Crop futures rose Monday almost across the board as traders decided to take some bearish money off the table.
“There were no real fundamental drivers, just a case of everybody within 24 or 48 hours having the same idea: got to get some of this money out of the bean position,” said Ken Ball, a broker with P.I. Financial in Winnipeg.
The bounce in soybeans and soybean meal was enough to push everything up a bit, Ball thinks, because those were the commodities that drove things south.
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“The real dominant (downside) pressure has been coming from the beans and the meal,” said Ball.
Canola rose modestly and maintained the price stabilization that has kept January canola futures above $400 per tonne in recent days, after dropping to sub-$400 in a couple of sessions at the end of a long decline from over-$500 in early spring.
November canola rose as well, but stayed below the $400 level at $398.
Wheat futures continued their stabilization pattern too, with Minneapolis hard red spring wheat
U.S. corn and soybean yields continue to feed market bears, with both crops being reported to achieving significantly higher yields than projected before harvest began.
Attention of traders is beginning to shift toward South America, whose crops this winter will have a major impact on the price of North American crops.
Ball said many traders believe $8 per bushel U.S. soybean futures are likely if South America gets a big crop, so conditions there will have immediate impacts on North American futures markets over the winter.
While commodities markets were generally up on Monday, world stock markets were down as tension and protests in Hong Kong rattle investors.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 398.00 +2.70 +0.68%
Canola Jan 2015 405.40 +2.50 +0.62%
Canola Mar 2015 412.60 +1.70 +0.41%
Canola May 2015 420.00 +1.40 +0.33%
Canola Jul 2015 426.80 +1.10 +0.26%
Milling Wheat Oct 2014 190.00 +2.00 +1.06%
Milling Wheat Dec 2014 194.00 +1.00 +0.52%
Milling Wheat Mar 2015 203.00 +1.00 +0.50%
Durum Wheat Oct 2014 303.20 unch 0.00%
Durum Wheat Dec 2014 309.70 unch 0.00%
Durum Wheat Mar 2015 310.70 unch 0.00%
Barley Oct 2014 125.00 +1.50 +1.21%
Barley Dec 2014 127.00 +1.50 +1.20%
Barley Mar 2015 128.00 +1.50 +1.19%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014 923.5 +13.25 +1.46%
Soybeans Jan 2015 932.25 +13.5 +1.47%
Soybeans Mar 2015 940.5 +13.5 +1.46%
Soybeans May 2015 948.75 +13.5 +1.44%
Soybeans Jul 2015 954.75 +13.5 +1.43%
Soybeans Aug 2015 957.5 +13.25 +1.40%
Soybean Meal Oct 2014 308.1 +0.9 +0.29%
Soybean Meal Jan 2015 301.7 +2.8 +0.94%
Soybean Oil Oct 2014 32.79 +0.87 +2.73%
Soybean Oil Dec 2014 32.95 +0.96 +3.00%
Soybean Oil Jan 2015 33.22 +0.95 +2.94%
Corn Dec 2014 325.75 +2.75 +0.85%
Corn Mar 2015 338.5 +2.75 +0.82%
Corn May 2015 347 +2.75 +0.80%
Corn Jul 2015 354 +2.5 +0.71%
Corn Sep 2015 361.25 +2.5 +0.70%
Oats Dec 2014 334 +5.25 +1.60%
Oats Mar 2015 320.75 +4.25 +1.34%
Oats May 2015 315.25 +4.5 +1.45%
Oats Jul 2015 313 +6.5 +2.12%
Oats Sep 2015 317 +6.25 +2.01%
Wheat Dec 2014 481.25 +7 +1.48%
Wheat Mar 2015 494 +6.5 +1.33%
Wheat May 2015 502.75 +5.75 +1.16%
Wheat Jul 2015 508.5 +4.75 +0.94%
Wheat Sep 2015 518.75 +3.75 +0.73%
Minneapolis
Spring Wheat Dec 2014 539.25 +6 +1.13%
Spring Wheat Mar 2015 553.75 +5 +0.91%
Spring Wheat May 2015 565 +4.5 +0.80%
Spring Wheat Jul 2015 576.25 +4.25 +0.74%
Spring Wheat Sep 2015 587 +3.75 +0.64%
Kansas City
Hard Red Wheat Dec 2014 566.5 +2.75 +0.49%
Hard Red Wheat Mar 2015 570.25 +3.25 +0.57%
Hard Red Wheat May 2015 572.5 +2.75 +0.48%
Hard Red Wheat Sep 2015 578.5 +3.25 +0.56%
Light crude oil nearby futures in New York rose $1.03 at $94.57 US per barrel.
The Canadian dollar at noon was 89.73 cents US, up from 89.57 cents the previous trading day. The U.S. dollar at noon was $1.1145 Cdn.
