Wheat, corn and soybeans fell Monday, but canola fought a rearguard action and managed to withdraw gracefully under the fire.
Even for the crops falling, though, it was more of a skirmish than a battle, with nothing of significance appearing to occur in the Monday session.
“Soybean markets were sluggish but canola held up pretty well,” said Ken Ball, a broker with P.I. Financial in Winnipeg.
“If it had followed the soy markets completely, it would have been down three or four dollars, but it only closed down a dollar.”
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Soybeans, soybean meal and soy oil all fell, but not by a lot. Canola closed down $1.20 per tonne for the January contract.
The most impressive change Monday was the drop in wheat futures contract prices, which had been surging in past days. Monday Chicago winter wheat fell 13-14 cents per bushel, Kansas City winter wheat fell 11 cents and Minneapolis spring wheat fell 12 cents.
The drop back, however, only took prices back slightly from where they had reached in recent days.
Some rain in the U.S. winter wheat area was the peg some traders hung the losses on, with moisture seeming to alleviate some fears of dryness slightly. Anyway, people demand a tangible reason for prices to move so that’s the one they dumped out Monday.
U.S. crop conditions are reported Monday afternoon, so that might provide something fresh to trade on.
Often at this time of year little rallies occur in soybeans, but traders are finding this year’s market comparatively quiet. Ball said there aren’t a lot of hot money traders looking to leap into agricultural commodities right now.
“We don’t have a lot of that money around right now and it’s been declining,” said Ball.
Contact ed.white@producer.com
Light crude oil nearby futures in New York were down 45 cents to US$46.14 per barrel.
The Canadian dollar at noon was US76.37 cents, down from 76.44 cents the previous trading day. The U.S. dollar at noon was C$1.3095.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 463.50 +0.80 +0.17%
Canola Jan 2016 472.20 -1.20 -0.25%
Canola Mar 2016 478.10 -1.40 -0.29%
Canola Jul 2016 480.00 -2.30 -0.48%
Milling Wheat Dec 2015 235.00 -5.00 -2.08%
Milling Wheat Mar 2016 240.00 -5.00 -2.04%
Milling Wheat May 2016 244.00 -4.00 -1.61%
Durum Wheat Dec 2015 315.00 -15.00 -4.55%
Durum Wheat Mar 2016 320.00 -15.00 -4.48%
Durum Wheat May 2016 330.00 -10.00 -2.94%
Barley Dec 2015 185.00 unch 0.00%
Barley Mar 2016 187.00 unch 0.00%
Barley May 2016 188.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2015 877.75 -6 -0.68%
Soybeans Jan 2016 878.75 -7 -0.79%
Soybeans Mar 2016 881.5 -7.25 -0.82%
Soybeans May 2016 887 -7.5 -0.84%
Soybeans Jul 2016 892.25 -8 -0.89%
Soybeans Aug 2016 890.75 -7.5 -0.83%
Soybean Meal Dec 2015 302.2 -2.2 -0.72%
Soybean Meal Jan 2016 301.6 -1.5 -0.49%
Soybean Meal Mar 2016 300 -1.5 -0.50%
Soybean Oil Dec 2015 27.85 -0.35 -1.24%
Soybean Oil Jan 2016 28.15 -0.37 -1.30%
Corn Dec 2015 376.5 -5.75 -1.50%
Corn Mar 2016 385.25 -6.25 -1.60%
Corn May 2016 391 -6.25 -1.57%
Corn Jul 2016 395.25 -6.25 -1.56%
Corn Sep 2016 395.5 -6 -1.49%
Oats Dec 2015 222.5 -4.75 -2.09%
Oats Mar 2016 223.5 -5.75 -2.51%
Oats May 2016 224.25 -6 -2.61%
Oats Jul 2016 227.25 -7.5 -3.19%
Oats Sep 2016 231.25 -4 -1.70%
Wheat Dec 2015 508 -14 -2.68%
Wheat Mar 2016 512 -13.5 -2.57%
Wheat May 2016 516 -13 -2.46%
Wheat Jul 2016 517 -13 -2.45%
Wheat Sep 2016 525 -13 -2.42%
Minneapolis
Spring Wheat Dec 2015 511.75 -12.5 -2.38%
Spring Wheat Mar 2016 521.5 -12.5 -2.34%
Spring Wheat May 2016 531 -12 -2.21%
Spring Wheat Jul 2016 541 -11.25 -2.04%
Spring Wheat Sep 2016 551.75 -10 -1.78%
Kansas City
Hard Red Wheat Dec 2015 482.75 -11 -2.23%
Hard Red Wheat Mar 2016 499 -11 -2.16%
Hard Red Wheat May 2016 509 -11 -2.12%
Hard Red Wheat Jul 2016 519.25 -10.75 -2.03%
Hard Red Wheat Sep 2016 532.5 -11 -2.02%
