Canola futures gained $3.10 per tonne Monday, thanks to weakness in the Canadian dollar and strength in Chicago soybean futures.
January canola on ICE Futures Canada closed at $445.50 per tonne, up from $442.40 Dec. 19.
January soybeans gained 7.75 cents on the Chicago exchange, finishing at $10.3825 per bu.
The U.S. Department of Agriculture reported Monday that soybean export inspections were 2.2 million tonnes in the third week of December, compared to 1.88 million tonnes for the previous week.
China’s decision to permit imports of a genetically modified Pioneer DuPont soybean variety may have also bolstered soybean prices.
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The story of the day in agricultural markets was Russia’s plan to impose export duties on wheat and other grains.
On Monday, prime minister Dmitry Medvedev and Kremlin officials said the duties were necessary to preserve Russian grain stocks for the domestic market.
Last week, the Russians took other steps to curtail exports. They limited railway loadings and stepped up grain quality inspections to cut into exports.
The Russians are expected to release details of the export duties in the next 24 hours.
Wheat traders may have already factored Russia’s unpredictable policies into futures prices.
Chicago wheat futures gained nearly a $1.50 per bu. this fall, going from below $4.90 per bu. in September to $6.40 per bu. last week.
Wheat futures pulled back Friday and dropped further today. CBOT March wheat dropped 6.5 cents per bu. to close at $6.2575 per bu.
Nearby corn futures gained 1.25 cents to finish at $4.1175 per bu.
Milling wheat, barley and durum futures on the ICE Winnipeg exchange were not traded.
February oil futures in New York dropped $1.87 Monday, ending the day at $55.26 per barrel.
The Canadian dollar settled at US85.89 cents, down from 86.15 Friday. The U.S. dollar finished at C$1.1643
ICE Futures Canada, dollars per tonne
Canola Jan 2015 445.50 +3.10 +0.7%
Canola Mar 2015 439.50 +2.40 +0.55%
Canola May 2015 438.40 +2.30 +0.52%
Canola Jul 2015 438.30 +2.60 +0.59%
Canola Nov 2015 431.70 +2.10 +0.49%
Milling Wheat Mar 2015 235.00 unch 0.00%
Milling Wheat May 2015 238.00 unch 0.00%
Milling Wheat Jul 2015 239.00 unch 0.00%
Durum Wheat Mar 2015 357.50 unch 0.00%
Durum Wheat May 2015 357.50 unch 0.00%
Durum Wheat Jul 2015 357.50 unch 0.00%
Barley Mar 2015 177.00 unch 0.00%
Barley May 2015 179.00 unch 0.00%
Barley Jul 2015 181.00 unch 0.00%
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015 445.50 +3.10 +0.70%
Canola May 2015 438.40 +2.30 +0.53%
Canola Jul 2015 438.30 +2.60 +0.60%
Canola Nov 2015 431.70 +2.10 +0.49%
Milling Wheat Mar 2015 234.00 -1.00 -0.43%
Milling Wheat May 2015 237.00 -1.00 -0.42%
Milling Wheat Jul 2015 239.00 unch 0.00%
Durum Wheat Mar 2015 370.00 +12.50 +3.50%
Durum Wheat May 2015 360.00 +2.50 +0.70%
Durum Wheat Jul 2015 350.00 -7.50 -2.10%
Barley Mar 2015 177.00 unch 0.00%
Barley May 2015 179.00 unch 0.00%
Barley Jul 2015 181.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015 1038.25 +7.75 +0.75%
Soybeans Mar 2015 1045.75 +7.25 +0.70%
Soybeans May 2015 1053.5 +7.5 +0.72%
Soybeans Jul 2015 1059.75 +7.75 +0.74%
Soybeans Aug 2015 1058.75 +8 +0.76%
Soybeans Sep 2015 1039.5 +7 +0.68%
Soybean Meal Jan 2015 368.4 +4.9 +1.35%
Soybean Meal Mar 2015 357.2 +5.2 +1.48%
Soybean Meal May 2015 351.1 +4 +1.15%
Soybean Oil Jan 2015 32.04 +0.07 +0.22%
Soybean Oil Mar 2015 32.17 +0.01 +0.03%
Soybean Oil May 2015 32.39 +0.01 +0.03%
Corn Mar 2015 411.75 +1.25 +0.30%
Corn May 2015 420.25 +1.25 +0.30%
Corn Jul 2015 426.75 +0.75 +0.18%
Corn Sep 2015 429.25 +1 +0.23%
Oats Mar 2015 309.75 -0.75 -0.24%
Oats May 2015 313 -0.5 -0.16%
Oats Jul 2015 315.5 -1.25 -0.39%
Oats Sep 2015 312 -4.25 -1.34%
Oats Dec 2015 308.5 -3 -0.96%
Wheat Mar 2015 625.75 -6.5 -1.03%
Wheat May 2015 629.25 -5.75 -0.91%
Wheat Jul 2015 630.75 -3.5 -0.55%
Wheat Sep 2015 637.5 -3.75 -0.58%
Wheat Dec 2015 646.25 -4.5 -0.69%
Minneapolis
Spring Wheat Mar 2015 645 -3.25 -0.50%
Spring Wheat May 2015 651 -3 -0.46%
Spring Wheat Jul 2015 658.5 -2.25 -0.34%
Spring Wheat Sep 2015 663.5 -0.75 -0.11%
Spring Wheat Dec 2015 671.75 -0.75 -0.11%
Kansas City
Hard Red Wheat Mar 2015 657.75 -8.25 -1.24%
Hard Red Wheat May 2015 662.75 -7.5 -1.12%
Hard Red Wheat Jul 2015 667 -5 -0.74%
Hard Red Wheat Sep 2015 675.25 -4.75 -0.70%
Hard Red Wheat Dec 2015 685.5 -5.25 -0.76%
Light crude oil nearby futures in New York down $1.87 to US$55.26 per barrel.
The Canadian dollar at noon was US85.89 cents, down from 85.99 cents the previous trading day. The U.S. dollar at noon was C$1.1643.
