Staying flat at the bottom is better than falling, soybean growers probably think. And a slight gain in canola is better than the opposite, growers are likely to feel.
That was what farmers were left looking at after the close of trading Monday, with soybean futures skidding along at what might be the end of a long decline and canola futures range-bound since September.
“These markets don’t have much direction to them,” said Ken Ball, a broker with P.I. Financial in Winnipeg.
“We have some pretty aimless markets right now.”
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U.S. grains: Corn futures hit two-week low; soy slides, wheat steadies
U.S. corn futures hit a two-week low on Monday and soybeans also fell as market players continued to brace for large crops and forecasts called for milder, non-threatening weather in the Midwest production belt.
Soybean prices are close to 2009 lows, but have not pushed lower. Better than expected soybean exports reported by the U.S. Department of Agriculture Monday cheered the market.
Canola is well-above 2014 prices, so relatively strong compared to soybeans.
However, any hopes for a rally are being constrained by the reality of a bigger-than-expected U.S. soybean crop found in the recent USDA report. Combined with heavy world palm and other vegoil supplies, there is little supply and demand reason to expect substantially higher prices soon.
Cereal grain crop futures were almost flat, with little to trade on. Hopes for a post-harvest rally were dashed by the reports of bigger crops in U.S. bins.
Corn exports reported by USDA were also weaker than expected, holding back gains in the cereals.
ed.white@producer.com
Light crude oil nearby futures in New York were up $1.00 to US$41.74 per barrel.
The Canadian dollar at noon was US74.89 cents, down from 75.01 cents the previous trading day. The U.S. dollar at noon was C$1.3353.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2016 472.10 +0.60 +0.13%
Canola Mar 2016 478.10 +0.50 +0.10%
Canola May 2016 481.80 +0.30 +0.06%
Canola Jul 2016 485.20 +0.30 +0.06%
Canola Nov 2016 477.90 +1.30 +0.27%
Milling Wheat Dec 2015 235.00 -1.00 -0.42%
Milling Wheat Mar 2016 238.00 -1.00 -0.42%
Milling Wheat May 2016 242.00 -1.00 -0.41%
Durum Wheat Dec 2015 320.00 unch 0.00%
Durum Wheat Mar 2016 325.00 unch 0.00%
Durum Wheat May 2016 335.00 unch 0.00%
Barley Dec 2015 188.50 unch 0.00%
Barley Mar 2016 190.50 unch 0.00%
Barley May 2016 191.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2016 860.75 +4.5 +0.53%
Soybeans May 2016 866.5 +4.5 +0.52%
Soybeans Jul 2016 872.75 +4.5 +0.52%
Soybeans Aug 2016 874.5 +4.75 +0.55%
Soybeans Sep 2016 875 +5.25 +0.60%
Soybean Meal Dec 2015 288.8 unch 0.00%
Soybean Meal Jan 2016 288.7 -0.8 -0.28%
Soybean Meal Mar 2016 288.9 -0.5 -0.17%
Soybean Oil Dec 2015 27.29 +0.25 +0.92%
Soybean Oil Jan 2016 27.58 +0.26 +0.95%
Soybean Oil Mar 2016 27.81 +0.27 +0.98%
Corn Dec 2015 360 +1.75 +0.49%
Corn Mar 2016 366.75 +1.25 +0.34%
Corn May 2016 372.75 +1 +0.27%
Corn Jul 2016 378.25 +1.25 +0.33%
Corn Sep 2016 381.75 +1 +0.26%
Oats Dec 2015 235 +3.5 +1.51%
Oats Mar 2016 226.75 +2 +0.89%
Oats May 2016 227 +1.5 +0.67%
Oats Jul 2016 230.25 +1.75 +0.77%
Oats Sep 2016 233.75 +1.75 +0.75%
Wheat Dec 2015 494 -1.75 -0.35%
Wheat Mar 2016 495.5 -2.25 -0.45%
Wheat May 2016 498.75 -2.5 -0.50%
Wheat Jul 2016 500.75 -1.75 -0.35%
Wheat Sep 2016 508.5 -2.25 -0.44%
Minneapolis
Spring Wheat Dec 2015 504.75 +0.25 +0.05%
Spring Wheat Mar 2016 507.75 -1.25 -0.25%
Spring Wheat May 2016 517.75 -2 -0.38%
Spring Wheat Jul 2016 528.5 -1.5 -0.28%
Spring Wheat Sep 2016 539.25 -1.75 -0.32%
Kansas City
Hard Red Wheat Mar 2016 481 +1.25 +0.26%
Hard Red Wheat May 2016 490.75 +1.25 +0.26%
Hard Red Wheat Jul 2016 500.25 +0.5 +0.10%
Hard Red Wheat Sep 2016 513.75 +0.5 +0.10%
