Canola expected to open lower overnight

Soybeans and wheat had bad days Monday, as almost all North American crop futures were in the red.

Soybeans, soybean oil and soybean meal all fell. Soybeans weakness suggested the up-trend since mid-August has weakened or ended.

“Beans have been looking toppy and they did finally break below key support at $9.80, $9.82 (per bushel) January,” said P.I. Financial broker Ken Ball.

Good rains in northern parts of Brazil’s growing area lent bearishness to the market. More beneficial rains are forecast, so the negative pressure is likely to persist.

Wheat contracts faced little real fundamental news Monday, but they fell anyway, with nothing to dispel the general bearishness surrounding wheat supplies.

That has led recently to some key support levels breaking, further increasing the bearishness.

Some of the weakness in the U.S. markets is due to the strength of the U.S. dollar, so in Canadian dollar terms, Monday’s losses were not so great.

There was no main session for Canada’s canola futures market as Remembrance Day was recognized in a deferred manner.

Ball said he expected to see canola open in the overnight session a few dollars lower, reflecting the weakness in U.S. soy markets, but did not expect to see it be as weak as U.S. market.

OUTSIDE MARKETS
Light crude oil nearby futures in New York were up two cents at US$56.76 per barrel.
In the afternoon, the Canadian dollar was trading around US78.51 cents, up from 78.85 cents the previous trading day. The U.S. dollar was C$1.2737.

Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 512.60s -0.40 -0.08%

Canola Jan 18 515.10s -0.40 -0.08%
Canola Mar 18 521.80s -0.60 -0.11%
Canola May 18 525.60s -0.90 -0.17%
Canola Jul 18 528.10s -0.70 -0.13%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.

Chicago
Soybeans Nov 17 963-4s -13-6 -1.41%
Soybeans Jan 18 974-2s -12-6 -1.29%
Soybeans Mar 18 985-4s -12-4 -1.25%
Soybeans May 18 994-6s -12-2 -1.22%
Soybeans Jul 18 1003-4s -12-0 -1.18%

Soybean Meal Dec 17 311.3s -3.2 -1.02%
Soybean Meal Jan 18 313.4s -3.2 -1.01%
Soybean Meal Mar 18 316.9s -3.2 -1.00%

Soybean Oil Dec 17 34.33s -0.48 -1.38%
Soybean Oil Jan 18 34.48s -0.48 -1.37%
Soybean Oil Mar 18 34.71s -0.48 -1.36%

Corn Dec 17 342-2s -1-2 -0.36%
Corn Mar 18 355-0s -1-6 -0.49%
Corn May 18 363-4s -1-6 -0.48%
Corn Jul 18 371-2s -1-6 -0.47%
Corn Sep 18 378-0s -2-0 -0.53%

Oats Dec 17 273-4s +1-4 +0.55%
Oats Mar 18 283-0s +3-0 +1.07%
Oats May 18 289-6s +4-4 +1.58%
Oats Jul 18 289-6s +5-2 +1.85%
Oats Sep 18 288-2s +2-4 +0.87%

Wheat Dec 17 424-2s -7-2 -1.68%
Wheat Mar 18 443-2s -5-6 -1.28%
Wheat May 18 455-0s -5-0 -1.09%
Wheat Jul 18 468-4s -4-4 -0.95%
Wheat Sep 18 483-4s -4-4 -0.92%

Minneapolis
Spring Wheat Dec 17 633-2s -14-2 -2.20%
Spring Wheat Mar 18 647-0s -12-2 -1.86%
Spring Wheat May 18 652-6s -11-6 -1.77%
Spring Wheat Jul 18 652-6s -10-6 -1.62%
Spring Wheat Sep 18 639-0s -7-0 -1.08%

Kansas City
Hard Red Wheat Dec 17 427-4s -5-6 -1.33%
Hard Red Wheat Mar 18 444-2s -5-6 -1.28%
Hard Red Wheat May 18 456-2s -5-6 -1.24%
Hard Red Wheat Jul 18 472-6s -4-6 -0.99%
Hard Red Wheat Sep 18 489-2s -4-2 -0.86%

Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 120.575s unch unch
Live Cattle Feb 18 126.400s -0.350 -0.28%

Live Cattle Apr 18 126.975s -0.125 -0.10%

Feeder Cattle Nov 17 158.700s +0.225 +0.14%
Feeder Cattle Jan 18 156.975s -0.200 -0.13%
Feeder Cattle Mar 18 154.625s -0.450 -0.29%

Lean Hogs Dec 17 62.300s -0.175 -0.28%
Lean Hogs Feb 18 70.300s +0.050 +0.07%
Lean Hogs Apr 18 74.250s +0.200 +0.27%

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