Market shows little reaction to U.S. TPP withdrawal

Canola and other crop futures contracts had a dull day Monday, moving little.

But at least for canola growers, it was a day ever so slightly in the green for the nearby contract, even as soybeans fell nine cents.

Spring wheat fell while Chicago winter wheat rose a few cents.

Grains were the second weakest sector of the commodities market, with only meats weaker.

Oil edged lower.

In a surprise to few, United States President Donald Trump signed the withdrawal papers effectively killing any U.S. role in a Trans Pacific Partnership trade agreement with Asian countries.

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 little market reaction because it had been signaled for weeks that it was one of the first things Trump would do.

His officials also restated his desire to renegotiate the North American Free Trade Agreement, another item already well known.

How the uncertain state of existing and proposed trade agreements affects commodity markets is hard to tell, but the short-term impact on commodity markets likely won’t be noticeable, hence the muted reaction of markets.

Canola’s relative strength versus soybeans continues the trend that has lasted a full week.

Canola sits almost at $520 per tonne for the nearby March contract and at $526.80 for the May contract.

March canola had surged Monday to about $523, but sold off sharply in the close, giving up almost all the ground it gained.

Some of soybeans’ decline was attributed to profit-taking after the recent rally. The improved weather situation in Argentina was also pegged as a bearish factor.

A generally bearish factor in world grain markets was the improving assessment of crop damage from the early January frosts in Europe. In general, crops are little damaged.

Light crude oil nearby futures in New York were down 47 cents to US$52.75 per barrel.

The Canadian dollar at noon was US74.97 cents, down from 75.25 cents the previous trading day. The U.S. dollar at noon was C$1.3289.

Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2017   519.80   +0.20   +0.04%
Canola May 2017   526.80   -0.10   -0.02%
Canola Jul 2017   530.60   -0.30   -0.06%
Canola Nov 2017   504.90   -1.00   -0.20%
Canola Jan 2018   507.10   -0.60   -0.12%

Milling Wheat Mar 2017   239.00   +2.00   +0.84%
Milling Wheat May 2017   242.00   unch   0.00%
Milling Wheat Jul 2017   243.00   unch   0.00%

Durum Wheat Mar 2017   310.00   -2.00   -0.64%
Durum Wheat May 2017   313.00   -2.00   -0.63%
Durum Wheat Jul 2017   320.00   -3.00   -0.93%

Barley Mar 2017   139.00   unch   0.00%
Barley May 2017   141.00   unch   0.00%
Barley Jul 2017   142.00   unch   0.00%

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

Chicago
Soybeans Mar 2017   1057.75   -10.00   -0.94%
Soybeans May 2017   1066.75   -8.75   -0.81%
Soybeans Jul 2017   1073.00   -9.00   -0.83%
Soybeans Aug 2017   1068.50   -7.50   -0.70%
Soybeans Sep 2017   1046.50   -5.75   -0.55%
Soybeans Nov 2017   1025.25   -4.00   -0.39%

Soybean Meal Mar 2017   343.50   -5.50   -1.58%
Soybean Meal May 2017   346.60   -4.50   -1.28%
Soybean Meal Jul 2017   348.40   -3.40   -0.97%

Soybean Oil Mar 2017   35.13   +0.01   +0.03%
Soybean Oil May 2017   35.38   +0.03   +0.08%
Soybean Oil Jul 2017   35.62   +0.01   +0.03%

Corn Mar 2017   369.50   -0.50   -0.14%
Corn May 2017   376.50   unch   0.00%
Corn Jul 2017   383.25   unch   0.00%
Corn Sep 2017   389.50   +0.25   +0.06%
Corn Dec 2017   396.00   +0.25   +0.06%

Oats Mar 2017   260.00   -3.00   -1.14%
Oats May 2017   248.50   -3.25   -1.29%
Oats Jul 2017   246.00   -2.00   -0.81%
Oats Sep 2017   240.75   -4.25   -1.73%
Oats Dec 2017   236.00   -5.25   -2.18%

Wheat Mar 2017   433.25   +5.00   +1.17%
Wheat May 2017   447.00   +3.75   +0.85%

Wheat Jul 2017   461.50   +3.00   +0.65%
Wheat Sep 2017   475.75   +3.00   +0.63%
Wheat Dec 2017   493.25   +2.00   +0.41%

Minneapolis
Spring Wheat Mar 2017   564.25   -4.00   -0.70%
Spring Wheat May 2017   557.25   -2.75   -0.49%
Spring Wheat Jul 2017   555.75   -2.75   -0.49%
Spring Wheat Sep 2017   556.25   -2.75   -0.49%
Spring Wheat Dec 2017   563.25   -2.75   -0.49%

Kansas City
Hard Red Wheat Mar 2017   444.75   +1.00   +0.23%
Hard Red Wheat May 2017   457.00   +1.25   +0.27%
Hard Red Wheat Jul 2017   468.50   +1.75   +0.37%
Hard Red Wheat Sep 2017   482.25   +2.50   +0.52%
Hard Red Wheat Dec 2017   502.75   +3.25   +0.65%

Chicago livestock futures in US¢/pound (rounded to two decimal places)
Live Cattle (P) Feb 2017   120.25   +0.10   +0.08%
Live Cattle (P) Apr 2017   119.18   +0.23   +0.19%
Live Cattle (P) Jun 2017   108.60   -0.15   -0.14%

Feeder Cattle (P) Jan 2017   132.78   -0.17   -0.13%
Feeder Cattle (P) Mar 2017   130.68   -0.84   -0.64%
Feeder Cattle (P) Apr 2017   129.92   -0.43   -0.33%

Lean Hogs (P) Feb 2017   65.00   -0.12   -0.18%
Lean Hogs (P) Apr 2017   67.78   -0.50   -0.73%
Lean Hogs (P) May 2017   72.98   -0.32   -0.44%