WINNIPEG (Reuters) — ICE Canada canola futures slid on Monday to a 10-day low, pressured by outlooks for favourable U.S. weather in soybean growing areas.
Canola was underpinned by concerns about dry weather curbing yields in Western Canada.
November canola lost $4.80 to $502.10 per tonne.
The November-January canola spread traded 870 times.
Chicago Board of Trade November soybeans fell on timely U.S. rains.
NYSE MATIF November rapeseed and Malaysian October palm oil dipped.
The Canadian dollar was trading at $1.2719 to the U.S. dollar, or 78.62 U.S. cents at 1:13 p.m. CDT.
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U.S. soybean and spring wheat futures pared losses on Monday but still closed lower as technical selling and outlooks for favourable crop weather continued to pressure prices following steep declines last week.
Meanwhile, Chicago Board of Trade wheat and corn futures turned higher on a bargain-buying bounce.
CBOT November soybean futures settled 6-3/4 cents lower at $9.38-1/4 per bushel, above their nearly two-month low of $9.30-3/4. Corn for December delivery fell to $3.56 per bushel — a more than 10-month low — before finishing up 1-1/2 cents at $3.76-1/4.
MGEX September wheat futures were down four cents to $6.70 per bushel after falling as low as $6.38-1/4. CBOT September wheat was up 1-3/4 cents to $4.41.
“We’ll probably stabilize until we hear more about the crops,” said Jack Scoville, broker at the Price Futures Group.
Soybeans, wheat and corn had all tumbled to the lowest levels in a month or more on Thursday when the U.S. Department of Agriculture showed bigger-than-expected U.S. corn and soybean yield estimates and a smaller-than-expected cut in the spring wheat crop.
Rainfall this week should benefit crops. About 70 percent of U.S. corn- and soybean-growing areas should receive rains in the next five days, according to the Commodity Weather Group.
USDA after the close of trading said 59 percent of the U.S. soybean crop was rated good to excellent, down one percentage point. The corn crop was rated 62 percent good to excellent, up two percentage points. Analysts surveyed by Reuters expected steady ratings for both.
Analysts expected the National Oilseed Processors Association on Tuesday to show a year-on-year decline in the U.S. soybean crush in July.
Light crude oil nearby futures in New York were down $1.23 US$47.59 per barrel.
In the afternoon, the Canadian dollar was trading around US78.57 cents, down from 78.86 cents the previous trading day. The U.S. dollar was C$1.2728.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 502.10s -4.80 -0.95%
Canola Jan 18 506.80s -5.20 -1.02%
Canola Mar 18 510.00s -5.60 -1.09%
Canola May 18 511.10s -6.30 -1.22%
Canola Jul 18 512.70s -6.60 -1.27%
Milling Wheat Oct 17 262.00s -3.00 -1.13%
Milling Wheat Dec 17 265.00s -3.00 -1.12%
Milling Wheat Mar 18 271.00s -3.00 -1.09%
Durum Wheat Oct 17 335.00s unch unch
Durum Wheat Dec 17 336.00s unch unch
Durum Wheat Mar 18 311.00s unch unch
Barley Oct 17 145.00s unch unch
Barley Dec 17 141.00s unch unch
Barley Mar 18 141.00s unch unch
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Sep 17 932-6s -5-4 -0.59%
Soybeans Jan 18 946-6s -7-0 -0.73%
Soybeans Mar 18 955-2s -6-6 -0.70%
Soybeans May 18 963-0s -6-6 -0.70%
Soybean Meal Sep 17 298.7s -0.8 -0.27%
Soybean Meal Oct 17 300.2s -1.0 -0.33%
Soybean Meal Dec 17 302.7s -1.5 -0.49%
Soybean Oil Sep 17 33.42s -0.21 -0.62%
Soybean Oil Oct 17 33.54s -0.20 -0.59%
Soybean Oil Dec 17 33.77s -0.22 -0.65%
Corn Sep 17 362-6s +2-0 +0.55%
Corn Mar 18 388-2s +1-6 +0.45%
Corn May 18 394-6s +2-0 +0.51%
Corn Jul 18 400-4s +2-0 +0.50%
Oats Sep 17 261-4s -2-4 -0.95%
Oats Dec 17 261-0s -2-2 -0.85%
Oats Mar 18 263-6s -3-2 -1.22%
Oats May 18 266-4s -2-0 -0.74%
Oats Jul 18 268-0s -2-0 -0.74%
Wheat Sep 17 441-0s +1-6 +0.40%
Wheat Dec 17 467-6s +0-6 +0.16%
Wheat May 18 502-6s -1-0 -0.20%
Wheat Jul 18 513-4s +0-2 +0.05%
Minneapolis
Spring Wheat Sep 17 670-0s -4-0 -0.59%
Spring Wheat Dec 17 684-0s -4-2 -0.62%
Spring Wheat Mar 18 686-4s -3-6 -0.54%
Spring Wheat May 18 677-6s -3-0 -0.44%
Spring Wheat Jul 18 668-2s -4-0 -0.60%
Kansas City
Hard Red Wheat Sep 17 436-6s -4-4 -1.02%
Hard Red Wheat Mar 18 482-0s -5-2 -1.08%
Hard Red Wheat May 18 496-4s -4-6 -0.95%
Hard Red Wheat Jul 18 513-4s -4-0 -0.77%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Aug 17 109.050s -0.675 -0.62%
Live Cattle Oct 17 106.600s -0.800 -0.74%
Live Cattle Dec 17 108.800s -0.525 -0.48%
Feeder Cattle Aug 17 142.300s +0.525 +0.37%
Feeder Cattle Sep 17 142.775s +0.550 +0.39%
Feeder Cattle Oct 17 142.325s +0.725 +0.51%
Lean Hogs Oct 17 69.175s +0.550 +0.80%
Lean Hogs Dec 17 63.500s +0.250 +0.40%
Lean Hogs Feb 18 67.675s +0.225 +0.33%
