Canola futures fell sharply on Tuesday when ICE Futures Canada reopened after the Remembrance Day long weekend.
Canola had to catch up with the declines in Chicago soybeans on Monday, which fell on follow through action from Friday’s bearish USDA report.
January canola on Tuesday closed at $574.80 per tonne, down $16.60, or 2.81 percent. The price is the lowest since mid June.
January soybeans closed at $14.08 per bushel, up 3.0 cents or 0.21 percent.
From the close Nov. 8, the day before the USDA report, and the close today, January canola has fallen 4.2 percent and January soybeans have fallen 5.8 percent.
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U.S. grains: Soybean futures hit one-month high on U.S.-China trade hopes
Chicago Board of Trade soybean futures hit their highest level in a month on Monday on renewed optimism over U.S.-China trade talks after U.S. President Donald Trump said he believed Beijing would agree to a soybean trade deal and will buy U.S. soy again.
The USDA report on Friday increased the size of the U.S. soybean crop. Pressure also came from improved moisture conditions in Brazil’s soybean belt.
Worries about the U.S. fiscal cliff and Greek/Spanish debt problems also hung over the market.
Soybeans dropped below the psychologically important $14 per bushel level this morning but staged a late rally on strength in the cash market that took the prices back above $14.
Wheat edged lower today, but when trade resumes it will be supported by a larger than expected decline in the weekly crop condition rating. USDA today pegged the good-to-excellent rating of the U.S. winter wheat crop at 36 percent, down from 39 percent last week and 50 percent a year ago.
Winnipeg (per tonne)
Canola Nov 12Â $577.30, down 16.60Â Â Â Â Â Â -2.80%
Canola Jan 13Â $574.80, down 16.60Â Â Â Â Â Â -2.81%
Canola Mar 13Â $572.90, down 16.50Â Â Â Â Â Â -2.80%
Canola May 13Â $570.50, down 16.00Â Â Â Â Â Â -2.73%
Milling Wheat Dec 12Â $307.00, down 3.30Â Â Â Â Â Â -1.06%
Milling Wheat Mar 13Â $316.50, down 3.30Â Â Â Â Â Â -1.03%
Milling Wheat May 13Â $319.50, down 3.30Â Â Â Â Â Â -1.02%
Durum Wheat Dec 12Â $312.40, unchanged
Durum Wheat Mar 13Â $319.00, unchanged
Durum Wheat May 13Â $323.00, unchanged
Barley Dec 12Â $250.00, unchanged
Barley Mar 13Â $253.00, unchanged
Barley May 13Â $254.00, unchanged
Chicago (per bushel)
Soybeans (P) Nov 12Â $14.27, up 16.0Â Â Â Â Â Â +1.13%
Soybeans (P) Jan 13Â $14.08, up 3.0Â Â Â Â Â Â +0.21%
Soybeans (P) Mar 13Â $13.8575, down 2.25Â Â Â Â Â Â -0.16%
Soybeans (P) May 13Â $13.725, down 3.0Â Â Â Â Â Â -0.22%
Corn (P) Dec 12Â $7.235, up 5.5 +0.77%
Corn (P) Mar 13 Â Â Â Â Â Â 7.2625, up 4.0 +0.55%
Corn (P) May 13Â $7.225, up 3.0Â Â Â Â Â Â +0.42%
Oats (P) Dec 12Â $3.6375, up 4.5Â Â Â Â Â Â +1.25%
Oats (P) Mar 13Â $3.725, up 4.5Â Â Â Â Â Â +1.22%
Oats (P) May 13Â $3.7475, up 7.25Â Â Â Â Â Â +1.97%
Minneapolis (per bushel)
Spring Wheat Dec 12Â $9.2225, down 2.25Â Â Â Â Â Â -0.24%
Spring Wheat Mar 13Â $9.315, down 1.75Â Â Â Â Â Â -0.19%
Spring Wheat May 13Â $9.4075, down 0.25Â Â Â Â Â Â -0.03%
Spring Wheat Jul 13Â $9.38, up 1.25Â Â Â Â Â Â +0.13%
Nearby crude oil in New York fell 19 cents, or 0.22 percent, to settle at $85.38 a barrel.
The International Energy Agency on Monday forecast lower oil demand for the last quarter of this year and in 2013.
The Bank of Canada noon rate for the loonie was 99.84 cents US, down from 99.94 on Friday.
U.S. buck is $1.00016 Cdn.
In unofficial tallies:
The Toronto Stock Exchange’s S&P/TSX composite index fell 56.80 points, or 0.47 percent, to close at 12,134.66.
The Dow Jones industrial average was up 29.57 points, or 0.23 percent, at 12,844.65.
The Standard & Poor’s 500 Index was up 3.99 points, or 0.29 percent, at 1,384.02.
The Nasdaq Composite Index was down 3.29 points, or 0.11 percent, at 2,900.97.
