Canola little changed on Monday, wheat rallies

Canola futures briefly hit prices not seen since the first half of 2014 Monday, at over $500 per tonne, and held on to near-$500 levels at the close.
July closed unchanged at $497 per tonne and November closed at $494.90, down 60 cents.
Soy oil fell almost two percent.
Wheat contracts jumped higher again, continuing a rally that has surprised many.
Monthly U.S. Department of Agriculture supply and demand reports will be issued Wednesday and many speculate that funds have reduced large net short positions in wheat contracts in order to take profits and reduce risk.

The weaker U.S. dollar also helped U.S. dollar-denominated futures and hurt non-greenback-priced contracts like canola.
Most of the Monday market action is believed to be technical, but dryness in Western Canada could be part of the reason wheat was rising and canola holding on to recent price gains.
Soil moisture conditions are OK on the eastern Prairies but too dry in the western Prairies.
Next weekend marks the first time in weeks that there could be a widespread rain, but still amounts are expected to be fairly light. The outlook varies among different forecasters, with Environment Canada seeing a 60 percent chance of rain in large areas next weekend, but the U.S. Weather Service Prairie forecast turning drier for that period than it was a few days ago.
Wheat’s strength pulled along corn and oats. Soybean meal rose and pulled soybeans higher.
After markets closed the USDA weekly crop condition reports showed winter wheat virtually unchanged from the week before.
Corn’s condition did not change.
Soybean seeding is 79 percent complete, two percentage points behind the five year average for this date.
Feed barley at Lethbridge has risen to a range of $213-$218 to average $216 per tonne in the week June 1-7, said the Alberta Canola Producers Commission weekly feed grain report.
That was up about $14 from the previous week when prices ranged $198-$204 to average $202
Feed wheat rose to average $218 in the June 1-7 week, up from $200 the week before.
U.S. stock markets fell, with some investors worried about interest rate increases coming sooner rather than later. Greece is still a mess. Whether that matters to the market depends on the day.
Crude oil fell slightly.
The leaders of the G7 states made a courageous pledge to stop using fossil fuels a few decades after they’ve all left politics.
Light crude oil nearby futures in New York were down 99 cents to US$58.14 per barrel.
The Canadian dollar at noon was US80.42 cents, up from 80.07 cents the previous trading day. The U.S. dollar at noon was C$1.2435.
The Toronto Stock Exchange’s S&P/TSX composite index fell 213.83 points, or 1.43 percent, to end at 14,743.33.
The Dow Jones industrial average fell 82.91 points, or 0.46 percent, to end at 17,766.55. The S&P 500 lost 13.55 points, or 0.65 percent, to 2,079.28 and the Nasdaq Composite dropped 46.83 points, or 0.92 percent, to 5,021.63.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 2015 497.00 unch 0.00%
Canola Nov 2015 494.90 -0.60 -0.12%
Canola Jan 2016 491.50 -0.90 -0.18%
Canola Mar 2016 488.20 -1.10 -0.22%
Canola May 2016 484.20 -1.90 -0.39%

Milling Wheat Jul 2015 222.00 +3.00 +1.37%
Milling Wheat Oct 2015 227.00 +6.00 +2.71%
Milling Wheat Dec 2015 227.00 +6.00 +2.71%

Durum Wheat Jul 2015 298.00 unch 0.00%
Durum Wheat Oct 2015298.00 unch 0.00%
Durum Wheat Dec 2015 303.00 unch 0.00%

Barley Jul 2015 205.00 +4.00 +1.99%
Barley Oct 2015 200.00 +9.00 +4.71%
Barley Dec 2015 205.00 +9.00 +4.59%

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

Chicago
Soybeans Jul 2015 944.25 +6.5 +0.69%
Soybeans Aug 2015 929.25 +4.75 +0.51%
Soybeans Sep 2015 920.5 +4.5 +0.49%
Soybeans Nov 2015 920.25 +6 +0.66%
Soybeans Jan 2016 927.5 +5.75 +0.62%
Soybeans Mar 2016 932 +5.75 +0.62%

Soybean Meal Jul 2015 309.5 +4.6 +1.51%
Soybean Meal Aug 2015 302.2 +4.3 +1.44%
Soybean Meal Sep 2015 298.6 +3.7 +1.25%

Soybean Oil Jul 2015 34.1 -0.68 -1.96%
Soybean Oil Aug 2015 34.13 -0.66 -1.90%
Soybean Oil Sep 2015 34.17 -0.65 -1.87%

Corn Jul 2015 365.25 +4.75 +1.32%
Corn Sep 2015 372.75 +5.25 +1.43%
Corn Dec 2015 383.5 +5.5 +1.46%
Corn Mar 2016 394.25 +5.25 +1.35%
Corn May 2016 401.5 +5 +1.26%

Oats Jul 2015 264.75 +6 +2.32%
Oats Sep 2015 269.5 +5.25 +1.99%
Oats Dec 2015 273.75 +4 +1.48%
Oats Mar 2016 282 +4.75 +1.71%
Oats May 2016 288.75 +4.75 +1.67%

Wheat Jul 2015 528 +11 +2.13%
Wheat Sep 2015 534 +12.5 +2.40%
Wheat Dec 2015 546 +13 +2.44%
Wheat Mar 2016 558 +13 +2.39%
Wheat May 2016 566 +12.75 +2.30%

Minneapolis
Spring Wheat Jul 2015 580.5 +9 +1.57%
Spring Wheat Sep 2015 591 +9.5 +1.63%
Spring Wheat Dec 2015 603.5 +8.5 +1.43%
Spring Wheat Mar 2016 616.75 +8.25 +1.36%
Spring Wheat May 2016 625.75 +8.25 +1.34%

Kansas City
Hard Red Wheat Jul 2015 544.5 +9.25 +1.73%
Hard Red Wheat Sep 2015 556 +10 +1.83%
Hard Red Wheat Dec 2015 573.25 +10 +1.78%
Hard Red Wheat Mar 2016 587 +10 +1.73%
Hard Red Wheat May 2016 596 +10 +1.71%

ed.white@producer.com

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