Canola follows soy oil higher

Canola rose Monday, following soybean oil.

Soybeans lagged canola, having less oil value in its seed. Soybean meal rose too, but not by nearly as much as soybean oil.

European canola and Malaysian palm oil prices also rose.

U.S. soybean exports are speeding up, above last week levels and above those of a year before.

However, U.S. wheat exports are flaccid this autumn. The weekly USDA wheat export number pressured wheat futures lower, with Chicago wheat down almost three percent. Spring wheat faired better than the other two contracts, but still fell a few cents. Bad harvesting conditions in Canada helped preserve spring wheat values compared to the winter wheats.

Read Also

China holds off on soybean purchases due to high Brazil premiums, traders say

China has yet to secure much of its soybean supply for December and January as high premiums for Brazilian cargoes discourage buyers.

Canola’s rise was helped by the poor harvesting conditions on the Canadian Prairies, where many farmers still have crop in the field and are running out of days to get it. That which is there is likely seeing yields bleed slightly as pods shell out onto the soil.

Canola was also helped by a weaker loonie.

Canola crop size estimates are still unsure, since this harvest season has seen such a mix of weather and conditions.

The six dollar per tonne rise in November canola today took the contract to a four month high.

Corn fell between soybeans and wheat, falling a few cents.

Light crude oil nearby futures in New York were down 33 cents to US$50.52 per barrel.

The Canadian dollar at noon was US74.69 cents, down from 75.05 cents the previous trading day. The U.S. dollar at noon was C$1.3388.

The Toronto Stock Exchange composite fell 16.03 points or 0.11 percent to close at 14,923.01.

The Dow Jones industrial average rose 77.32 points, or 0.43 percent, to 18,223.03, the S&P 500 rose 10.17 points, or 0.47 percent, to 2,151.33 and the Nasdaq Composite climbed 52.43 points, or one percent, to 5,309.83.

Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2016   508.10   +6.00   +1.19%
Canola Jan 2017   514.10   +6.70   +1.32%
Canola Mar 2017   519.20   +7.60   +1.49%
Canola May 2017   520.90   +6.90   +1.34%
Canola Jul 2017   518.90   +5.50   +1.07%

Milling Wheat Dec 2016   236.00   +1.00   +0.43%
Milling Wheat Mar 2017   242.00   +2.00   +0.83%
Milling Wheat May 2017   246.00   +2.00   +0.82%

Durum Wheat Dec 2016   309.00   +5.00   +1.64%
Durum Wheat Mar 2017   318.00   +6.00   +1.92%
Durum Wheat May 2017   322.00   +7.00   +2.22%

Barley Dec 2016   132.50   unch   0.00%
Barley Mar 2017   134.50   unch   0.00%
Barley May 2017   135.50   unch   0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago
Soybeans Nov 2016   992.00   +8.00   +0.81%
Soybeans Jan 2017   1002.25   +9.00   +0.91%

Soybeans Mar 2017   1009.00   +9.25   +0.93%
Soybeans May 2017   1015.50   +9.50   +0.94%
Soybeans Jul 2017   1020.50   +9.25   +0.91%
Soybeans Aug 2017   1018.25   +12.75   +1.27%

Soybean Meal Dec 2016   307.30   +0.10   +0.03%
Soybean Meal Jan 2017   308.80   +0.30   +0.10%
Soybean Meal Mar 2017   310.30   +0.40   +0.13%

Soybean Oil Dec 2016   35.99   +0.87   +2.48%
Soybean Oil Jan 2017   36.25   +0.87   +2.46%
Soybean Oil Mar 2017   36.45   +0.84   +2.36%

Corn Dec 2016   348.25   -4.00   -1.14%
Corn Mar 2017   358.00   -4.00   -1.10%
Corn May 2017   365.00   -3.75   -1.02%
Corn Jul 2017   371.25   -3.75   -1.00%
Corn Sep 2017   378.00   -2.75   -0.72%

Oats Dec 2016   213.25   -4.75   -2.18%
Oats Mar 2017   208.75   -0.25   -0.12%
Oats May 2017   208.50   +0.50   +0.24%
Oats Jul 2017   209.00   -1.50   -0.71%
Oats Sep 2017   218.00   -17.00   -7.23%

Wheat Dec 2016   402.50   -11.75   -2.84%
Wheat Mar 2017   424.50   -10.50   -2.41%
Wheat May 2017   441.00   -9.75   -2.16%
Wheat Jul 2017   453.25   -9.75   -2.11%
Wheat Sep 2017   467.75   -8.00   -1.68%

Minneapolis
Spring Wheat Dec 2016   524.75   -3.50   -0.66%
Spring Wheat Mar 2017   529.75   -3.00   -0.56%
Spring Wheat May 2017   536.00   -2.50   -0.46%
Spring Wheat Jul 2017   542.75   -1.75   -0.32%

Spring Wheat Sep 2017   549.75   -2.00   -0.36%

Kansas City
Hard Red Wheat Dec 2016   412.50   -9.25   -2.19%
Hard Red Wheat Mar 2017   430.50   -9.00   -2.05%
Hard Red Wheat May 2017   442.75   -8.50   -1.88%
Hard Red Wheat Jul 2017   453.50   -8.00   -1.73%
Hard Red Wheat Sep 2017   467.00   -8.25   -1.74%

Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Oct 2016   103.12   +1.89   +1.87%
Live Cattle (P) Dec 2016   104.25   +2.30   +2.26%
Live Cattle (P) Feb 2017   104.62   +1.72   +1.67%

Feeder Cattle (P) Oct 2016   122.37   +1.17   +0.97%
Feeder Cattle (P) Nov 2016   122.52   +2.70   +2.25%
Feeder Cattle (P) Jan 2017   118.08   +2.40   +2.07%

Lean Hogs (P) Dec 2016   43.20   +1.12   +2.66%
Lean Hogs (P) Feb 2017   49.70   +0.78   +1.59%
Lean Hogs (P) Apr 2017   57.52   +0.62   +1.09%