Canola prices held firm Monday, on a day of bearish reports for global grain supplies.
July canola futures dropped $1.80 per tonne on the ICE Futures Canada exchange, settling at $449.80 per tonne.
The volume was light, with only 9,859 July contracts traded on the day.
Strength in U.S. soybean futures likely supported canola prices. July futures in Chicago gained 2.25 cents to finish at $9.73 per bushel.
Traders attributed today’s gains to robust export demand for U.S. soybeans.
The oilseed gained ground despite excellent harvest conditions for Argentina’s soy crop. Argentina is expected to reap a record soy crop this spring.
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Wheat futures in Chicago took a beating Monday, with the July contract dropping 15.25 cents to close at $4.7325 per bu.
MARS, the European Union crop monitoring service, said today that weather conditions remain favourable in most growing regions for winter crop development and spring plantings. The agency expects soft wheat yields to be 3.7 percent above the five year average. The EU rape crop is forecast at 6.9 percent above the five year average.
Morocco also announced that its cereal harvest looks promising. Reuters said Morocco would harvest a record 11 million tonnes of wheat, durum and barley, compared to 6.7 million tonnes last year.
Compounding the bearish news from Europe and North Africa, rains in Oklahoma and Texas improved prospects for America’s winter wheat crop.
Hard red spring wheat futures sank in Minneapolis. The July contract lost 10.75 cents, settling at $5.345 per bu.
July corn fell 5 cents in Chicago to close at $3.6475 per bu. The new value is the lowest corn futures price since last October.
Bloomberg reported Monday that hedge funds continue to short grain futures. Investors expect the global glut of wheat, corn and soy to drag down futures prices for ag commodities.
Light crude oil nearby futures in New York were up 16 cents to US$56.99 per barrel.
The Canadian dollar at noon was US82.61 cents, up from 82.20 cents the previous trading day. The U.S. dollar at noon was C$1.2105.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 452.80 +3.40 +0.76%
Canola Jul 2015 449.80 -1.80 -0.40%
Canola Nov 2015 443.10 -3.20 -0.72%
Canola Jan 2016 444.80 -2.90 -0.65%
Canola Mar 2016 445.20 -2.70 -0.60%
Milling Wheat May 2015 197.00 -4.00 -1.99%
Milling Wheat Jul 2015 199.00 -4.00 -1.97%
Milling Wheat Oct 2015 205.00 -3.00 -1.44%
Durum Wheat May 2015 313.00 unch 0.00%
Durum Wheat Jul 2015 303.00 unch 0.00%
Durum Wheat Oct 2015 308.00 unch 0.00%
Barley May 2015 207.00 unch 0.00%
Barley Jul 2015 207.00 unch 0.00%
Barley Oct 2015 192.00 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 2015 973 +3.25 +0.34%
Soybeans Jul 2015 973 +2.25 +0.23%
Soybeans Aug 2015 968.5 +1.75 +0.18%
Soybeans Sep 2015 956.5 +0.25 +0.03%
Soybeans Nov 2015 952 -0.5 -0.05%
Soybeans Jan 2016 958.5 -0.5 -0.05%
Soybean Meal May 2015 315.1 +0.5 +0.16%
Soybean Meal Jul 2015 314 +0.7 +0.22%
Soybean Meal Aug 2015 312.7 +0.7 +0.22%
Soybean Oil May 2015 31.66 -0.01 -0.03%
Soybean Oil Jul 2015 31.84 -0.02 -0.06%
Soybean Oil Aug 2015 31.92 unch 0.00%
Corn May 2015 360.75 -3.75 -1.03%
Corn Jul 2015 364.75 -5 -1.35%
Corn Sep 2015 372.5 -5 -1.32%
Corn Dec 2015 383.25 -5 -1.29%
Corn Mar 2016 394.25 -5 -1.25%
Oats May 2015 237.75 -3.75 -1.55%
Oats Jul 2015 241.25 -4.25 -1.73%
Oats Sep 2015 246 -5.5 -2.19%
Oats Dec 2015 255.25 -4 -1.54%
Oats Mar 2016 263.5 -4 -1.50%
Wheat May 2015 470.25 -15.75 -3.24%
Wheat Sep 2015 482.5 -15.5 -3.11%
Wheat Dec 2015 500.25 -14.75 -2.86%
Wheat Mar 2016 516.25 -13.75 -2.59%
Minneapolis
Spring Wheat May 2015 524.5 -10.5 -1.96%
Spring Wheat Jul 2015 534.5 -10.75 -1.97%
Spring Wheat Sep 2015 545.25 -8.75 -1.58%
Spring Wheat Dec 2015 557.5 -7 -1.24%
Spring Wheat Mar 2016 572.5 -6.25 -1.08%
Kansas City
Hard Red Wheat May 2015 490.75 -11.5 -2.29%
Hard Red Wheat Jul 2015 496 -11.5 -2.27%
Hard Red Wheat Sep 2015 506.75 -11.25 -2.17%
Hard Red Wheat Dec 2015 526.5 -10.75 -2.00%
Hard Red Wheat Mar 2016 539.75 -10.5 -1.91%
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