Old crop canola futures barely changed Monday but new crop edged lower.
The market was mainly positioning for Tuesday’s Statistics Canada seeding intentions report.
Check the daily news section of Producer.com and the daily canola report at Producermobile.com for coverage Tuesday morning.
Crop markets generally showed good strength Monday on a day when investors were focused on political events in Europe that increased worries about that bloc’s debt problems.
The prime minister of the Netherlands tendered his government’s resignation on Monday after Dutch officials failed to agree on budget cuts. Also, the first round of the presidential vote in France did not go well for incumbent Nicolas Sarkozy He came second to socialist Francois Hollande. The two will meet in a deciding runoff vote May 6.
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May canola closed at $622.40, up 20 cents and November closed at $574.60, down $1.90.
Soybeans fell on profit taking after a strong gain on Friday caused by further downgrading of the Argentine soybean crop.
Corn and Chicago wheat edged higher Monday on worries that another cold front later this week could cause freeze damage.
Spring wheat in Minneapolis fell on rapid seeding progress.
• After the markets closed, the USDA’s weekly crop progress and conditions report showed that U.S. corn seeding was 28 percent completed as of April 22, up from 17 percent a week ago and ahead of the five-year average of 15 percent, but down from analysts’ expectations.
Soybean planting progress was a record six percent, up from two percent a year ago, ahead of the five-year average of two percent. That pace beat analysts’ expectations.
Spring wheat planting continued at a record pace, at 57 percent complete. Crop cemergence jumped to 18 percent compared to the five-year average of four percent despite cold weather that slowed development.
The rating of the hard red winter wheat dropped to 63 percent good to excellent from 64 percent a week ago as cool weather nipped the crop but the condition is still far better than last year.
Winnipeg (per tonne)
Canola May 12 $622.40 , up $0.20 +0.03%
Canola Jul 12 $615.90 , down $0.30 -0.05%
Canola Nov 12 $574.60 , down $1.90 -0.33%
Canola Jan 13 $579.30 , down $1.70 -0.29%
The previous trading day’s best basis in the par region was +$2.40 over the May contract, said ICE Futures Canada.
The 14-day relative strength index was 62.
Western Barley May 12 $240.00, up $5.00 +2.13%
Western Barley Jul 12 $235.00, unchanged
Milling Wht Oct 12 $255.00, down $2.00 -0.78%
Milling Wht Dec 12 $260.00, down $2.00 -0.76%
Milling Wht Mar 13 $270.00, down $2.00 -0.74%
Durum Wht Oct 12 $277.50, unchanged
Durum Wht Dec 12 $282.00, unchanged
Durum Wht Mar 13 $288.60, unchanged
Barley Oct 12 $186.50, unchanged
Barley Dec 12 $190.00, unchanged
Barley Mar 13 $191.50, unchanged
Chicago (per bushel)
Soybeans May 12 $14.3725, down 9.5 cent -0.66%
Soybeans Jul 12 $14.41, down 8.5 -0.59%
Soybeans Nov 12 $13.415, down 14.5 -1.07%
Corn May 12 $6.225, up 10.0 +1.63%
Corn Jul 12 $6.125, up 9.5 +1.58%
Corn Dec 12 $5.455, up 8.75 +1.63%
Oats May 12 $3.26, up 3.75 +1.16%
Oats Jul 12 $3.2675, up 2.5 +0.77%
Oats Dec 12 $3.36, up 2.0 +0.60%
Minneapolis (per bushel)
Spring Wht May 12 $7.9175, up 0.75 cent +0.09%
Spring Wht Jul 12 $7.9375, down 0.5 -0.06%
Spring Wht Sep 12 $7.8825, up 0.5 +0.06%
Spring Wht Dec 12 $7.8725, up 1.25 +0.16%
The nearby New York light sweet crude contract fell 77 cents to $103.11 US.
The Canadian dollar at noon was $1.0064 US, down from $1.0090 the previous trading day. The U.S. dollar at noon was 99.36 Cdn.
In unofficial early tallies:
The Toronto Stock Exchange Composite Index fell 158.33 points, or 1.3 percent, to 11,988.95.
The Dow Jones industrial average was off 102.09 points, or 0.78 percent, at 12,927.17.
The Standard & Poor’s 500 Index was down 11.59 points, or 0.84 percent, at 1,366.94.
The Nasdaq Composite Index fell 30.00 points, or 1.00 percent, at 2,970.45.
