A strong day for soybean meal overcame weakness in soybean oil to give canola a respectable gain Monday.
Weakness in the Canuck buck also helped keep canola futures positive.
Soybeans rose as well, whilst wheat contracts and corn fell a few cents.
Trade in canola futures is expected to decline tomorrow as people get ready for the release of the Statistics Canada production estimates Wednesday.
Speculation that Argentine dryness would reduce the size of that nation’s soybean harvest boosted soybean and meal futures. The La Nina in the equatorial Pacific tends to deliver dry weather to Argentina.
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Canola groups disappointed in Carney’s plan to help growers, biofuel
Two national canola organizations said they’re not pleased with the federal government’s announcement on helping canola growers and the biofuel industry. The Canola Council of Canada and the Canadian Canola Growers Association expressed their disappointment in a Sept. 5 news release.
U.S. supplies are now competitively priced in the world market, so stocks should be whittled down as demand causes soybean and its products to flow out onto the world market.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were down 89 cents at US$57.47 per barrel.
In the afternoon, the Canadian dollar was trading around US78.789 cents, up from US78.76 cents the previous trading day. The U.S. dollar was C$1.2692.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Jan 18 507.40s +1.30 +0.26%
Canola Mar 18 516.40s +2.20 +0.43%
Canola May 18 522.30s +2.30 +0.44%
Canola Jul 18 525.40s +2.30 +0.44%
Canola Nov 18 505.30s +2.30 +0.46%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Jan 18 998-4s +4-2 +0.43%
Soybeans Mar 18 1010-2s +4-2 +0.42%
Soybeans May 18 1021-0s +4-0 +0.39%
Soybeans Jul 18 1029-4s +3-6 +0.37%
Soybeans Aug 18 1030-2s +3-6 +0.37%
Soybean Meal Dec 17 335.4s +7.2 +2.19%
Soybean Meal Jan 18 337.5s +7.3 +2.21%
Soybean Meal Mar 18 340.6s +7.1 +2.13%
Soybean Oil Dec 17 33.36s -0.24 -0.71%
Soybean Oil Jan 18 33.44s -0.25 -0.74%
Soybean Oil Mar 18 33.66s -0.25 -0.74%
Corn Dec 17 339-4s -5-2 -1.52%
Corn Mar 18 353-4s -5-2 -1.46%
Corn May 18 362-0s -4-4 -1.23%
Corn Jul 18 370-0s -4-4 -1.20%
Corn Sep 18 377-0s -4-4 -1.18%
Oats Dec 17 241-2s -6-0 -2.43%
Oats Mar 18 257-0s -6-2 -2.37%
Oats May 18 262-2s -6-6 -2.51%
Oats Jul 18 269-2s -4-4 -1.64%
Oats Sep 18 271-2s -4-4 -1.63%
Wheat Dec 17 410-2s -4-2 -1.03%
Wheat Mar 18 435-2s -3-2 -0.74%
Wheat May 18 447-4s -3-4 -0.78%
Wheat Jul 18 460-6s -3-4 -0.75%
Wheat Sep 18 474-4s -3-4 -0.73%
Minneapolis
Spring Wheat Dec 17 614-0s +3-4 +0.57%
Spring Wheat Mar 18 629-0s -2-4 -0.40%
Spring Wheat May 18 636-0s -2-0 -0.31%
Spring Wheat Jul 18 636-6s -3-0 -0.47%
Spring Wheat Sep 18 630-2s -1-0 -0.16%
Kansas
Hard Red Wheat Dec 17 420-0s -0-4 -0.12%
Hard Red Wheat Mar 18 434-0s -3-4 -0.80%
Hard Red Wheat May 18 447-0s -2-6 -0.61%
Hard Red Wheat Jul 18 463-6s -2-6 -0.59%
Hard Red Wheat Sep 18 480-6s -3-0 -0.62%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle (Pit) Dec 17 116.375s -0.850 -0.73%
Live Cattle (Pit) Feb 18 121.175s -0.800 -0.66%
Live Cattle (Pit) Apr 18 122.400s -0.625 -0.51%
Feeder Cattle (Pit) Jan 18 149.950s -0.375 -0.25%
Feeder Cattle (Pit) Mar 18 147.750s -0.275 -0.19%
Feeder Cattle (Pit) Apr 18 147.925s -0.225 -0.15%
Lean Hogs (Pit) Dec 17 64.950s -0.325 -0.50%
Lean Hogs (Pit) Feb 18 71.675s +0.950 +1.34%
Lean Hogs (Pit) Apr 18 75.450s +1.000 +1.34%
