Canola increases despite falling soy oil

Crop futures almost all gained Monday, with the notable exception of soybean oil.

But canola gained regardless of the soy oil losses, rising $1.10 per tonne for January to $477.50, and $1.50 for March to $487.30.

The grains were the strongest part of the overall commodities complex, with energies and meats down.

Stock markets were also off.

Natural gas fell its lowest level since 2001 on a warmer than expected December, causing less consumption than forecast.

Worries about possible increased exports of Argentine corn and soybeans limited gains for those crops. Argetina’s new president is reducing or eliminating export taxes on crops.

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U.S. grains: Soybean futures hit one-month high on U.S.-China trade hopes

Chicago Board of Trade soybean futures hit their highest level in a month on Monday on renewed optimism over U.S.-China trade talks after U.S. President Donald Trump said he believed Beijing would agree to a soybean trade deal and will buy U.S. soy again.

Weakness in the U.S. dollar helped make crops denominated in the greenback more attractive to overseas buyers.

Stock markets have been suffering and U.S. markets fell about four percent last week. Concerns about a likely U.S. interest rate hike on Wednesday are undermining stock values.

Contact ed.white@producer.com

Light crude oil nearby futures in New York were up 69 cents to US$36.31 per barrel.
The Canadian dollar at noon was US72.82 cents, down from 73.01 cents the previous trading day. The U.S. dollar at noon was C$1.3733.

Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2016   477.50   +1.10   +0.23%
Canola Mar 2016   487.30   +1.50   +0.31%
Canola May 2016   494.90   +1.60   +0.32%
Canola Jul 2016   500.20   +1.60   +0.32%
Canola Nov 2016   497.20   +2.70   +0.55%

Milling Wheat Mar 2016   242.00   +2.00   +0.83%
Milling Wheat May 2016   245.00   +2.00   +0.82%
Milling Wheat Jul 2016   249.00   +2.00   +0.81%

Durum Wheat Mar 2016   315.00   +5.00   +1.61%
Durum Wheat May 2016   320.00   unch   0.00%
Durum Wheat Jul 2016   320.00   unch   0.00%

Barley Mar 2016   191.00   unch   0.00%
Barley May 2016   197.00   unch   0.00%
Barley Jul 2016   197.00   unch   0.00%

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

Chicago
Soybeans Jan 2016   874.25   +3.5   +0.40%
Soybeans Mar 2016   876   +2.25   +0.26%
Soybeans May 2016   882   +2   +0.23%
Soybeans Jul 2016   888.5   +2   +0.23%
Soybeans Aug 2016   890.25   +1.75   +0.20%
Soybeans Sep 2016   888.5   +1   +0.11%

Soybean Meal Jan 2016   275.5   +1.8   +0.66%
Soybean Meal Mar 2016   277.6   +2.1   +0.76%
Soybean Meal May 2016   279.8   +1.9   +0.68%

Soybean Oil Jan 2016   31.12   -0.24   -0.77%
Soybean Oil Mar 2016   31.37   -0.23   -0.73%
Soybean Oil May 2016   31.53   -0.23   -0.72%

Corn Mar 2016   379   +3.75   +1.00%
Corn May 2016   384.25   +4   +1.05%
Corn Jul 2016   389   +4.25   +1.10%
Corn Sep 2016   392.25   +3.75   +0.97%
Corn Dec 2016   399   +3   +0.76%

Oats Mar 2016   232.75   +0.25   +0.11%
Oats May 2016   231.25   +0.25   +0.11%
Oats Jul 2016   233   +0.75   +0.32%
Oats Sep 2016   233.75   -1.25   -0.53%
Oats Dec 2016   235.5   +1.75   +0.75%

Wheat Mar 2016   493.5   +3   +0.61%
Wheat May 2016   499.25   +3   +0.60%
Wheat Jul 2016   503.5   +3   +0.60%
Wheat Sep 2016   513.25   +2.75   +0.54%
Wheat Dec 2016   526.75   +2.75   +0.52%

Minneapolis
Spring Wheat Mar 2016   510.5   +2.75   +0.54%
Spring Wheat May 2016   520.25   +2   +0.39%
Spring Wheat Jul 2016   529.5   +2.5   +0.47%
Spring Wheat Sep 2016   540.5   +2.25   +0.42%
Spring Wheat Dec 2016   556.5   +2.5   +0.45%

Kansas City
Hard Red Wheat Mar 2016   488   +5.5   +1.14%
Hard Red Wheat May 2016   498.25   +5.5   +1.12%
Hard Red Wheat Jul 2016   508.25   +5.5   +1.09%
Hard Red Wheat Sep 2016   522   +5.25   +1.02%
Hard Red Wheat Dec 2016   540.25   +5.5   +1.03%