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 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.
