Good weather in Argentina cast a pall on soybeans Monday, helping canola to weaken slightly.
It was a generally down day in grains futures, but most losses were only of a few cents.
January canola futures hung in at $517.50, just beneath the $520 level that has been an important point of support and resistance since mid-October. Canola has found $520 to be sticky, moving either side of that mark but then being brought right back to it again.
Some analysts see this as a consolidation period before another leg higher, while others feel the crop is fairly priced, and future price movement will depend on overall vegetable oil fundamentals.
Read Also
Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
The biggest fundamental wild card for the canola and soybean markets is the situation in South America, where huge crops of soybeans are growing. Weather conditions there can cause great volatility in world crop markets in the winter.
This weekend there was good rain in Argentina, so some analysts see the Monday weakening as recognition of that.
March spring wheat futures have managed to stay above the $5.40 resistance level that held from July until the end of November.
Light crude oil nearby futures in New York were up 22 cents to US$52.12 per barrel.
The Canadian dollar at noon was US74.64 cents, down from 74.97 cents the previous trading day. The U.S. dollar at noon was C$1.3397.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2017 517.50 -0.80 -0.15%
Canola Mar 2017 525.70 -0.10 -0.02%
Canola May 2017 530.50 +0.20 +0.04%
Canola Nov 2017 505.60 +2.80 +0.56%
Milling Wheat Mar 2017 235.00 -3.00 -1.26%
Milling Wheat May 2017 238.00 -3.00 -1.24%
Milling Wheat Jul 2017 239.00 -2.00 -0.83%
Durum Wheat Mar 2017 319.00 unch 0.00%
Durum Wheat May 2017 322.00 unch 0.00%
Durum Wheat Jul 2017 327.00 unch 0.00%
Barley Mar 2017 142.00 unch 0.00%
Barley May 2017 144.00 unch 0.00%
Barley Jul 2017 145.00 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 2017 1021.50 -15.25 -1.47%
Soybeans Mar 2017 1032.00 -14.75 -1.41%
Soybeans May 2017 1040.50 -13.75 -1.30%
Soybeans Jul 2017 1046.50 -12.25 -1.16%
Soybeans Aug 2017 1043.50 -13.00 -1.23%
Soybeans Sep 2017 1026.50 -10.75 -1.04%
Soybean Meal Jan 2017 312.20 -4.40 -1.39%
Soybean Meal Mar 2017 316.40 -4.80 -1.49%
Soybean Meal May 2017 319.60 -4.30 -1.33%
Soybean Oil Jan 2017 36.56 -0.23 -0.63%
Soybean Oil Mar 2017 36.85 -0.23 -0.62%
Corn Mar 2017 353.25 -4.00 -1.12%
Corn May 2017 360.00 -4.25 -1.17%
Corn Jul 2017 367.50 -3.75 -1.01%
Corn Sep 2017 375.00 -3.75 -0.99%
Corn Dec 2017 384.25 -3.25 -0.84%
Oats Mar 2017 225.50 +0.25 +0.11%
Oats May 2017 227.00 +0.75 +0.33%
Oats Jul 2017 229.00 +0.75 +0.33%
Oats Sep 2017 234.25 +0.75 +0.32%
Oats Dec 2017 230.00 -0.50 -0.22%
Wheat Mar 2017 405.00 -6.00 -1.46%
Wheat May 2017 417.50 -5.75 -1.36%
Wheat Jul 2017 431.25 -4.50 -1.03%
Wheat Sep 2017 445.00 -4.00 -0.89%
Wheat Dec 2017 462.00 -3.25 -0.70%
Minneapolis
Spring Wheat Mar 2017 541.75 -2.75 -0.51%
Spring Wheat May 2017 538.75 -1.00 -0.19%
Spring Wheat Jul 2017 541.25 -2.00 -0.37%
Spring Wheat Sep 2017 546.50 -1.25 -0.23%
Spring Wheat Dec 2017 554.50 -1.25 -0.22%
Kansas City
Hard Red Wheat Mar 2017 414.00 -1.50 -0.36%
Hard Red Wheat May 2017 425.75 -1.25 -0.29%
Hard Red Wheat Jul 2017 437.50 -1.25 -0.28%
Hard Red Wheat Sep 2017 450.75 -1.75 -0.39%
Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Dec 2016 111.95 -0.43 -0.38%
Live Cattle (P) Feb 2017 115.92 +0.47 +0.41%
Live Cattle (P) Apr 2017 114.13 +0.53 +0.47%
Feeder Cattle (P) Jan 2017 130.88 +0.88 +0.68%
Feeder Cattle (P) Mar 2017 126.92 +0.52 +0.41%
Feeder Cattle (P) Apr 2017 126.15 +0.47 +0.37%
Lean Hogs (P) Feb 2017 66.10 +1.52 +2.35%
Lean Hogs (P) Apr 2017 68.68 +0.48 +0.70%
Lean Hogs (P) May 2017 73.75 -0.15 -0.20%
