Canola steady Monday, wheat up on short covering

Monday was a weak day for Western Canada’s leading crops.

Canola futures were mostly steady and Minneapolis spring wheat lagged behind gains in winter wheat contracts.

“Canola’s just trading like a dog,” said broker Ken Ball of P.I. Financial in Winnipeg.

Recently soybeans and associated products have seen good price gains, but canola has been static, hanging around the $500 market seemingly aimlessly.

Even Canadian dollar weakness and rising soybean oil prices have done little to perk up canola .

However, Ball noted that canola still holds a premium over other oilseeds, just not as much as before.

“Two weeks ago the market was pretty nervous about the remaining (canola) crop,” said Ball refering to a couple of bouts of snow in northern Alberta.

“Today it’s a lot less nervous.”

Farmers in northern parts of Alberta are still struggling to bring in the crop, but more has come in than some had expected would be possible.

The winter wheat rally Monday did not appear to have a solid fundamental trigger, but was speculated to be because of new lows reached Friday. When those lows were not pushed further down, some shorts might have covered their positions, since wheat prices are in an area of heavy technical support.

The present level has been tested a number of times and held, so speculators might be assuming that wheat prices can’t get much weaker.

Spring wheat futures rose three cents a bushel but were much weaker than the 10-cent gains seen in the winter wheat contracts.

Ball said that might be because spring wheat is holding a hefty premium over the other wheats and spreaders might be deciding to take profits at this point.

Parched areas in Brazil saw both rain and continued high heat. The region will need more moisture, but forecasters say rain is in the offing.

US HARVEST PROGRESS

As of Sunday 38 percent of the U.S. corn crop was harvested, up from 28 percent the week before but still well back of the five year average of 59 percent.

There was better progress on the soybean crop with 70 percent in the bin, up from 49 percent the week before and only a little behind the five year average of 73 percent.

Planting of the winter wheat crop also advanced to 75 percent, up from 60 percent the week before but behind the five year average of 80 percent.

Kansas, where a little more than a quarter of the winter wheat crop is produced, was at 67 percent, behind the five year average of 86 percent. Oklahoma was 72 percent planted, compared to the five year average of 85 percent.

 

 

 

 

OUTSIDE MARKETS

Light crude oil nearby futures in New York were up 6 cents at US$51.90 per barrel.

In the afternoon, the Canadian dollar was trading around US79.05 cents, down from 79.23 cents the previous trading day. The U.S. dollar was C$1.2650.

The Toronto Stock Exchange’s S&P/TSX composite index fell 1.46 points, or 0.01 percent, to finish at 15,855.76.

The Dow Jones Industrial Average fell 54.67 points, or 0.23 percent, to 23,273.96, the S&P 500 lost 10.23 points, or 0.40 percent, to 2,564.98 and the Nasdaq Composite dropped 42.23 points, or 0.64 percent, to 6,586.83.

 

Winnipeg ICE Futures Canada dollars per tonne

Canola Nov 17 502.20s unch unch

Canola Jan 18 510.90s +0.40 +0.08%

Canola Mar 18 517.20s +0.80 +0.15%

Canola May 18 520.10s +1.10 +0.21%

Canola Jul 18 521.10s +1.40 +0.27%

 

Milling Wheat Dec 17 233.00s +2.00 +0.87%

Milling Wheat Mar 18 238.00s +3.00 +1.28%

Milling Wheat May 18 244.00s +3.00 +1.24%

 

Durum Wheat Dec 17 278.00s -1.00 -0.36%

Durum Wheat Mar 18 283.00s -1.00 -0.35%

Durum Wheat May 18 285.00s -1.00 -0.35%

 

Barley Dec 17 148.00s unch unch

Barley Mar 18 151.00s unch unch

Barley May 18 151.00s unch unch

 

Soybeans Nov 17 980-6s +2-0 +0.20%

Soybeans Jan 18 991-0s +1-6 +0.18%

Soybeans Mar 18 1001-0s +1-6 +0.18%

Soybeans May 18 1010-2s +1-6 +0.17%

Soybeans Jul 18 1018-6s +2-0 +0.20%

 

Soybean Meal Dec 17 315.9s -1.2 -0.38%

Soybean Meal Jan 18 318.0s -1.3 -0.41%

Soybean Meal Mar 18 321.1s -1.2 -0.37%

 

Soybean Oil Dec 17 34.63s +0.47 +1.38%

Soybean Oil Jan 18 34.77s +0.46 +1.34%

Soybean Oil Mar 18 34.97s +0.44 +1.27%

 

Corn Dec 17 351-2s +6-6 +1.96%

Corn Mar 18 365-2s +6-6 +1.88%

Corn May 18 374-0s +6-6 +1.84%

Corn Jul 18 381-0s +6-2 +1.67%

Corn Sep 18 388-0s +6-2 +1.64%

 

Oats Dec 17 273-4s +3-6 +1.39%

Oats Mar 18 274-6s +3-4 +1.29%

Oats May 18 277-2s +2-0 +0.73%

Oats Jul 18 274-6s +2-4 +0.92%

Oats Sep 18 274-6s +2-4 +0.92%

 

Wheat Dec 17 436-6s +10-6 +2.52%

Wheat Mar 18 455-0s +10-4 +2.36%

Wheat May 18 468-6s +10-0 +2.18%

Wheat Jul 18 481-4s +9-0 +1.90%

Wheat Sep 18 497-2s +9-2 +1.90%

 

Spring Wheat Dec 17 615-0s +3-6 +0.61%

Spring Wheat Mar 18 627-6s +3-4 +0.56%

Spring Wheat May 18 635-0s +3-2 +0.51%

Spring Wheat Jul 18 637-6s +3-6 +0.59%

Spring Wheat Sep 18 633-0s +3-4 +0.56%

 

Hard Red Wheat Dec 17 433-4s +10-6 +2.54%

Hard Red Wheat Mar 18 451-4s +10-6 +2.44%

Hard Red Wheat May 18 465-6s +10-6 +2.36%

Hard Red Wheat Jul 18 483-4s +10-6 +2.27%

Hard Red Wheat Sep 18 502-2s +10-6 +2.19%

 

Live Cattle (Pit) Oct 17 111.525s -0.150 -0.13%

Live Cattle (Pit) Dec 17 116.750s +0.150 +0.13%

Live Cattle (Pit) Feb 18 121.575s +0.300 +0.25%

 

Feeder Cattle (Pit) Oct 17 153.625s unch unch

Feeder Cattle (Pit) Nov 17 152.725s -0.350 -0.23%

Feeder Cattle (Pit) Jan 18 150.875s -0.450 -0.30%

 

Lean Hogs (Pit) Dec 17 63.525s -1.325 -2.04%

Lean Hogs (Pit) Feb 18 68.225s -0.875 -1.27%

Lean Hogs (Pit) Apr 18 72.650s -0.250 -0.34%

 

 

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