Well, that was an optimistic beginning to the autumn markets!
Tuesday’s post-Labour Day trading did not see world markets slumping in a continuation of the China confidence crisis, with a big bounceback of major stock markets and a nice if restrained increase in crop futures prices.
Canola enjoyed a strong move upwards, rising $7.60 on the November contract to $462.10, and $6.80 to $466.20 for January.
That had something to do with a rally in soybean oil futures, which set the price path for canola.
Concerns about El Nino are beginning to push up palm oil futures, and that feeds into better soybean oil futures, and hence higher canola futures.
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It’s all a big, long commodities train and today the palm oil locomotive pulled along the canola car.
Soybeans rose, helped by strong soybean oil prices but held by less strong soybean meal prices.
Reuters news agency reported that traders said that Iraq had bought 100,000 tonnes of Canadian wheat.
U.S. wheat futures rose, helped by a weaker greenback.
Canada’s “Peegate” scandal had no appreciable affect on the market.
Harvest is continuing across the U.S. and Canada with little dramatic weather, but in many areas a less good-looking crop than last year.
The U.S. stock market rally Monday wiped out Friday’s losses and took markets back to almost where they were a month ago.
For the normally scary September-October market, that’s a bullish beginning after the recent volatility and sharp losses.
Light crude oil nearby futures in New York were down 11 cents to US$45.94 per barrel.
The Canadian dollar at noon was US75.79 cents, down from 75.34 cents the previous trading day. The U.S. dollar at noon was C$1.3195.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 462.10 +7.60 +1.67%
Canola Jan 2016 466.20 +6.80 +1.48%
Canola Mar 2016 470.00 +6.50 +1.40%
Canola May 2016 470.50 +6.40 +1.38%
Canola Jul 2016 470.70 +5.90 +1.27%
Milling Wheat Oct 2015 223.00 +1.00 +0.45%
Milling Wheat Dec 2015 223.00 +1.00 +0.45%
Milling Wheat Mar 2016 227.00 +1.00 +0.44%
Durum Wheat Oct 2015 335.00 unch 0.00%
Durum Wheat Dec 2015 335.00 unch 0.00%
Durum Wheat Mar 2016 340.00 unch 0.00%
Barley Oct 2015 184.00 unch 0.00%
Barley Dec 2015 184.00 unch 0.00%
Barley Mar 2016 186.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Sep 2015 890.75 +13.5 +1.54%
Soybeans Nov 2015 879.25 +12.75 +1.47%
Soybeans Jan 2016 882.25 +12.5 +1.44%
Soybeans Mar 2016 884 +13 +1.49%
Soybeans May 2016 885.75 +12.75 +1.46%
Soybeans Jul 2016 889 +12.75 +1.46%
Soybean Meal Sep 2015 312 -1.9 -0.61%
Soybean Meal Dec 2015 308.6 +1.8 +0.59%
Soybean Oil Sep 2015 26.85 +0.41 +1.55%
Soybean Oil Oct 2015 26.93 +0.4 +1.51%
Soybean Oil Dec 2015 27.17 +0.44 +1.65%
Corn Sep 2015 355 +5.5 +1.57%
Corn Dec 2015 368.25 +5.25 +1.45%
Corn Mar 2016 379.75 +5.25 +1.40%
Corn May 2016 386.75 +5.25 +1.38%
Corn Jul 2016 392 +5.5 +1.42%
Oats Sep 2015 233.5 +10.25 +4.59%
Oats Dec 2015 227.5 +4.25 +1.90%
Oats Mar 2016 227 +4.5 +2.02%
Oats May 2016 231.25 +3.25 +1.43%
Oats Jul 2016 232.25 +3.25 +1.42%
Wheat Sep 2015 465.25 +7.5 +1.64%
Wheat Dec 2015 475 +7.25 +1.55%
Wheat Mar 2016 483 +6.75 +1.42%
Wheat May 2016 488 +5.75 +1.19%
Wheat Jul 2016 492.5 +5.75 +1.18%
Minneapolis
Spring Wheat Sep 2015 486 -0.25 -0.05%
Spring Wheat Dec 2015 505 +1.75 +0.35%
Spring Wheat Mar 2016 520.5 +1.25 +0.24%
Spring Wheat May 2016 531.75 +1.5 +0.28%
Spring Wheat Jul 2016 541.5 +0.5 +0.09%
Kansas City
Hard Red Wheat Sep 2015 452 +3.5 +0.78%
Hard Red Wheat Dec 2015 477 +2.25 +0.47%
Hard Red Wheat Mar 2016 491 +2 +0.41%
Hard Red Wheat May 2016 500.75 +2.25 +0.45%
Hard Red Wheat Jul 2016 510 +2.25 +0.44%
