Wild markets and wild volatility ended up with tame closing numbers for most North American crop futures as crops bounced back from early losses to close mixed.
As North American crop futures markets closed, the stock markets were still open and continuing to see big swings in direction, but crops seemed less twitchy.
“Everything rebounded,” said P.I. Financial broker Ken Ball.
“Canola has shown some good strength.”
A massive selloff in Chinese stock markets overnight triggered mass selling in North American and Europe, with money pouring out of the U.S. and back into European wealth managers’ hands.
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When futures markets opened, crop prices shot downward but soon began a recovery, as did the equity markets.
Wheat markets were particularly resilient, with prices recovering so much that all three main nearby wheat futures contracts ended up with small gains.
In the end, canola ended a few cents down, but only by about half as much as soybeans. That leaves canola now premium-priced compared to soybeans, which once was common but in recent years has been less visible.
The crop’s bounce back kept alive hopes that prices might be getting somewhere close to a bottom after months of weakness. While equity markets have been maintaining record values for months, crops are far off their peaks of past years, having already absorbed much of the damage from China’s presumed future economic weakness.
At some point, crops should find a base.
“This is getting close to where you might expect something to happen,” said Ball.
Brent crude was floating above $40 per barrel Monday afternoon, but still giving the willies to those hoping to see an end to oil and other commodity weakness.
Contact ed.white@producer.com
Light crude oil nearby futures in New York were down $2.21 to US$38.24 per barrel.
The Canadian dollar at noon was US75.68 cents, down from 76.05 cents the previous trading day. The U.S. dollar at noon was C$1.3213.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 477.70 -2.50 -0.52%
Canola Jan 2016 478.20 -1.90 -0.40%
Canola Mar 2016 478.00 -2.20 -0.46%
Canola May 2016 477.00 -1.60 -0.33%
Canola Jul 2016 475.30 -1.10 -0.23%
Milling Wheat Oct 2015 226.00 +2.00 +0.89%
Milling Wheat Dec 2015 226.00 +2.00 +0.89%
Milling Wheat Mar 2016 230.00 +2.00 +0.88%
Durum Wheat Oct 2015 335.00 unch 0.00%
Durum Wheat Mar 2016 340.00 unch 0.00%
Barley Oct 2015 200.60 -1.50 -0.74%
Barley Dec 2015 200.60 -1.50 -0.74%
Barley Mar 2016 202.60 -1.50 -0.73%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Sep 2015 892.75 -12.5 -1.38%
Soybeans Nov 2015 874 -15.5 -1.74%
Soybeans Jan 2016 877.5 -16 -1.79%
Soybeans Mar 2016 876.25 -17 -1.90%
Soybeans May 2016 878.75 -15.25 -1.71%
Soybeans Jul 2016 883.25 -14.75 -1.64%
Soybean Meal Sep 2015 326.4 -0.5 -0.15%
Soybean Meal Oct 2015 318.6 +0.8 +0.25%
Soybean Meal Dec 2015 315.2 +0.6 +0.19%
Soybean Oil Sep 2015 26.55 -0.81 -2.96%
Soybean Oil Oct 2015 26.63 -0.81 -2.95%
Soybean Oil Dec 2015 26.86 -0.81 -2.93%
Corn Sep 2015 368.75 +3.5 +0.96%
Corn Dec 2015 380.5 +3.25 +0.86%
Corn Mar 2016 391.75 +3 +0.77%
Corn May 2016 398 +3.25 +0.82%
Corn Jul 2016 402 +3 +0.75%
Oats Sep 2015 215.75 +1.5 +0.70%
Oats Dec 2015 220.75 -4.75 -2.11%
Oats Mar 2016 227.75 -5.5 -2.36%
Oats May 2016 235 -5.75 -2.39%
Oats Jul 2016 236 -5.75 -2.38%
Wheat Sep 2015 503.25 +3.75 +0.75%
Wheat Dec 2015 508 +4 +0.79%
Wheat Mar 2016 512.5 +4.5 +0.89%
Wheat May 2016 515.75 +5.25 +1.03%
Wheat Jul 2016 517.75 +5.25 +1.02%
Minneapolis
Spring Wheat Sep 2015 504.5 +2.5 +0.50%
Spring Wheat Dec 2015 522 +3.5 +0.68%
Spring Wheat Mar 2016 539.25 +4 +0.75%
Spring Wheat May 2016 550 +4 +0.73%
Spring Wheat Jul 2016 560 +4 +0.72%
Kansas City
Hard Red Wheat Sep 2015 475.75 +4.75 +1.01%
Hard Red Wheat Dec 2015 497.5 +4.75 +0.96%
Hard Red Wheat Mar 2016 511.5 +4.5 +0.89%
Hard Red Wheat May 2016 521 +4.25 +0.82%
Hard Red Wheat Jul 2016 530.5 +4 +0.76%
