On a flat day in crop markets, wheat contracts rose slightly while soybeans weakened.
Canola fell slightly too, but showed relative strength.
“Canola was sturdy. It didn’t want to go down,” said Ken Ball of P.I. Financial in Winnipeg.
“It’s a little bit on the cheap side, so it will tend to not want to go down all that easily with the soy markets.”
Canola has been in a holding pattern recently. Since the end of October, canola futures have been hovering around the $520 per tonne level for the January contract after rising from July-August lows of $450-$460.
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It has moved both sides of $520, but then returns. It managed to stay slightly above $520 since the last week of November, but has now eased beneath.
“It’s going to be a chopping period for a while,” said Ball.
The Monday weakness in soybeans might be due to predictions of improved rainfall in Argentina growing regions.
At this time of year, with North American and European crop supplies well understood, trader attention turns to the crop conditions in South America.
Weather there can cause significant price movements in futures. However, this is also the time of year when trading begins to weaken as the holiday season draws attention away from the markets.
Light crude oil nearby futures in New York were up $1.33 to US$52.83 per barrel.
The Canadian dollar at noon was US76.10 cents, up from 75.96 cents the previous trading day. The U.S. dollar at noon was C$1.3140.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2017 518.10 -0.70 -0.13%
Canola Mar 2017 523.70 -0.80 -0.15%
Canola May 2017 527.90 -1.00 -0.19%
Canola Jul 2017 530.30 -0.90 -0.17%
Canola Nov 2017 500.00 -0.70 -0.14%
Milling Wheat Mar 2017 239.00 +1.00 +0.42%
Milling Wheat May 2017 243.00 +2.00 +0.83%
Milling Wheat Jul 2017 244.00 +1.00 +0.41%
Durum Wheat Mar 2017 319.00 -4.00 -1.24%
Durum Wheat May 2017 322.00 -4.00 -1.23%
Durum Wheat Jul 2017 327.00 unch 0.00%
Barley Mar 2017 142.00 unch 0.00%
Barley May 2017 144.00 unch 0.00%
Barley Jul 2017 145.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2017 1031.00 -8.00 -0.77%
Soybeans Mar 2017 1042.50 -7.00 -0.67%
Soybeans May 2017 1050.50 -7.25 -0.69%
Soybeans Jul 2017 1056.00 -6.75 -0.64%
Soybeans Aug 2017 1053.25 -3.75 -0.35%
Soybeans Sep 2017 1036.25 -4.00 -0.38%
Soybean Meal Dec 2016 314.80 -3.80 -1.19%
Soybean Meal Jan 2017 316.20 -3.60 -1.13%
Soybean Meal Mar 2017 320.50 -3.40 -1.05%
Soybean Oil Dec 2016 36.76 +0.13 +0.35%
Soybean Oil Jan 2017 36.97 +0.10 +0.27%
Soybean Oil Mar 2017 37.24 +0.11 +0.30%
Corn Dec 2016 354.50 +3.00 +0.85%
Corn Mar 2017 360.50 +1.75 +0.49%
Corn May 2017 367.25 +2.00 +0.55%
Corn Jul 2017 374.25 +2.00 +0.54%
Corn Sep 2017 381.00 +2.00 +0.53%
Oats Dec 2016 215.75 +0.75 +0.35%
Oats Mar 2017 230.25 +4.25 +1.88%
Oats May 2017 232.00 +4.00 +1.75%
Oats Jul 2017 234.00 unch 0.00%
Oats Sep 2017 239.25 unch 0.00%
Wheat Dec 2016 401.25 +5.75 +1.45%
Wheat Mar 2017 417.25 +4.25 +1.03%
Wheat May 2017 427.75 +5.00 +1.18%
Wheat Jul 2017 439.75 +5.00 +1.15%
Wheat Sep 2017 453.25 +3.00 +0.67%
Minneapolis
Spring Wheat Dec 2016 541.75 +5.75 +1.07%
Spring Wheat Mar 2017 537.00 +0.50 +0.09%
Spring Wheat May 2017 539.25 +0.25 +0.05%
Spring Wheat Jul 2017 544.00 +1.50 +0.28%
Spring Wheat Sep 2017 549.00 +0.50 +0.09%
Kansas City
Hard Red Wheat Dec 2016 397.50 unch 0.00%
Hard Red Wheat Mar 2017 414.75 +3.75 +0.91%
Hard Red Wheat May 2017 426.25 +3.00 +0.71%
Hard Red Wheat Jul 2017 438.75 +3.25 +0.75%
Hard Red Wheat Sep 2017 454.00 +0.75 +0.17%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Dec 2016 110.35 +1.45 +1.33%
Live Cattle (P) Apr 2017 112.20 +1.98 +1.80%
Feeder Cattle (P) Jan 2017 128.55 +2.57 +2.04%
Feeder Cattle (P) Mar 2017 125.00 +2.40 +1.96%
Feeder Cattle (P) Apr 2017 124.12 +2.22 +1.82%
Lean Hogs (P) Dec 2016 57.38 +0.66 +1.16%
Lean Hogs (P) Feb 2017 62.18 +0.63 +1.02%
Lean Hogs (P) Apr 2017 66.67 +0.75 +1.14%
