It was a dreary day in the crop markets Monday, as the lingering anxiety over the world’s economic and financial outlook sapped confidence that booming demand would continue.
Winnipeg November canola futures fell $7.40 to $633.20 per tonne, or $14.36 per bushel, while January fell $6.90 to $637.60.
In Chicago, soybeans fell about the same one percent, while losses in corn were about twice as bad, with wheat sitting between the two.
Most crop traders have pared bets and backed away from the market as the September U.S. Department of Agriculture reports loom.
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The macro markets are caught in listless trade as analysts arrange and re-arrange the entrails of the ongoing debt crisis. Some see the slumping job growth as an economically bullish factor because it might force the U.S. Federal Reserve Bank to commit to more quantitative easing. Ditto Mario Draghi’s actions with the European Central Bank: many European analysts think there’s more to gain from desperate ECB actions than there is to lose from the public acknowledgement of the severity of the crisis.
While stock markets were down, traders noticed volume was weak and there was a lack of conviction in the hours before an important U.S. Federal Reserve meeting that could flip the switch for the next round of money-printing.
Winnipeg (per tonne)
Canola Nov 12 $634.70, down $5.90
Canola Jan 13 $638.70, down $5.80
Canola Mar 13 $639.60, down $5.90
Canola May 13 $628.70, down $5.20
Milling Wheat Oct 12 $296.50, down $4.00 -1.33%
Milling Wheat Dec 12 $302.00, down $6.00 -1.95%
Milling Wheat Mar 13 $311.50, down $6.00 -1.89%
Durum Wheat Oct 12 $306.90, unchanged
Durum Wheat Dec 12 $311.40, unchanged
Durum Wheat Mar 13 $318.00, unchanged
Barley Oct 12 $257.00, down $3.00 -1.15%
Barley Dec 12 $262.00, down $3.00 -1.13%
Barley Mar 13 $265.00, down $3.00 -1.12%
Chicago (per bushel)
Soybeans (P) Sep 12 $17.1300, down 18.75 cents, -1.08%
Soybeans (P) Nov 12 $17.1875, down 17.75 -1.02%
Soybeans (P) Jan 13 $17.1825, down 17.50 -1.01%
Soybeans (P) Mar 13 $16.6250, down 18.25 -1.09%
Corn (P) Sep 12 $7.8100, down 14.00 -1.76%
Corn (P) Dec 12 $7.8325, down 16.25 -2.03%
Corn (P) Mar 13 $7.8725, down 15.25 -1.90%
Oats (P) Sep 12 $3.7950, down 6.25 -1.62%
Oats (P) Dec 12 $3.8650, down 4.00 -1.02%
Oats (P) Mar 13 $3.8900, down 2.25 -0.58%
Minneapolis (per bushel)
Spring Wheat Sep 12 $9.2725, down 13.50 cents -1.44%
Spring Wheat Dec 12 $9.3525, down 22.75 -2.37%
Spring Wheat Mar 13 $9.4525, down 21.50 -2.22%
Spring Wheat May 13 $9.5200, down 21.25 -2.18%
The previous day’s best canola basis was $20.79 under the November contract according to ICE Futures Canada in Winnipeg.
Light crude oil nearby futures in New York rose 12 cents at $96.54 US per barrel.
The Canadian dollar at noon was $1.0244 US, up from $1.0227 the previous trading day. The U.S. dollar at noon was 97.62 cents Cdn.
