Canola futures rose Monday, supported by gains generally in vegetable oil crops.
March canola closed up $3.50 per tonne at $516.80.
Broker Ken Ball of P.I. Financial thinks canola has reached a more reasonable valuation compared to soybeans than was the case for many weeks, when it was undervalued.
“It has gained a huge amount on the soy markets in recent weeks. It’s no longer cheap by any means,” said Ball.
Canola today was supported by reports of significant damage in European fields, which Strategie Grains believes might reduce production by 500,000 tonnes, to less than 22 million. Hungary and Poland are expected to have experienced the most damage from the January weather.
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Canola stocks are relatively tight around the world as steady demand drains present stockpiles.
Chinese demand for oilseeds is expected to pick up now that its lunar new year holiday has pasted.
Since early October canola March futures have seen an attraction to the $520 per tonne point, ranging about $20 on either side of that level. It’s almost back at that level now.
The high point of the year was around $540.
“That has been the roof of canola this season and probably will remain so for now,” said Ball.
Wheat futures contracts had a weak day Monday, with contracts falling a few cents. Weakness was worst in Chicago wheat. Wheat was relatively strong last week.
Light crude oil nearby futures in New York were down 82 cents to US$53.01 per barrel.
The Canadian dollar at noon was US76.24 cents, down from 76.90 cents the previous trading day. The U.S. dollar at noon was C$1.3117.
The TSX composite fell 19.45 points or 0.13 percent to 15,456.94.
The Dow Jones Industrial Average fell 18.29 points, or 0.09 percent, to 20,053.17, the S&P 500 lost 4.87 points, or 0.21 percent, to 2,292.55 and the Nasdaq Composite dropped 3.21 points, or 0.06 percent, to 5,663.55.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2017 516.80 +3.50 +0.68%
Canola May 2017 524.40 +3.60 +0.69%
Canola Jul 2017 527.60 +3.80 +0.73%
Canola Nov 2017 504.60 +2.80 +0.56%
Canola Jan 2018 509.60 +3.50 +0.69%
Milling Wheat Mar 2017 235.00 -2.00 -0.84%
Milling Wheat May 2017 239.00 -2.00 -0.83%
Milling Wheat Jul 2017 241.00 -3.00 -1.23%
Durum Wheat Mar 2017 296.00 -1.00 -0.34%
Durum Wheat May 2017 298.00 -1.00 -0.33%
Durum Wheat Jul 2017 298.00 unch 0.00%
Barley Mar 2017 135.00 unch 0.00%
Barley Jul 2017 138.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2017 1036.00 +9.50 +0.93%
Soybeans May 2017 1046.25 +9.75 +0.94%
Soybeans Jul 2017 1055.00 +9.50 +0.91%
Soybeans Aug 2017 1052.75 +9.00 +0.86%
Soybeans Sep 2017 1034.25 +8.25 +0.80%
Soybeans Nov 2017 1017.00 +7.50 +0.74%
Soybean Meal Mar 2017 332.80 +1.30 +0.39%
Soybean Meal May 2017 336.50 +1.50 +0.45%
Soybean Meal Jul 2017 339.20 +1.00 +0.30%
Soybean Oil Mar 2017 34.44 +0.60 +1.77%
Soybean Oil May 2017 34.74 +0.63 +1.85%
Soybean Oil Jul 2017 34.99 +0.57 +1.66%
Corn Mar 2017 363.75 -0.75 -0.21%
Corn May 2017 371.25 -0.50 -0.13%
Corn Jul 2017 378.25 -0.75 -0.20%
Corn Sep 2017 385.00 -0.25 -0.06%
Corn Dec 2017 392.00 unch 0.00%
Oats Mar 2017 261.25 +1.50 +0.58%
Oats May 2017 251.25 +1.25 +0.50%
Oats Jul 2017 250.00 +3.25 +1.32%
Oats Sep 2017 240.00 +2.75 +1.16%
Oats Dec 2017 237.00 +4.75 +2.05%
Wheat Mar 2017 422.50 -7.00 -1.63%
Wheat May 2017 435.50 -6.25 -1.41%
Wheat Jul 2017 448.75 -6.25 -1.37%
Wheat Sep 2017 463.75 -5.50 -1.17%
Wheat Dec 2017 481.00 -5.25 -1.08%
Minneapolis
Spring Wheat Mar 2017 555.25 -3.25 -0.58%
Spring Wheat May 2017 554.00 -2.50 -0.45%
Spring Wheat Sep 2017 559.75 -2.00 -0.36%
Spring Wheat Dec 2017 566.75 -2.00 -0.35%
Kansas City
Hard Red Wheat Mar 2017 435.75 -4.00 -0.91%
Hard Red Wheat May 2017 448.75 -4.00 -0.88%
Hard Red Wheat Jul 2017 461.00 -3.75 -0.81%
Hard Red Wheat Sep 2017 475.75 -4.00 -0.83%
Hard Red Wheat Dec 2017 496.50 -4.25 -0.85%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Feb 2017 116.42 -0.68 -0.58%
Live Cattle (P) Apr 2017 115.62 -0.10 -0.09%
Live Cattle (P) Jun 2017 105.82 +0.07 +0.07%
Feeder Cattle (P) Mar 2017 123.52 -0.25 -0.20%
Feeder Cattle (P) Apr 2017 123.57 -0.08 -0.06%
Feeder Cattle (P) May 2017 122.55 +0.07 +0.06%
Lean Hogs (P) Feb 2017 71.35 +1.00 +1.42%
Lean Hogs (P) Apr 2017 71.23 +1.21 +1.73%
Lean Hogs (P) May 2017 75.10 +0.62 +0.83%
