Canola futures surged and slumped and recovered a bit to end up virtually where they started at the beginning of Tuesday.
November canola futures opened at $489 per tonne, rose to $497.40, slumped to $487.80, then closed at $489.40, only 40 cents, or 0.08 percent, lower than yesterday’s close.
That pattern was echoed in soybean futures, although they closed further down, with a drop of 0.43 percent to $13.42-4.
Minneapolis Grain Exchange’s December spring wheat futures contract hit a new low, dropping beneath the seven buck mark to a psychologically unnerving $6.99 close.
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Most crop futures closed only slightly lower than where they opened.
The U.S. prevented plantings reports showed most crops suffered more lost acreage than reported in previous months. That helped crops stage their early rally, but the findings were not enough to dispel the general complacency of buyers and glumness of sellers as a big North American and world crop matures.
Crop market weakness is common at this time of year as farmers begin hitting the elevator system with just-harvested crops. Basis levels widen and futures tend to sell off.
Last year at this time, the market mood was fraught with anxiety as the drought-ravaged 2012 U.S. corn and soybean crops approached harvest, but even in that atmosphere crop prices fell as the crop rolled in and the late summer peak prices were not seen again that crop year.
Most commodities were slightly lower Tuesday.
Equity markets were mildly positive Tuesday, with the usual collection of good and bad economic numbers released but no big stunners to provoke a big reaction one way or the other.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013 489.40 -0.40 -0.08%
Canola Jan 2014 498.10 -0.10 -0.02%
Canola Mar 2014 505.70 +0.10 +0.02%
Canola May 2014 511.90 +0.30 +0.06%
Canola Jul 2014 517.10 +0.60 +0.12%
Milling Wheat Oct 2013 233.00 unch 0.00%
Milling Wheat Dec 2013 238.00 -1.00 -0.42%
Milling Wheat Mar 2014 243.00 -1.00 -0.41%
Durum Wheat Oct 2013 259.00 unch 0.00%
Durum Wheat Dec 2013 267.00 unch 0.00%
Durum Wheat Mar 2014 273.00 unch 0.00%
Barley Oct 2013 158.50 unch 0.00%
Barley Dec 2013 161.50 unch 0.00%
Barley Mar 2014 163.50 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 2013 1342.5 -5.75 -0.43%
Soybeans Jan 2014 1343 -5.25 -0.39%
Soybeans May 2014 1299 +4.5 +0.35%
Soybeans Jul 2014 1291.5 +2.75 +0.21%
Soybeans Aug 2014 1270 +2.5 +0.20%
Soybean Meal Oct 2013 428.8 -2.4 -0.56%
Soybean Meal Dec 2013 426.6 -1.9 -0.44%
Soybean Meal Jan 2014 424.3 -2 -0.47%
Soybean Oil Oct 2013 42 -0.13 -0.31%
Soybean Oil Dec 2013 42.24 -0.13 -0.31%
Soybean Oil Jan 2014 42.46 -0.13 -0.31%
Corn Dec 2013 454 -2.5 -0.55%
Corn Mar 2014 466.5 -2.5 -0.53%
Corn May 2014 474.75 -2.5 -0.52%
Corn Jul 2014 481.5 -2.25 -0.47%
Corn Sep 2014 486.25 -2 -0.41%
Oats Dec 2013 306.75 -4.75 -1.52%
Oats Mar 2014 307.5 -4 -1.28%
Oats May 2014 307.5 -3.75 -1.20%
Oats Jul 2014 300.75 -3.75 -1.23%
Oats Sep 2014 307.25 -3.75 -1.21%
Wheat Dec 2013 643 +1.75 +0.27%
Wheat Mar 2014 653.5 +1.5 +0.23%
Wheat May 2014 658.5 +2 +0.30%
Wheat Jul 2014 654.75 +0.75 +0.11%
Wheat Sep 2014 659 -0.25 -0.04%
Minneapolis
Spring Wheat Dec 2013 699.5 -2.25 -0.32%
Spring Wheat Mar 2014 712.25 -2.75 -0.38%
Spring Wheat May 2014 720.5 -2.5 -0.35%
Spring Wheat Sep 2014 733.25 -0.75 -0.10%
Kansas City
KCBT Red Wheat Dec 2013 690.25 +0.5 +0.07%
KCBT Red Wheat Mar 2014 696.5 +0.5 +0.07%
KCBT Red Wheat May 2014 699.25 +0.75 +0.11%
KCBT Red Wheat Jul 2014 687.75 +1 +0.15%
KCBT Red Wheat Sep 2014 697.5 +0.75 +0.11%
Light crude oil nearby futures in New York dropped $1.17 at $105.42 US per barrel.
The Canadian dollar at noon was 97.17 cents US, up from 96.94 cents the previous trading day. The U.S. dollar at noon was $1.0291 Cdn.
