A bad day in the crop markets saw November canola futures prices manage to close only a few cents lower than they opened, but at one point they had dropped about 20 cents per bushel, a new contract low.
That reflected weakness in soybeans and soybean oil, with November soybeans closing 16 cents down at $9.38 per bushel.
Soy oil fell almost 1.5 percent.
Most other crop contracts fell as well, with only a couple of nearby wheat contracts slightly green.
Oat futures were nearly unchanged, reflecting the relative strength they have recently had.
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Huge U.S. corn and soybean crops are weighing on the market, with the steady flow of new crop creating intense harvest pressure. There is virtually no fear of short supply among buyers.
As grain trader Jason Britt of Central States Commodities Tweeted Saturday: “Farmers, please do not ask my why we are setting lows in the corn and you’re posting your yield monitors on Twitter with 300 bushels per acre.”
Real prairie prices for crops vary widely, with good quality crops bringing hefty premiums while badly damaged crops are being severely discounted. Most farmers still don’t know what they really have to market this winter.
Good harvest progress seems almost inevitable this week across most of the Canadian Prairies, with weather forecasts showing sun, sun, sun and heat. That’s what many farmers and crops need right now.
That will bring in lots of crop and intensify harvest pressure as off-the-combine sales surge.
Most commodities were down Monday, but meats and softs were modestly higher.
The world’s hottest commodity in recent days has been the iPhone 6, with millions being moved into the hands of fans, who have been waiting for the upgrade for months.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 394.60 -2.90 -0.73%
Canola Jan 2015 401.30 -3.20 -0.79%
Canola Mar 2015 407.90 -3.80 -0.92%
Canola May 2015 414.00 -4.20 -1.00%
Canola Jul 2015 419.10 -4.60 -1.09%
Milling Wheat Oct 2014 187.00 unch 0.00%
Milling Wheat Dec 2014 191.00 -3.00 -1.55%
Milling Wheat Mar 2015 200.00 -4.00 -1.96%
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 123.50 unch 0.00%
Barley Dec 2014 125.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2014 938.25 -18.75 -1.96%
Soybeans Jan 2015 945.75 -19.5 -2.02%
Soybeans Mar 2015 952.25 -20.5 -2.11%
Soybeans May 2015 958.75 -20.75 -2.12%
Soybeans Jul 2015 964.25 -21.25 -2.16%
Soybeans Aug 2015 966.75 -21.5 -2.18%
Soybean Meal Oct 2014 319.4 -4.7 -1.45%
Soybean Meal Dec 2014 310.5 -4.9 -1.55%
Soybean Meal Jan 2015 307.4 -5.5 -1.76%
Soybean Oil Oct 2014 32 -0.46 -1.42%
Soybean Oil Dec 2014 32.12 -0.46 -1.41%
Soybean Oil Jan 2015 32.39 -0.44 -1.34%
Corn Dec 2014 330.25 -1.25 -0.38%
Corn Mar 2015 342.75 -1.5 -0.44%
Corn May 2015 351.25 -1.75 -0.50%
Corn Jul 2015 358.25 -1.75 -0.49%
Corn Sep 2015 365.5 -2 -0.54%
Oats Dec 2014 336.5 -0.75 -0.22%
Oats Mar 2015 323.25 -0.5 -0.15%
Oats May 2015 315.75 -1.75 -0.55%
Oats Jul 2015 311 -2 -0.64%
Oats Sep 2015 315.5 -1.75 -0.55%
Wheat Dec 2014 476.75 +2.25 +0.47%
Wheat Mar 2015 489.5 -1.5 -0.31%
Wheat May 2015 499 -3.5 -0.70%
Wheat Sep 2015 522.25 -2.75 -0.52%
Minneapolis
Spring Wheat Dec 2014 536.75 +1.25 +0.23%
Spring Wheat Mar 2015 551.5 -1.25 -0.23%
Spring Wheat May 2015 562.25 -3 -0.53%
Spring Wheat Jul 2015 572.5 -5 -0.87%
Spring Wheat Sep 2015 584.25 -5.25 -0.89%
Kansas City
Hard Red Wheat Dec 2014 560.25 unch 0.00%
Hard Red Wheat Mar 2015 565.25 -0.75 -0.13%
Hard Red Wheat May 2015 568.75 -0.75 -0.13%
Hard Red Wheat Jul 2015 562 -0.25 -0.04%
Hard Red Wheat Sep 2015 573.5 -0.5 -0.09%
Light crude oil nearby futures in New York dropped 89 cents at $91.52 US per barrel.
The Canadian dollar at noon was 90.84 cents US, down from 91.17 cents the previous trading day. The U.S. dollar at noon was $1.1008 Cdn.
