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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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 2014 461.00 +6.80 +1.50%
Canola Jul 2014 470.80 +6.40 +1.38%
Canola Nov 2014 485.70 +5.50 +1.15%
Canola Jan 2015 493.10 +5.60 +1.15%
Canola Mar 2015 500.00 +5.40 +1.09%
Milling Wheat May 2014 217.00 +2.00 +0.93%
Milling Wheat Jul 2014 215.00 +2.00 +0.94%
Milling Wheat Oct 2014 218.00 +2.00 +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 2014 1464.25 -9.5 -0.64%
Soybeans Jul 2014 1448.25 -6.75 -0.46%
Soybeans Aug 2014 1372.75 -1.75 -0.13%
Soybeans Sep 2014 1257 unch 0.00%
Soybeans Nov 2014 1208.25 -0.25 -0.02%
Soybeans Jan 2015 1213.25 unch 0.00%
Soybean Meal May 2014 474.3 -4.8 -1.00%
Soybean Meal Jul 2014 464.7 -2.2 -0.47%
Soybean Meal Aug 2014 436.1 -1.3 -0.30%
Soybean Oil May 2014 41.43 -0.14 -0.34%
Soybean Oil Jul 2014 41.65 -0.12 -0.29%
Soybean Oil Aug 2014 41.53 -0.02 -0.05%
Corn May 2014 499.25 -2.5 -0.50%
Corn Jul 2014 505.25 -2.25 -0.44%
Corn Sep 2014 505.5 -1.5 -0.30%
Corn Dec 2014 505.5 -1.25 -0.25%
Corn Mar 2015 512 -1 -0.19%
Oats May 2014 419 +8.25 +2.01%
Oats Jul 2014 362.5 -3 -0.82%
Oats Sep 2014 351.75 -2.5 -0.71%
Oats Dec 2014 340.5 -5.5 -1.59%
Oats Mar 2015 339 -5.5 -1.60%
Wheat May 2014 676.25 +6.5 +0.97%
Wheat Jul 2014 683.5 +7 +1.03%
Wheat Sep 2014 692.75 +7.5 +1.09%
Wheat Dec 2014 706.25 +8 +1.15%
Wheat Mar 2015 718 +9 +1.27%
Minneapolis
Spring Wheat May 2014 722.25 +0.75 +0.10%
Spring Wheat Jul 2014 725.5 +4 +0.55%
Spring Wheat Sep 2014 732 +5.75 +0.79%
Spring Wheat Dec 2014 742.5 +6.25 +0.85%
Spring Wheat Mar 2015 749.25 +6.25 +0.84%
Kansas City
KC HRW Wheat May 2014 739.5 +5.75 +0.78%
KC HRW Wheat Jul 2014 746 +7.5 +1.02%
KC HRW Wheat Sep 2014 753.5 +9 +1.21%
KC HRW Wheat Dec 2014 764.75 +9.75 +1.29%
KC HRW Wheat Mar 2015 769.25 +10 +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.
