Canola makes small jump

Canola futures were modestly higher Monday, regardless of weak soybean oil prices and a higher dollar, moving up about eight cents per bushel in futures trading to $9.73 for March and $9.95 for May.

Wheat classes were a few cents lower, with spring wheat being the weakest, falling over six cents on the March Minneapolis contract and three for May. That takes Minneapolis wheat to its lowest level since July 2010, when the last prolonged surge upward began.

March oat futures topped the $4 mark, although that strength is not generally seen on the Prairies but is mostly a manifestation of the fact that the big supplies in Western Canada can’t get to the futures contract delivery zone.

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Crops were the strongest commodity class Monday, with meat in second place on a relatively flat day. However, there was little overall movement in the grains complex.

The recent weakness in crop futures markets might have temporarily gone too far, many analysts think, causing some funds to close out short positions. Canola was a beneficiary of that, seeing big short positions shrinking as winners booked gains.

However, belief in the long-term weakness of crop prices has not abated, with some waiting for the soybean shoe to fall, finally bringing it back to values that more accurately reflect world vegoil crop values rather than Midwestern protein meal dynamics.

“I think soybeans are headed lower in the new crop (soy) beans,” said trader Michael Seery of Seery Futures in a commentary.

Brazilian crop conditions are generally considered good, even if there are patches of dryness and excessive wetness.

However, U.S. soybean exports have continued at a high pace, continuing to surprise analysts.

Crops have escaped most of the slumping in world equity markets in recent days, perhaps reflecting the fact that they have already fallen greatly than any independent strength.

Winnipeg ICE Futures Canada dollars per tonne

Canola Mar 2014   428.80   +3.60   +0.85%
Canola May 2014   438.60   +3.60   +0.83%
Canola Jul 2014   447.40   +3.60   +0.81%
Canola Nov 2014   462.80   +3.50   +0.76%
Canola Jan 2015   468.50   +3.60   +0.77%

Milling Wheat Mar 2014   180.00   -2.00   -1.10%
Milling Wheat May 2014   186.00   -1.00   -0.53%
Milling Wheat Jul 2014   189.00   -1.00   -0.53%

Durum Wheat Mar 2014   245.00   unch   0.00%
Durum Wheat May 2014   249.00   unch   0.00%
Durum Wheat Jul 2014   250.00   unch   0.00%

Barley Mar 2014   126.50   -0.50   -0.39%
Barley May 2014   128.50   -0.50   -0.39%
Barley Jul 2014   128.50   -0.50   -0.39%

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

Chicago
Soybeans Mar 2014   1287.75   +3   +0.23%
Soybeans May 2014   1271   +1   +0.08%
Soybeans Jul 2014   1256.5   -1.25   -0.10%
Soybeans Aug 2014   1215.5   -3.25   -0.27%
Soybeans Sep 2014   1147   -5.25   -0.46%
Soybeans Nov 2014   1101.5   -7.75   -0.70%

Soybean Meal Mar 2014   430.9   +5.2   +1.22%
Soybean Meal May 2014   414   +3.6   +0.88%
Soybean Meal Jul 2014   404   +2.3   +0.57%

Soybean Oil Mar 2014   37.06   -0.48   -1.28%
Soybean Oil May 2014   37.41   -0.49   -1.29%
Soybean Oil Jul 2014   37.77   -0.5   -1.31%

Corn Mar 2014   431.75   +2.25   +0.52%
Corn May 2014   438   +2   +0.46%
Corn Jul 2014   444   +2.5   +0.57%
Corn Sep 2014   447.25   +3   +0.68%
Corn Dec 2014   452.5   +3   +0.67%

Oats Mar 2014   400.75   +4.5   +1.14%
Oats May 2014   358   +3   +0.85%
Oats Jul 2014   335.75   +6.25   +1.90%
Oats Sep 2014   306.5   +0.5   +0.16%
Oats Dec 2014   291   +2   +0.69%

Wheat Mar 2014   563.5   -1.75   -0.31%
Wheat May 2014   569.75   -1.75   -0.31%
Wheat Jul 2014   575.25   -1.75   -0.30%
Wheat Sep 2014   583.75   -1.75   -0.30%
Wheat Dec 2014   596.5   -2.25   -0.38%

Minneapolis
Spring Wheat Mar 2014   606.5   -6.5   -1.06%
Spring Wheat May 2014   609.75   -3.25   -0.53%
Spring Wheat Jul 2014   619   -2   -0.32%

Spring Wheat Sep 2014 627.75 -1.25 -0.20%
Spring Wheat Dec 2014 641.25 -1 -0.16%

Kansas City
KCBT Red Wheat Mar 2014   622.5   -4.75   -0.76%
KCBT Red Wheat May 2014   620.25   -5   -0.80%
KCBT Red Wheat Jul 2014   616   -3.25   -0.52%
KCBT Red Wheat Sep 2014   625.75   -3   -0.48%
KCBT Red Wheat Dec 2014   638.25   -2.25   -0.35%

Light crude oil nearby futures in New York dropped 92 cents at $95.72 US per barrel.
The Canadian dollar at noon was 90.11 cents US, down from 90.40 cents the previous trading day. The U.S. dollar at noon was $1.1098 Cdn.