Canola little changed Monday

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Published: March 19, 2013

Canola prices were little changed on Monday, climbing back from early losses with crushers doing some late bargain buying and others buying back previously sold positions.

Most markets were pushed into the red early by the revived worries over European debt. Cyprus is the latest country to require a multibillion dollar bailout. A plan to tax bank accounts to help pay for the country’s bailout stoked worries that it could threaten the stability of financial institutions in the rest of the euro zone.

Oilseeds were also under pressure from slowing demand for U.S. soybeans and the progressing South American harvest.

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A light frost hit Argentina over the weekend and it might have hurt late planted soybeans. Damage will not be known for several weeks.

Australian farmers might grow significantly less canola this year, after a dry start to the year in many areas. The Australian Oilseeds Federation expects plantings to be down 10 to 15 percent.

May canola closed at $623.50, up 30 cents. November closed at $551.90, unchanged.

The latest weekly USDA crop condition report shows the Kansas hard red winter wheat crop has improved. The crop was rated 29 percent good to excellent as of March 17, up two percentage points from a week earlier. Most of the state received only light rain during the week and topsoil moisture was rated 49 percent short or very short.

 

Winnipeg ICE Futures Canada. Dollars per tonne

Canola May 2013       623.50       +0.30       +0.05%

Canola Jul 2013       608.40       -1.00       -0.16%

Canola Nov 2013       551.90       unch       0.00%

Canola Jan 2014       552.00       +0.70       +0.13%

Canola Mar 2014       551.90       +1.40       +0.25%

 

Milling Wheat May 2013       292.00       unch       0.00%

Milling Wheat Jul 2013       294.00       unch       0.00%

Milling Wheat Oct 2013       294.00       unch       0.00%

 

Durum Wheat May 2013       311.00       unch       0.00%

Durum Wheat Jul 2013       314.00       unch       0.00%

Durum Wheat Oct 2013       299.30       unch       0.00%

 

Barley May 2013       243.00       unch       0.00%

Barley Jul 2013       243.50       unch       0.00%

Barley Oct 2013       243.50       unch       0.00%

American crop price in cents per bushel

Chicago

Soybeans May 2013       1409.5       -16.5       -1.16%

Soybeans Jul 2013       1394.5       -16.25       -1.15%

Soybeans Aug 2013       1356.75       -13.5       -0.99%

Soybeans Sep 2013       1295.75       -5.75       -0.44%

Soybeans Nov 2013       1258.5       -2.5       -0.20%

Soybeans Jan 2014       1263.25       -2.5       -0.20%

 

Corn May 2013       720       +3       +0.42%

Corn Jul 2013       703.25       +3       +0.43%

Corn Sep 2013       588.25       +1.5       +0.26%

Corn Dec 2013       562       +0.25       +0.04%

Corn Mar 2014       571       unch       0.00%

 

Oats May 2013       395.5       -6.25       -1.56%

Oats Jul 2013       386.5       -2       -0.51%

Oats Sep 2013       375       -2       -0.53%

Oats Dec 2013       359       -5.25       -1.44%

Oats Mar 2014       371       -5.25       -1.40%

 

Wheat May 2013       712.75       -10.25       -1.42%

Wheat Jul 2013       713       -8.25       -1.14%

Wheat Sep 2013       719.75       -7       -0.96%

Wheat Dec 2013       732.75       -6.25       -0.85%

Wheat Mar 2014       745.75       -5.5       -0.73%

 

Minneapolis

Spring Wheat May 2013       788.75       -7.5       -0.94%

Spring Wheat Jul 2013       788.25       -8       -1.00%

Spring Wheat Sep 2013       788.5       -7.75       -0.97%

Spring Wheat Dec 2013       794.75       -7.75       -0.97%

Spring Wheat Mar 2014       805.25       -6       -0.74%

 

Kansas City

KCBT Red Wheat May 2013       744.25       -7.25       -0.96%

KCBT Red Wheat Jul 2013       749.5       -6.25       -0.83%

KCBT Red Wheat Sep 2013       762.5       -5       -0.65%

KCBT Red Wheat Dec 2013       779.5       -2.75       -0.35%

KCBT Red Wheat Mar 2014       791.5       -1.75       -0.22%

 

The Bank of Canada noon value for the loonie was 97.88 cents US, down from 98.11 on Friday. The U.S. buck was $1.0217 Cdn.

Nearby crude oil in New York rose 29 cents to $93.74 per barrel.

The Toronto Stock Exchange’s S&P/TSX composite index ended the session down 48.27 points, or 0.38 percent, at 12,781.76.

The Dow Jones industrial average slipped 62.05 points, or 0.43 percent, to 14,452.06 at the close.

The Standard & Poor’s 500 Index shed 8.60 points, or 0.55 percent, to 1,552.10.

The Nasdaq Composite Index dropped 11.48 points, or 0.35 percent, to close at 3,237.59.

About the author

D'Arce McMillan

Markets editor, Saskatoon newsroom

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