Canola up slightly, but not significantly

Falling world stock markets and worries about a global recession and demand slump sent most crop futures lower Friday.

The selloff in world equity and commodity markets has been sharp in recent days, and Friday didn’t end that rout, as currency volatility and risk aversion seized control of the late summer markets.

Statistics Canada released its August estimate of Canadian crop production, but it wasn’t a market mover.

“Overall it was pretty much in line with the trade expectations,” said Lorne Boundy, an oat and wheat trader with Paterson Grain.

Read Also

New Quebec ag minister named in shuffle

Farmers in Quebec get a new representative at the provincial cabinet table as Premier Francois Legault names Donald Martel the new minister of agriculture, replacing Andre Lamontagne.

“There was no reaction.”

Canola ended slightly higher Friday while most other crops fell, but most analysts saw that as more of a currency volatility impact than anything much about canola itself.

Regardless of Statistics Canada’s finding that Canadian wheat production should be only 24.6 million tonnes versus the 25.5 million tonne-plus crop some analysts are assuming, spring wheat futures were not noticeably affected.

The StatsCan projection of 13.3 million tonnes of canola almost matched most analyst guesses, so it was not considered to be a market-changing finding.

The report verified notions that the oat crop is lower than needed to comfortably supply demand, but prices fell anyway, dragged down by the cross-market bearishness.

Most analysts feel farmers will see better prices for new crop oats, but how it appears is a mystery. Cash prices are better than futures but still not enough to draw in most of the new crop.

The outside market jitters come from China’s financial and market troubles, with investor confidence worldwide rattled by the possibility that China’s insatiable, always-growing hunger for commodities and products might be satiated for now.

Light crude oil nearby futures in New York were down 87 cents to US$40.45 per barrel.

The Canadian dollar at noon was US76.05 cents, down from 76.45 cents the previous trading day. The U.S. dollar at noon was C$1.3149.

Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015   480.20   +1.90   +0.40%
Canola Jan 2016   480.10   +1.80   +0.38%
Canola Mar 2016   480.20   +1.90   +0.40%
Canola May 2016   478.60   +1.90   +0.40%
Canola Jul 2016   476.40   +2.40   +0.51%

Milling Wheat Oct 2015   224.00   -4.00   -1.75%
Milling Wheat Dec 2015   224.00   -4.00   -1.75%
Milling Wheat Mar 2016   228.00   -4.00   -1.72%

Durum Wheat Oct 2015   335.00   unch   0.00%

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

Chicago
Barley Oct 2015   202.10   unch   0.00%
Barley Dec 2015   202.10   unch   0.00%
Barley Mar 2016   204.10   unch   0.00%

Soybeans Sep 2015   905.25   -16.25   -1.76%
Soybeans Nov 2015   889.5   -17.75   -1.96%
Soybeans Jan 2016   893.5   -18.25   -2.00%
Soybeans Mar 2016   893.25   -18   -1.98%
Soybeans May 2016   894   -17.5   -1.92%
Soybeans Jul 2016   898   -17.25   -1.88%

Soybean Meal Sep 2015   326.9   -4   -1.21%
Soybean Meal Oct 2015   317.8   -3.8   -1.18%
Soybean Meal Dec 2015   314.6   -4.1   -1.29%

Soybean Oil Sep 2015   27.36   -0.62   -2.22%
Soybean Oil Oct 2015   27.44   -0.63   -2.24%
Soybean Oil Dec 2015   27.67   -0.61   -2.16%

Corn Sep 2015   365.25   -5.75   -1.55%
Corn Dec 2015   377.25   -5.25   -1.37%
Corn Mar 2016   388.75   -5   -1.27%
Corn May 2016   394.75   -4.75   -1.19%
Corn Jul 2016   399   -4.5   -1.12%

Oats Sep 2015   214.25   -7.25   -3.27%
Oats Dec 2015   225.5   -7.5   -3.22%
Oats Mar 2016   233.25   -7   -2.91%
Oats May 2016   240.75   -7   -2.83%

Wheat Sep 2015   499.5   -6.75   -1.33%
Wheat Dec 2015   504   -7.25   -1.42%
Wheat Mar 2016   508   -7.5   -1.45%
Wheat May 2016   510.5   -7.25   -1.40%
Wheat Jul 2016   512.5   -7.25   -1.39%

Minneapolis
Spring Wheat Sep 2015   0   -11.5   -100.00%
Spring Wheat Dec 2015   0   -9.75   -100.00%
Spring Wheat Mar 2016   0   -8.75   -100.00%
Spring Wheat May 2016   0   -8.25   -100.00%
Spring Wheat Jul 2016   0   -8.5   -100.00%

Kansas City
Hard Red Wheat Sep 2015   471   -10.25   -2.13%
Hard Red Wheat Dec 2015   492.75   -8.5   -1.70%
Hard Red Wheat Mar 2016   507   -8.25   -1.60%
Hard Red Wheat May 2016   516.75   -8.25   -1.57%
Hard Red Wheat Jul 2016   526.5   -7.75   -1.45%

Contact ed.white@producer.com

---

Newsletter Sign Up - Receive free Western Producer newsletters

Breaking ag news stories and commodities markets snapshots delivered daily right to your inbox!

Your Email(Required)

Your Postal Code(Required)

Consent

I consent to receiving emails from Glacier FarmMedia, its affiliates and divisions and third parties, containing agriculture news, updates and promotions. I can unsubscribe at any time

Name

This field is for validation purposes and should be left unchanged.

Δ