Canola futures edge up on weaker loonie

Canola edged higher on a weaker Canadian dollar but U.S. futures fell as there is just not enough bullish news to keep the short covering rally going.

The loonie weakened with lower oil prices and uncertainty over what the U.S. Federal Reserve will do Wednesday on interest rates.

Crop futures on U.S. exchanges were little changed.

Wheat prices enjoyed a modest rally recently on concerns about dry weather in the southern Plains. However it has not done damage yet.

USDA reported that crop conditions for winter wheat in Kansas, the largest producer of the crop, were steady at 56 percent good to excellent. But that was up from 41 percent a year earlier.

The crop in Oklahoma 67 percent good to excellent, up one percentage point from the week before and up 27 percentage points from a year earlier.

Soybean futures were pressured by favourable weather in South America for harvest and delivery of grains.

Indian officials are looking into the damage caused by weekend rain and hail. More rain is expected midweek.

Central and northern Saskatchewan and parts of Manitoba were getting snow today.

Light crude oil nearby futures in New York were down 84 cents to US$36.34 per barrel.

The Canadian dollar at noon was US74.86 cents, down from 75.23 cents the previous trading day. The U.S. dollar at noon was C$1.3359. (This report on Monday accidently ran Friday’s dollar exchange rate.)

The Toronto Stock Exchange’s S&P/TSX composite index closed down 77.23 points, or 0.57 percent, at 13,400.31. Most of the weakness came from a sharp decline in Valeant Pharmaceuticals International.

The Dow Jones industrial average ended up 22.4 points, or 0.13 percent, at 17,251.53, the S&P 500 lost 3.71 points, or 0.18 percent, to 2,015.93 and the Nasdaq Composite dropped 21.61 points, or 0.45 percent, to 4,728.67.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2016 467.30 +0.90 +0.19%

Canola Jul 2016 468.90 +1.60 +0.34%

Canola Nov 2016 470.70 +2.50 +0.53%

Canola Jan 2017 474.20 +2.50 +0.53%

Canola Mar 2017 476.70 +2.40 +0.51%

Milling Wheat May 2016 238.00 +4.00 +1.71%

Milling Wheat Jul 2016 240.00 +3.00 +1.27%

Milling Wheat Oct 2016 238.00 +1.00 +0.42%

Durum Wheat May 2016 290.00 unch 0.00%

Durum Wheat Jul 2016 278.00 unch 0.00%

Durum Wheat Oct 2016 266.00 unch 0.00%

Barley May 2016 176.00 unch 0.00%

Barley Jul 2016 180.00 unch 0.00%

Barley Oct 2016 180.00 unch 0.00%

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

Chicago

Soybeans May 2016 892 -3.75 -0.42%

Soybeans Jul 2016 897.75 -4.25 -0.47%

Soybeans Aug 2016 900 -4 -0.44%

Soybeans Sep 2016 899.75 -4.25 -0.47%

Soybeans Nov 2016 902.75 -4.25 -0.47%

Soybeans Jan 2017 907 -4.25 -0.47%

Soybean Meal May 2016 268.2 -3.3 -1.22%

Soybean Meal Jul 2016 271 -3.2 -1.17%

Soybean Meal Aug 2016 272.2 -3.1 -1.13%

Soybean Oil May 2016 32.49 +0.04 +0.12%

Soybean Oil Jul 2016 32.72 +0.04 +0.12%

Soybean Oil Aug 2016 32.79 +0.04 +0.12%

Corn May 2016 368.5 -0.25 -0.07%

Corn Jul 2016 373.5 unch 0.00%

Corn Sep 2016 378.75 +0.25 +0.07%

Corn Dec 2016 387.25 +0.25 +0.06%

Corn Mar 2017 396 +0.5 +0.13%

Oats May 2016 196 unch 0.00%

Oats Jul 2016 205.75 +0.25 +0.12%

Oats Sep 2016 212.25 unch 0.00%

Oats Dec 2016 220.5 +0.75 +0.34%

Oats Mar 2017 225.25 +5.5 +2.50%

Wheat May 2016 477.25 -1.5 -0.31%

Wheat Jul 2016 484.5 -1.25 -0.26%

Wheat Sep 2016 494.25 -0.75 -0.15%

Wheat Dec 2016 508 -0.25 -0.05%

Wheat Mar 2017 521.25 unch 0.00%

Minneapolis

Spring Wheat May 2016 519.25 -2 -0.38%

Spring Wheat Jul 2016 528.25 -1.25 -0.24%

Spring Wheat Sep 2016 537.5 -1.25 -0.23%

Spring Wheat Dec 2016 550.75 -1.5 -0.27%

Spring Wheat Mar 2017 563.5 -1.25 -0.22%

Kansas City

Hard Red Wheat May 2016 489 unch 0.00%

Hard Red Wheat Jul 2016 498.75 -0.25 -0.05%

Hard Red Wheat Sep 2016 512 -0.25 -0.05%

Hard Red Wheat Dec 2016 530.75 -0.5 -0.09%

Hard Red Wheat Mar 2017 543 -0.5 -0.09%

Your reading list