The big canola inverse shrank further Monday as canola was virtually alone amongst the big North American crops in being open for futures trading.
“It was pretty quiet. Just a continuation of what was going on Friday with a lot of liquidation of the old crop/new crop spread,” said broker Ken Ball of PI Financial in Winnipeg.
November canola futures rose $3.10 per tonne while July only rose 30 cents. However, the inverse remains large at almost $75 per tonne.
The prairie canola crop continues to e seeded with a mixture of good and poor seeding conditions, and a mix of good and not good post-seeding conditions.
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American futures markets were closed Monday for the Memorial Day holiday.
Global stock markets were mostly higher Monday, but Japan’s Nikkei experienced another sharp drop, falling 3.2 percent. On May 23 it fell 7.3 percent on fears that the nascent anti-deflation campaign that has been gaining ground in Japan could be snuffed out by a willingness of Japan’s central bank to raise rates.
Europe’s markets were relatively calm despite the carnage in Japan, as the European Central Bank pledged to continue its easy money policy for as long as possible.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013 634.80 +0.30 +0.05%
Canola Nov 2013 560.60 +3.10 +0.56%
Canola Jan 2014 560.90 +2.40 +0.43%
Canola Mar 2014 555.40 +2.40 +0.43%
Canola May 2014 548.50 +2.40 +0.44%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Milling Wheat Dec 2013 294.00 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
The Canadian dollar at noon was 96.81 cents US, down from 96.87 cents the previous trading day. The U.S. dollar at noon was $1.0329 Cdn.
