Canola tumbles with soybeans

Soybeans dragged canola lower Monday, helping to make crops the weakest commodity class in world markets.

Canola fell $9.60 per tonne to $489.80 per tonne for the November contract and fell $9.20 to $498.20 for January.

That echoed soybeans’ decline of 33 cents on the November contract to $13.48 per bushel and a fall of 31 cents for January.

Weekend rains relieved some fears about declining U.S. soybean prospects, while the Canadian Prairies continue to receive good harvest weather and little frost damage.

Outside of vegetable oil crops and their components, crop futures prices were relatively flat Monday.

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A few days past the September U.S. Department of Agriculture World Agricultural Supply and Demand Estimates, a generally bearish consensus appears to have congealed, with traders seeing little reason to worry about corn or wheat supplies and becoming less worried about soybean supplies.

Commodities other than metals were weaker Monday.

U.S. stock indexes soared with apparent relief after Larry Summers announced he was withdrawing his name as a possible successor to Federal Reserve bank chair Ben Bernanke. Summers was seen as likely to press for a withdrawal of the drastic liquidity injections that have been a hallmark of the Bernanke years since the 2008 financial crisis.

That liquidity has helped inflate both stock and commodity markets, and quantitative easing has chased yield-seeking money out of “safe” investments and into non-traditional areas.

ICE Futures Canada, dollars per tonne

Canola Nov 2013    489.80    -9.60    -1.92%
Canola Jan 2014    498.20    -9.20    -1.81%
Canola Mar 2014    505.60    -8.60    -1.67%
Canola May 2014    511.60    -8.40    -1.62%
Canola Jul 2014    516.50    -8.10    -1.54%

Milling Wheat Oct 2013    233.00    -2.00    -0.85%
Milling Wheat Dec 2013    239.00    -1.00    -0.42%
Milling Wheat Mar 2014    244.00    -1.00    -0.41%

Durum Wheat Oct 2013    259.00    unch    0.00%
Durum Wheat Dec 2013    267.00    unch    0.00%
Durum Wheat Mar 2014    273.00    unch    0.00%

Barley Oct 2013    158.50    -6.10    -3.71%
Barley Dec 2013    161.50    -8.10    -4.78%
Barley Mar 2014    163.50    -6.10    -3.60%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago
Soybeans Nov 2013    1348.25    -33.25    -2.41%
Soybeans Jan 2014    1348.25    -31.5    -2.28%
Soybeans Mar 2014    1322    -25.25    -1.87%
Soybeans May 2014    1294.5    -20.5    -1.56%
Soybeans Jul 2014    1288.75    -18.25    -1.40%
Soybeans Aug 2014    1267.5    -11.5    -0.90%

Soybean Meal Oct 2013    431.2    -13.4    -3.01%

Soybean Meal Dec 2013    428.5    -14.3    -3.23%
Soybean Meal Jan 2014    426.3    -13.9    -3.16%

Soybean Oil Oct 2013    42.13    -0.21    -0.50%
Soybean Oil Dec 2013    42.37    -0.19    -0.45%
Soybean Oil Jan 2014    42.59    -0.18    -0.42%

Corn Dec 2013    456.5    -2.5    -0.54%
Corn Mar 2014    469    -2.5    -0.53%
Corn May 2014    477.25    -2.25    -0.47%
Corn Jul 2014    483.75    -2.5    -0.51%
Corn Sep 2014    488.25    -2.5    -0.51%

Oats Dec 2013    311.5    -0.75    -0.24%
Oats Mar 2014    311.5    -3.75    -1.19%
Oats May 2014    311.25    -5.75    -1.81%
Oats Jul 2014    304.5    -5.75    -1.85%
Oats Sep 2014    311    -9.75    -3.04%

Wheat Dec 2013    641.25    -0.25    -0.04%
Wheat Mar 2014    652    -0.25    -0.04%
Wheat May 2014    656.5    -1    -0.15%
Wheat Jul 2014    654    -2.5    -0.38%
Wheat Sep 2014    659.25    -3.5    -0.53%

Minneapolis
Spring Wheat Dec 2013    701.75    -4    -0.57%
Spring Wheat Mar 2014    715    -3    -0.42%
Spring Wheat May 2014    723    -3.25    -0.45%
Spring Wheat Jul 2014    730    -3.25    -0.44%
Spring Wheat Sep 2014    734    -3.25    -0.44%

Kansas City

KCBT Red Wheat Dec 2013    689.75    -2.25    -0.33%
KCBT Red Wheat Mar 2014    696    -2.75    -0.39%
KCBT Red Wheat May 2014    698.5    -3.25    -0.46%
KCBT Red Wheat Jul 2014    686.75    -4.5    -0.65%
KCBT Red Wheat Sep 2014    696.75    -5.5    -0.78%

Light crude oil nearby futures in New York dropped $1.62 at $106.59 US per barrel.

The Bank of Canada noon rate for the loonie was 96.94 cents US, up from 96.70 cents the previous trading day. The U.S. dollar at noon was $1.0316 Cdn.