â 41.53Â Â Â Â Â Â -0.02Â Â Â Â Â Â -0.05%
Corn May 2014Â Â Â Â Â Â 499.25Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.50%
Corn Jul 2014Â Â Â Â Â Â 505.25Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.44%
Corn Sep 2014Â Â Â Â Â Â 505.5Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.30%
Corn Dec 2014Â Â Â Â Â Â 505.5Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.25%
Corn Mar 2015Â Â Â Â Â Â 512Â Â Â Â Â Â -1Â Â Â Â Â Â -0.19%
Oats May 2014Â Â Â Â Â Â 419Â Â Â Â Â Â +8.25Â Â Â Â Â Â +2.01%
Oats Jul 2014Â Â Â Â Â Â 362.5Â Â Â Â Â Â -3Â Â Â Â Â Â -0.82%
Oats Sep 2014Â Â Â Â Â Â 351.75Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.71%
Oats Dec 2014Â Â Â Â Â Â 340.5Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.59%
Oats Mar 2015Â Â Â Â Â Â 339Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.60%
Wheat May 2014Â Â Â Â Â Â 676.25Â Â Â Â Â Â +6.5Â Â Â Â Â Â +0.97%
Wheat Jul 2014Â Â Â Â Â Â 683.5Â Â Â Â Â Â +7Â Â Â Â Â Â +1.03%
Wheat Sep 2014Â Â Â Â Â Â 692.75Â Â Â Â Â Â +7.5Â Â Â Â Â Â +1.09%
Wheat Dec 2014Â Â Â Â Â Â 706.25Â Â Â Â Â Â +8Â Â Â Â Â Â +1.15%
Wheat Mar 2015Â Â Â Â Â Â 718Â Â Â Â Â Â +9Â Â Â Â Â Â +1.27%
Minneapolis
Spring Wheat May 2014Â Â Â Â Â Â 722.25Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.10%
Spring Wheat Jul 2014Â Â Â Â Â Â 725.5Â Â Â Â Â Â +4Â Â Â Â Â Â +0.55%
Spring Wheat Sep 2014Â Â Â Â Â Â 732Â Â Â Â Â Â +5.75Â Â Â Â Â Â +0.79%
Spring Wheat Dec 2014Â Â Â Â Â Â 742.5Â Â Â Â Â Â +6.25Â Â Â Â Â Â +0.85%
Spring Wheat Mar 2015Â Â Â Â Â Â 749.25Â Â Â Â Â Â +6.25Â Â Â Â Â Â +0.84%
Kansas City
KC HRW Wheat May 2014Â Â Â Â Â Â 739.5Â Â Â Â Â Â +5.75Â Â Â Â Â Â +0.78%
KC HRW Wheat Jul 2014Â Â Â Â Â Â 746Â Â Â Â Â Â +7.5Â Â Â Â Â Â +1.02%
KC HRW Wheat Sep 2014Â Â Â Â Â Â 753.5Â Â Â Â Â Â +9Â Â Â Â Â Â +1.21%
KC HRW Wheat Dec 2014Â Â Â Â Â Â 764.75Â Â Â Â Â Â +9.75Â Â Â Â Â Â +1.29%
KC HRW Wheat Mar 2015Â Â Â Â Â Â 769.25Â Â Â Â Â Â +10Â Â Â Â Â Â +1.32%
Light crude oil nearby futures in New York dropped 70 cents at $100.44 US per barrel.
The Canadian dollar at noon was 91.15 cents US, up from 91.09 cents the previous trading day. The U.S. dollar at noon was $1.0971 Cdn.
Stock markets fell as traders wondered if the United States economy is healthy enough to warrant high stock prices .
The Toronto Stock Exchange’s S&P/TSX composite index closed down 122.77 points, or 0.85 percent, at 14,270.33
Shares of internet business stocks fell hard in the U.S.
The Dow Jones industrial average fell 166.84 points or 1.02 percent, to 16,245.87, the S&P 500 lost 20.05 points or 1.08 percent, to 1,845.04 and the Nasdaq Composite dropped 47.973 points or 1.16 percent, to 4,079.753.
