Canola remains stable, wheat shows glimmers

Canola futures tickled high prices not seen since June, but then eased off slightly Monday.

Soybeans and soybean components were also little changed at the close, following losses Friday.

However, wheat showed some light and gained on what some said was short-covering, following a United States Commodity Futures Trading Commission report. It showed a growing short position in wheat futures by speculators.

Soybean futures stabilized Monday, with healthy exports alleviating concerns raised by last week’s U.S. Department of Agriculture supply and demand report.

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U.S. soybean futures firmed on Wednesday as traders remained hopeful for progress in trade talks with top soy buyer China and on a Japanese proposal to increase U.S. soy purchases, deals that could help U.S. farmers avert major losses.

Weather factors continue to play in the markets, even though harvest is approaching completion in many areas. Substantial parts of the Canadian canola crop are still in the field, subject to rain and freezing, as are other crops.

However, generally good conditions are forecast in many areas, which is bearish.

The November canola futures contract is entering its final days and attention has switched to January.

Canola’s strength has been impressive, rising all the way through October to regain ground lost in July and only recently reversed.

Light crude oil nearby futures in New York were down $1.84 to US$46.86 per barrel.

The Canadian dollar at noon was US74.61 cents, down from 74.71 cents the previous trading day. The U.S. dollar at noon was C$1.3403.

Winnipeg ICE Futures Canada dollars per tonne

Canola Dec 2016   517.60   +2.50   +0.49%
Canola Jan 2017   522.30   -0.70   -0.13%
Canola Mar 2017   526.40   -1.30   -0.25%
Canola May 2017   527.50   -2.30   -0.43%
Canola Jul 2017   526.00   -2.60   -0.49%

Milling Wheat Dec 2016   237.00   unch   0.00%
Milling Wheat Mar 2017   242.00   unch   0.00%
Milling Wheat May 2017   246.00   unch   0.00%

Durum Wheat Dec 2016   313.00   unch   0.00%
Durum Wheat Mar 2017   318.00   unch   0.00%
Durum Wheat May 2017   322.00   unch   0.00%

Barley Dec 2016   132.50   unch   0.00%
Barley Mar 2017   134.50   unch   0.00%
Barley May 2017   135.50   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 2016   1002.25   +1.00   +0.10%
Soybeans Jan 2017   1011.75   -0.25   -0.02%
Soybeans Mar 2017   1018.50   unch   0.00%
Soybeans May 2017   1024.00   -0.25   -0.02%
Soybeans Jul 2017   1028.50   -0.50   -0.05%
Soybeans Aug 2017   1026.00   +1.00   +0.10%

Soybean Meal Dec 2016   316.10   -1.90   -0.60%
Soybean Meal Jan 2017   317.90   -1.60   -0.50%
Soybean Meal Mar 2017   319.60   -1.20   -0.37%

Soybean Oil Dec 2016   35.17   -0.22   -0.62%

Soybean Oil Jan 2017   35.39   -0.20   -0.56%
Soybean Oil Mar 2017   35.53   -0.22   -0.62%

Corn Dec 2016   354.75   -0.50   -0.14%
Corn Mar 2017   362.75   -0.50   -0.14%
Corn May 2017   369.50   -1.00   -0.27%
Corn Jul 2017   376.25   -0.75   -0.20%
Corn Sep 2017   382.50   -0.75   -0.20%

Oats Dec 2016   220.50   -6.50   -2.86%
Oats Mar 2017   219.25   -0.50   -0.23%
Oats May 2017   217.00   +0.50   +0.23%
Oats Jul 2017   218.50   -5.25   -2.35%
Oats Sep 2017   213.75   -1.25   -0.58%

Wheat Dec 2016   416.25   +7.25   +1.77%
Wheat Mar 2017   433.75   +4.50   +1.05%
Wheat May 2017   448.25   +4.50   +1.01%
Wheat Jul 2017   461.50   +3.50   +0.76%
Wheat Sep 2017   475.75   +2.50   +0.53%

Minneapolis
Spring Wheat Dec 2016   526.75   +1.50   +0.29%
Spring Wheat Mar 2017   533.50   +1.00   +0.19%
Spring Wheat May 2017   540.25   +1.75   +0.32%
Spring Wheat Jul 2017   546.00   +1.00   +0.18%
Spring Wheat Sep 2017   552.75   +0.25   +0.05%

Kansas City
Hard Red Wheat Dec 2016   414.75   +2.75   +0.67%
Hard Red Wheat Mar 2017   432.50   +2.50   +0.58%
Hard Red Wheat May 2017   444.75   +2.50   +0.57%
Hard Red Wheat Jul 2017   456.25   +3.00   +0.66%
Hard Red Wheat Sep 2017   470.50   +1.75   +0.37%

Chicago livestock futures in US¢/pound (rounded to two decimal places)

Live Cattle (P) Oct 2016   103.10   -1.10   -1.06%
Live Cattle (P) Dec 2016   103.32   -1.08   -1.03%
Live Cattle (P) Feb 2017   104.12   -0.93   -0.89%

Feeder Cattle (P) Nov 2016   121.85   -0.05   -0.04%
Feeder Cattle (P) Jan 2017   116.00   -0.30   -0.26%
Feeder Cattle (P) Mar 2017   112.28   -1.14   -1.01%

Lean Hogs (P) Dec 2016   47.95   +0.90   +1.91%
Lean Hogs (P) Feb 2017   54.62   +0.40   +0.74%
Lean Hogs (P) Apr 2017   62.05   +0.15   +0.24%