Canola was modestly down at the close Monday as the grains complex sold off amidst improving weather for the U.S. Midwest states.
Canola and spring wheat futures fell less than soybeans and Chicago and Kansas City wheats, a relative strength some traders attributed to the continuing lateness of spring in the northern plains and Canadian prairies, which is hurting the outlook for northern crops like canola, spring wheat and oats. .
Chicago oats futures were the strongest crop Monday, gaining almost a dime as virtually every other crop fell.
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Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
But plenty of moisture and predictions of improving seeding prospects have taken some of the worry out of overall crops markets and eliminated some of the premium enjoyed by crop prices since the Midwest drought began late last spring. The anxiety that the 2012 drought would last well into the 2013 crop growing season is fading.
Meat markets were depressed for much of Monday, as a U.S. Department of Agriculture report found almost six percent more cattle placed on feed in March than in the same month one year before. Hogs fell in sympathy. Much of the early losses were recovered during the session.
Monday saw a recovery of optimism in the equity and some commodity markets, with gold and silver gaining on the day, following a week of bloody mayhem for the precious metals. Gold, which fell below $1,400 per ounce and had some analysts predicting a greater slump, rebounded by more than $20 per ounce on Monday.
Stock markets were higher too.
Few repercussions could be seen in equity or commodity markets from the Luis Suarez biting incident.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2013 637.00 -3.00 -0.47%
Canola Jul 2013 620.50 -3.90 -0.62%
Canola Nov 2013 555.50 -7.00 -1.24%
Canola Jan 2014 555.90 -6.90 -1.23%
Canola Mar 2014 550.30 -6.70 -1.20%
Milling Wheat May 2013 292.00 unch 0.00%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Durum Wheat May 2013 303.60 -7.20 -2.32%
Durum Wheat Jul 2013 303.90 -9.90 -3.15%
Durum Wheat Oct 2013 296.90 -2.20 -0.74%
Barley May 2013 243.50 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2013 1417.25 -11 -0.77%
Soybeans Jul 2013 1364.25 -18.25 -1.32%
Soybeans Aug 2013 1309.5 -19 -1.43%
Soybeans Sep 2013 1243 -15.25 -1.21%
Soybeans Nov 2013 1202.75 -10.25 -0.85%
Soybeans Jan 2014 1210.75 -10 -0.82%
Soybean Meal May 2013 410 -2.4 -0.58%
Soybean Meal Jul 2013 398.1 -4.4 -1.09%
Soybean Meal Aug 2013 375.8 -5.2 -1.36%
Soybean Oil May 2013 48.62 -0.54 -1.10%
Soybean Oil Jul 2013 48.59 -0.59 -1.20%
Soybean Oil Aug 2013 48.5 -0.58 -1.18%
Corn May 2013 645.75 -6.25 -0.96%
Corn Jul 2013 623.5 -9.5 -1.50%
Corn Sep 2013 556 -16 -2.80%
Corn Dec 2013 533 -14 -2.56%
Corn Mar 2014 543.75 -13.5 -2.42%
Oats May 2013 400.5 +8.5 +2.17%
Oats Jul 2013 392.25 +9.25 +2.42%
Oats Sep 2013 367.5 -0.75 -0.20%
Oats Dec 2013 363.5 -0.75 -0.21%
Oats Mar 2014 368 -0.75 -0.20%
Soft red winter
Wheat May 2013 702.25 -6.75 -0.95%
Wheat Jul 2013 702.5 -9 -1.26%
Wheat Sep 2013 710.25 -7.75 -1.08%
Wheat Dec 2013 724.25 -7.25 -0.99%
Wheat Mar 2014 737.5 -7 -0.94%
Minneapolis hard red spring
Spring Wheat May 2013 818.75 -6.75 -0.82%
Spring Wheat Jul 2013 803 -3.25 -0.40%
Spring Wheat Sep 2013 796 -4 -0.50%
Spring Wheat Dec 2013 803 -5 -0.62%
Spring Wheat Mar 2014 818 -4.25 -0.52%
Kansas City hard red winter
KCBT Red Wheat May 2013 739.5 -6.5 -0.87%
KCBT Red Wheat Jul 2013 742.5 -8 -1.07%
KCBT Red Wheat Sep 2013 754.75 -7 -0.92%
KCBT Red Wheat Dec 2013 771.75 -6.5 -0.84%
KCBT Red Wheat Mar 2014 784.25 -6.5 -0.82%
Light crude oil nearby futures in New York rose 75 cents at $88.76 US per barrel.
The Canadian dollar at noon was 97.44 cents US, up slightly from 97.43 cents the previous trading day. The U.S. dollar at noon was $1.0263 Cdn.
