Volatility is the name of the game in crop markets as futures bounced back on Monday, regaining some of the ground they lost in Friday’s sharp sell off.
Canola was one of the stronger performers today, wiping out Friday’s one percent loss in old crop contracts.
July rallied as high as $500.40 but then weakened, closing at $498.70, up $5.10.
Today’s gains in the U.S. market did not wipe out Friday’s losses, which came after prices rallied earlier in last week.
Soy oil closed lower today but soybeans rallied more than one percent on forecasts for rain in the U.S. Midwest this week that will delay seeding.
The rain also supported corn futures even though corn seeding is running well ahead of normal.
Last week, dry weather in Brazil where the second corn crop is growing, supported Chicago corn futures before the selloff on Friday.
Today, weather forecasts called for rain in large parts of Brazil.
Wheat rallied less than one percent, following on corn’s strength.
The U.S. Commodity Futures Trading Commission’s supplemental report on Friday showed non-commercials expanded their net long in CBOT soybeans by nearly 47,000 contracts in the week to April 19, to 119,054 contracts, the biggest in nearly two years.
After the close the USDA said 30 percent of the corn crop had been seeded by April 24, well ahead of the five-year average of 16 percent.
Soybean seedings totalled three percent, up one percentage point from the five year average.
The good to excellent category of winter wheat rose to 59 percent, up from 57 percent the week before. Last year only 42 percent was good to excellent.
Light crude oil nearby futures in New York were down $1.09 to US$42.64 per barrel.
The Canadian dollar at noon was US78.86 cents, down slightly from 78.90 cents the previous trading day. The U.S. dollar at noon was C$1.2680.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 78.01 points, or 0.56 percent, at 13,795.99.
Dow Jones industrial average fell 26.51 points, or 0.15 percent, to 17,977.24, the S&P 500 lost 3.79 points, or 0.18 percent, to 2,087.79 and the Nasdaq Composite dropped 10.44 points, or 0.21 percent, to 4,895.79.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2016 496.30 +6.90 +1.41%
Canola Jul 2016 498.70 +5.10 +1.03%
Canola Nov 2016 493.00 +4.40 +0.90%
Canola Jan 2017 497.90 +4.50 +0.91%
Canola Mar 2017 499.10 +4.00 +0.81%
Milling Wheat May 2016 238.00 unch 0.00%
Milling Wheat Jul 2016 236.00 unch 0.00%
Milling Wheat Oct 2016 232.00 -1.00 -0.43%
Durum Wheat May 2016 296.00 -1.00 -0.34%
Durum Wheat Jul 2016 290.00 -2.00 -0.68%
Durum Wheat Oct 2016 279.00 -2.00 -0.71%
Barley May 2016 172.00 unch 0.00%
Barley Jul 2016 174.00 unch 0.00%
Barley Oct 2016 174.00 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 999.75 +12.75 +1.29%
Soybeans Jul 2016 1009.75 +13.5 +1.36%
Soybeans Aug 2016 1011.75 +13.25 +1.33%
Soybeans Sep 2016 1003.5 +14.5 +1.47%
Soybeans Nov 2016 997.75 +14.75 +1.50%
Soybeans Jan 2017 1000.25 +14 +1.42%
Soybean Meal May 2016 316.4 +4.7 +1.51%
Soybean Meal Jul 2016 319.5 +4.9 +1.56%
Soybean Meal Aug 2016 319.5 +5 +1.59%
Soybean Oil May 2016 33.9 -0.09 -0.26%
Soybean Oil Jul 2016 34.2 -0.1 -0.29%
Soybean Oil Aug 2016 34.31 -0.09 -0.26%
Corn May 2016 377 +5.25 +1.41%
Corn Jul 2016 381.75 +6.25 +1.66%
Corn Sep 2016 382.25 +6.75 +1.80%
Corn Dec 2016 387.75 +6.75 +1.77%
Corn Mar 2017 396.5 +7.5 +1.93%
Oats May 2016 197 -0.5 -0.25%
Oats Jul 2016 206.25 -1 -0.48%
Oats Sep 2016 214 -1.5 -0.70%
Oats Dec 2016 221.75 -1.5 -0.67%
Oats Mar 2017 231 unch 0.00%
Wheat May 2016 471.25 +4.25 +0.91%
Wheat Jul 2016 477.75 +3.75 +0.79%
Wheat Sep 2016 487.25 +3.75 +0.78%
Wheat Dec 2016 504.25 +4 +0.80%
Wheat Mar 2017 519 +3.75 +0.73%
Minneapolis
Spring Wheat May 2016 527.75 +2.25 +0.43%
Spring Wheat Jul 2016 537.5 +4.25 +0.80%
Spring Wheat Sep 2016 545 +2.5 +0.46%
Spring Wheat Dec 2016 555.5 +2.5 +0.45%
Spring Wheat Mar 2017 563.75 +1.25 +0.22%
Kansas City
Hard Red Wheat May 2016 462.5 +0.75 +0.16%
Hard Red Wheat Jul 2016 473.75 +0.25 +0.05%
Hard Red Wheat Sep 2016 488 +0.25 +0.05%
Hard Red Wheat Dec 2016 511 +1 +0.20%
Hard Red Wheat Mar 2017 524.75 +0.75 +0.14%
