A gently bearish tone dominated crop futures markets Monday, with nearby contracts selling off more than deferred months, as funds continued to roll out of July positions.
“There’s been a lot of liquidations,” said Ken Ball of P.I. Financial in Winnipeg.
Most crops and most contract months fell a few cents on the day. November canola was one of the few winners, rising one dollar per tonne as soybean oil found strength.
July canola fell 70 cents.
Soybean oil has been helped by traders liquidating profitable meal-oil spreads, covering short oil positions and long meal positions. There is still much discussion of how the old crop/new crop soybeans, soybean meal and soybean oil situation will resolve, with a big inversion to close one way or the other.
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Weather has generally been positive for North American crop production, with most corn, soybean and wheat markets appearing to be in good shape, if a little behind average development in many areas.
Reports of poor yields of the hard red winter wheat crop in Oklahoma weren’t able to counteract the affect of generally good wheat conditions in most parts of the world and strong wheat exports in other parts of the world.
Russia claimed that China was showing interest in importing Russian wheat, rye and barley after a hiatus of almost two decades.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014 462.30 -0.70 -0.15%
Canola Nov 2014 463.10 +1.00 +0.22%
Canola Jan 2015 468.70 +1.10 +0.24%
Canola Mar 2015 471.50 +1.10 +0.23%
Canola May 2015 473.50 +1.10 +0.23%
Milling Wheat Jul 2014 208.00 -2.00 -0.95%
Milling Wheat Oct 2014 209.00 -2.00 -0.95%
Durum Wheat Jul 2014 251.00 unch 0.00%
Durum Wheat Oct 2014 242.00 unch 0.00%
Durum Wheat Dec 2014 244.00 unch 0.00%
Barley Jul 2014 135.00 -10.00 -6.90%
Barley Oct 2014 130.00 -15.00 -10.34%
Barley Dec 2014 132.00 -15.00 -10.20%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2014 1457 unch 0.00%
Soybeans Aug 2014 1394.5 -6.5 -0.46%
Soybeans Sep 2014 1267 +3.25 +0.26%
Soybeans Nov 2014 1224.25 +5.5 +0.45%
Soybeans Jan 2015 1230.75 +5.75 +0.47%
Soybeans Mar 2015 1235.75 +5.75 +0.47%
Soybean Meal Jul 2014 482.2 -5.4 -1.11%
Soybean Meal Aug 2014 455 -6.7 -1.45%
Soybean Meal Sep 2014 421.7 -2.4 -0.57%
Soybean Oil Jul 2014 39.28 +0.27 +0.69%
Soybean Oil Aug 2014 39.42 +0.28 +0.72%
Soybean Oil Sep 2014 39.51 +0.26 +0.66%
Corn Jul 2014 451 -8 -1.74%
Corn Sep 2014 447.5 -8.75 -1.92%
Corn Dec 2014 450 -7.75 -1.69%
Corn Mar 2015 459.75 -7.5 -1.61%
Corn May 2015 466.5 -7.25 -1.53%
Oats Jul 2014 343 -13.75 -3.85%
Oats Sep 2014 329.25 -11.5 -3.37%
Oats Mar 2015 315.5 -4.25 -1.33%
Oats May 2015 313.25 -5 -1.57%
Wheat Jul 2014 612.5 -5.75 -0.93%
Wheat Sep 2014 624.75 -5.5 -0.87%
Wheat Dec 2014 648.25 -2.75 -0.42%
Wheat Mar 2015 668 -1.75 -0.26%
Wheat May 2015 679.25 -1.25 -0.18%
Minneapolis
Spring Wheat Jul 2014 704.5 -4.75 -0.67%
Spring Wheat Sep 2014 710 -6 -0.84%
Spring Wheat Dec 2014 720.75 -6 -0.83%
Spring Wheat Mar 2015 729.75 -6.5 -0.88%
Spring Wheat May 2015 734.5 -4 -0.54%
Kansas City
KC HRW Wheat Jul 2014 733.75 -1.75 -0.24%
KC HRW Wheat Sep 2014 736.75 -3.5 -0.47%
KC HRW Wheat Dec 2014 746.5 -3.25 -0.43%
KC HRW Wheat Mar 2015 751.5 -3.25 -0.43%
KC HRW Wheat May 2015 749.75 -4 -0.53%
Light crude oil nearby futures in New York rose $1.75 at $104.41 US per barrel.
The Canadian dollar at noon was 91.66 cents US, up from 91.44 cents the previous trading day. The U.S. dollar at noon was $1.0910 Cdn.
