A mildly positive day in crop markets Monday saw slight rises in oilseed and cereal grain markets.
Some analysts think recent declines were too severe and believe the markets are oversold.
Gains in canola declined during the day but the market held on to settle up, with November at $478.60, up $1.00 supported by good crusher demand and a weaker loonie.
In wheat, the most bullish market, Statistics Canada’s Friday report that pegged the Canadian wheat crop at 33 million tonnes did not have a major impact because that was broadly expected.
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Weak demand continues to hamper prices for feed barley and wheat, said Darcy Haley, vice-president of Ag Value Brokers in Lethbridge.
More influential are worries that Ukrainian and Russian winter wheat acreage is threatened by excess fall rain.
Wheat also continues to fly out of North America at a high rate, lessening worries about oversupply.
Much market data on crop progress — normally released Monday afternoons — and speculators’ futures positions — normally released Friday afternoons — are not available because of the U.S. government partial shutdown.
U.S. Department of Agriculture’s Oct. 11 World Agricultural Supply and Demand Estimates is also being delayed, something that will give the market jitters until it appears, trader say.
Most expect speculators to liquidate positions until they have access to current USDA data, and to see volatility arising from the spottiness of private data appearing in the market.
Equity markets had a bad day, as concerns about the U.S. government shutdown continued to overhang everything.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2013 478.60 +1.00 +0.21%
Canola Jan 2014 487.80 +0.90 +0.18%
Canola Mar 2014 494.90 +0.80 +0.16%
Canola May 2014 500.90 +1.10 +0.22%
Canola Jul 2014 505.60 +1.10 +0.22%
Milling Wheat Oct 2013 237.00 -4.00 -1.66%
Milling Wheat Dec 2013 240.00 -3.00 -1.23%
Milling Wheat Mar 2014 246.00 -3.00 -1.20%
Durum Wheat Oct 2013 243.00 unch 0.00%
Durum Wheat Dec 2013 247.00 unch 0.00%
Durum Wheat Mar 2014 253.00 unch 0.00%
Barley Oct 2013 148.50 -0.50 -0.34%
Barley Dec 2013 151.50 -0.50 -0.33%
Barley Mar 2014 153.50 -0.50 -0.32%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2013 1296.5 +1.5 +0.12%
Soybeans Jan 2014 1297 +2 +0.15%
Soybeans Mar 2014 1284.25 +5 +0.39%
Soybeans May 2014 1264.25 +6.5 +0.52%
Soybeans Jul 2014 1260.75 +7.5 +0.60%
Soybeans Aug 2014 1249.75 +7.25 +0.58%
Soybean Meal Oct 2013 433.7 +2.4 +0.56%
Soybean Meal Dec 2013 420.7 +2.3 +0.55%
Soybean Meal Jan 2014 417 +3.3 +0.80%
Soybean Oil Oct 2013 39.65 -0.34 -0.85%
Soybean Oil Jan 2014 40.22 -0.34 -0.84%
Corn Dec 2013 449.25 +6 +1.35%
Corn Mar 2014 461.75 +5.75 +1.26%
Corn May 2014 469.75 +5.25 +1.13%
Corn Jul 2014 477 +5.25 +1.11%
Corn Sep 2014 482.75 +5.25 +1.10%
Oats Dec 2013 317.5 -0.75 -0.24%
Oats Mar 2014 305.75 -0.5 -0.16%
Oats May 2014 304.75 -1 -0.33%
Oats Jul 2014 299.5 -1 -0.33%
Oats Sep 2014 304.5 -1 -0.33%
Wheat Dec 2013 694.75 +7.75 +1.13%
Wheat Mar 2014 704.5 +8.25 +1.18%
Wheat May 2014 709.75 +8 +1.14%
Wheat Jul 2014 701 +7.25 +1.05%
Wheat Sep 2014 706.25 +7 +1.00%
Minneapolis
Spring Wheat Dec 2013 750.25 +4 +0.54%
Spring Wheat Mar 2014 759.5 +6.75 +0.90%
Spring Wheat May 2014 763.5 +6.5 +0.86%
Spring Wheat Jul 2014 766 +6.25 +0.82%
Spring Wheat Sep 2014 768 +6.75 +0.89%
Kansas City
KCBT Red Wheat Dec 2013 756.5 +6.25 +0.83%
KCBT Red Wheat Mar 2014 756 +6.5 +0.87%
KCBT Red Wheat May 2014 755.75 +7 +0.93%
KCBT Red Wheat Jul 2014 739.75 +6.75 +0.92%
Light crude oil nearby futures in New York dropped 81 cents at $103.03 US per barrel.
The Canadian dollar at noon was 97.03 cents US, unchanged from the previous trading day. The U.S. dollar at noon was $1.0306 Cdn.
The Dow Jones industrial average was down 136.34 points, or 0.90 percent, at 14,936.24.
The Standard & Poor’s 500 Index was down 14.38 points, or 0.85 percent, at 1,676.12.
The Nasdaq Composite Index was down 37.38 points, or 0.98 percent, at 3,770.38.