Canola futures closed sharply lower on Monday pressured by good growing weather in Western Canada and the near ideal condition of crops in the U.S. Midwest.
The November contract fell more than two percent to near its low of $431.50 set February 11-12. It closed at $433.90, down $9.40.
Speculative funds sold canola, increasing their net short positions.
Pressure also came from Europe where the EU’s crop monitoring unit forecast rapeseed yields at 59 bu. per acre, up from last month’s forecast of 57.3 bu.
The latest figure would be 6.9 percent above last year’s and 8.4 percent above the five-year average.
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Soybeans and corn fell on the great weather in the Midwest
November soybeans fell for a third straight session and neared its contract low of $10.65.
December corn fell 1.72 percent
The U.S. Department of Agriculture in its weekly crop progress report released after the close of trading rated the corn crop at 76 percent good to excellent, steady with last week and matching analyst expectations, Reuters reported.
The soy crop was rated 73 percent good to excellent, up one percentage point from last week. Analysts had expected steady soy ratings.
Wheat futures at all three major exchanges fell on the U.S. winter wheat harvest and favourable growing conditions on the Northern Plains. The U.S. spring wheat crop was 70 percent good to excellent, the same as last week.
There might be quality problems in EU-top producer France’s wheat crop after heavy rain fell this weekend. The crop is being harvested.
The fighting in eastern Ukraine had little impact on the wheat market today.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014Â Â Â Â Â Â 433.90Â Â Â Â Â Â -9.40Â Â Â Â Â Â -2.12%
Canola Jan 2015Â Â Â Â Â Â 437.20Â Â Â Â Â Â -9.60Â Â Â Â Â Â -2.15%
Canola Mar 2015Â Â Â Â Â Â 437.10Â Â Â Â Â Â -9.30Â Â Â Â Â Â -2.08%
Canola May 2015Â Â Â Â Â Â 433.10Â Â Â Â Â Â -9.30Â Â Â Â Â Â -2.10%
Canola Jul 2015Â Â Â Â Â Â 428.50Â Â Â Â Â Â -10.60Â Â Â Â Â Â -2.41%
Milling Wheat Oct 2014Â Â Â Â Â Â 186.00Â Â Â Â Â Â -2.00Â Â Â Â Â Â -1.06%
Milling Wheat Dec 2014Â Â Â Â Â Â 191.00Â Â Â Â Â Â -2.00Â Â Â Â Â Â -1.04%
Milling Wheat Mar 2015Â Â Â Â Â Â 203.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.49%
Durum Wheat Oct 2014      250.00      unch      0.00%
Durum Wheat Dec 2014      256.00      unch      0.00%
Durum Wheat Mar 2015      257.00      unch      0.00%
Barley Oct 2014      137.50      unch      0.00%
Barley Dec 2014      139.50      unch      0.00%
Barley Mar 2015      140.50      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2014Â Â Â Â Â Â 1175.75Â Â Â Â Â Â -1Â Â Â Â Â Â -0.08%
Soybeans Sep 2014Â Â Â Â Â Â 1091.5Â Â Â Â Â Â -12.75Â Â Â Â Â Â -1.15%
Soybeans Nov 2014Â Â Â Â Â Â 1071.5Â Â Â Â Â Â -13.75Â Â Â Â Â Â -1.27%
Soybeans Jan 2015Â Â Â Â Â Â 1079.75Â Â Â Â Â Â -13.75Â Â Â Â Â Â -1.26%
Soybeans Mar 2015Â Â Â Â Â Â 1087.5Â Â Â Â Â Â -14Â Â Â Â Â Â -1.27%
Soybeans May 2015Â Â Â Â Â Â 1095.25Â Â Â Â Â Â -14Â Â Â Â Â Â -1.26%
Soybean Meal Aug 2014Â Â Â Â Â Â 380.7Â Â Â Â Â Â +0.4Â Â Â Â Â Â +0.11%
Soybean Meal Sep 2014Â Â Â Â Â Â 360.1Â Â Â Â Â Â -3.1Â Â Â Â Â Â -0.85%
Soybean Meal Oct 2014Â Â Â Â Â Â 349.7Â Â Â Â Â Â -4.6Â Â Â Â Â Â -1.30%
Soybean Oil Aug 2014Â Â Â Â Â Â 36.14Â Â Â Â Â Â -0.43Â Â Â Â Â Â -1.18%
Soybean Oil Sep 2014Â Â Â Â Â Â 36.21Â Â Â Â Â Â -0.45Â Â Â Â Â Â -1.23%
Soybean Oil Oct 2014Â Â Â Â Â Â 36.17Â Â Â Â Â Â -0.46Â Â Â Â Â Â -1.26%
Corn Sep 2014Â Â Â Â Â Â 364Â Â Â Â Â Â -7.25Â Â Â Â Â Â -1.95%
Corn Dec 2014Â Â Â Â Â Â 372Â Â Â Â Â Â -6.5Â Â Â Â Â Â -1.72%
Corn Mar 2015Â Â Â Â Â Â 383.75Â Â Â Â Â Â -6.75Â Â Â Â Â Â -1.73%
Corn May 2015Â Â Â Â Â Â 392.25Â Â Â Â Â Â -6.75Â Â Â Â Â Â -1.69%
Corn Jul 2015Â Â Â Â Â Â 399.75Â Â Â Â Â Â -6.75Â Â Â Â Â Â -1.66%
Oats Sep 2014Â Â Â Â Â Â 331.75Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.08%
Oats Dec 2014Â Â Â Â Â Â 325Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.08%
Oats Mar 2015      319      unch      0.00%
Oats May 2015      311.25      unch      0.00%
Oats Jul 2015      314.5      unch      0.00%
Wheat Sep 2014Â Â Â Â Â Â 530Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.42%
Wheat Dec 2014Â Â Â Â Â Â 554.25Â Â Â Â Â Â -2Â Â Â Â Â Â -0.36%
Wheat Mar 2015Â Â Â Â Â Â 577.25Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.09%
Wheat May 2015Â Â Â Â Â Â 592.5Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.04%
Wheat Jul 2015Â Â Â Â Â Â 605.75Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.12%
Minneapolis
Spring Wheat Sep 2014Â Â Â Â Â Â 623.25Â Â Â Â Â Â -7Â Â Â Â Â Â -1.11%
Spring Wheat Dec 2014Â Â Â Â Â Â 633.75Â Â Â Â Â Â -6.25Â Â Â Â Â Â -0.98%
Spring Wheat Mar 2015Â Â Â Â Â Â 646.75Â Â Â Â Â Â -6Â Â Â Â Â Â -0.92%
Spring Wheat May 2015Â Â Â Â Â Â 655Â Â Â Â Â Â -6Â Â Â Â Â Â -0.91%
Spring Wheat Jul 2015Â Â Â Â Â Â 663.25Â Â Â Â Â Â -6Â Â Â Â Â Â -0.90%
Kansas City
KC HRW Wheat Sep 2014Â Â Â Â Â Â 628Â Â Â Â Â Â -5.75Â Â Â Â Â Â -0.91%
KC HRW Wheat Dec 2014Â Â Â Â Â Â 639.75Â Â Â Â Â Â -6Â Â Â Â Â Â -0.93%
KC HRW Wheat Mar 2015Â Â Â Â Â Â 647.5Â Â Â Â Â Â -5Â Â Â Â Â Â -0.77%
KC HRW Wheat May 2015Â Â Â Â Â Â 653.25Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.65%
KC HRW Wheat Jul 2015Â Â Â Â Â Â 640.75Â Â Â Â Â Â -3Â Â Â Â Â Â -0.47%
Light crude oil nearby futures in New York rose $1.46 at $104.59 US per barrel.
The Canadian dollar at noon was 93.14 cents US, unchanged from the previous trading day. The U.S. dollar at noon was $1.0737 Cdn.
The fighting in Ukraine and the Israel-Gaza conflict kept investors in a defensive mood.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 16.58 points, or 0.11 percent, at 15,249.99.
The Dow Jones industrial average fell 48.45 points or 0.28 percent, to end at 17,051.73.
The S&P 500 declined 4.59 points or 0.23 percent, to finish at 1,973.63.
The Nasdaq Composite dropped 7.44 points or 0.17 percent, to close at 4,424.70.
