Canola old crop futures fell along with soybeans on Monday, but new crop values edged higher.
Weekend rain in Argentina came at the right time to prevent exceptional damage, although Argentina’s Rosario grain exchange today dropped its forecast of the soybean crop to 48 million tonnes from 55 million last month. The USDA’s forecast is 53 million.
After a slow start due to rain delays, harvest in Brazil is going at full speed and that also pressured oilseeds.
Worries about maintaining adequate canola seeded acreage helped support November futures.
Read Also
U.S. grains: Corn backs away from gains at close
Chicago | Reuters — U.S. corn futures climbed to a 6-1/2 week high on Friday on short covering ahead of…
A second strong blizzard struck the U.S plains Monday, dumping a foot of snow or more on top of snow from last week.
March canola, which will expire this week, fell $6.70 to $625.30. May closed at $618.00, down $3.40.
New crop November rallied slightly, ending at $564.30, up 70 cents.
The blizzards are welcome for winter wheat that has seen only drought for many months.
Wheat prices hit the lowest level since last June, with Chicago falling below $7.
Old crop corn edged higher as farmers, dissatisfied by the fall in prices, locked their bins.
Ukraine said 91 percent of its winter grains are in good or satisfactory condition, versus just 66 percent at the same time last year.
Last year 1.3 million hectares of crops hurt by fall drought and winter freezing and another 200,000 that were doing poorly were reseeded.
This year, only about 400,000 hectares may have to be reseeded with spring crops.
Winnipeg ICE Futures (per tonne)
Canola Mar 13 $625.30, down $6.70 -1.06%
Canola May 13 $618.00, down $3.40 -0.55%
Canola Jul 13 $608.00, down $1.80 -0.30%
Canola Nov 13 $564.30, up $0.70 +0.12%
Milling Wheat Mar 13 $291.00, unchanged
Milling Wheat May 13 $294.00, unchanged
Milling Wheat Jul 13 $296.00, unchanged
Milling Wheat Oct 13 $296.00, unchanged
Durum Wheat Mar 13 $307.00, unchanged
Durum Wheat May 13 $311.00, unchanged
Durum Wheat Jul 13 $314.00, unchanged
Durum Wheat Oct 13 $299.30, unchanged
Barley Mar 13 $241.50, unchanged
Barley May 13 $242.50, unchanged
Barley Jul 13 $243.00, unchanged
Barley Oct 13 $243.00, unchanged
Chicago (per bushel)
Soybeans (P) Mar 13 $14.5125, down 10.0 cents -0.68%
Soybeans (P) May 13 $14.3525, down 8.5 -0.59%
Soybeans (P) Jul 13 $14.22, down 7.0 -0.49%
Soybeans (P) Aug 13 $13.815, down 8.0 -0.58%
Soybeans (P) Sep 13 $13.1175, down 6.25-0.47%
Soybeans (P) Nov 13 $12.655, down 1.25 -0.10%
Corn (P) Mar 13 $6.93-4, up 3.25 +0.47%
Corn (P) May 13 $6.855-4, up 1.25 +0.18%
Corn (P) Jul 13 $6.715, down 0.25 -0.04%
Corn (P) Sep 13 $5.72, down 1.0 -0.17%
Corn (P) Dec 13 $5.5025, down 2.5 -0.45%
Oats (P) Mar 13 $3.775, down 10.5 -2.71%
Oats (P) May 13 $3.7275, down 12.5 -3.24%
Oats (P) Jul 13 $3.6875, down 12.5 -3.28%
Oats (P) Sep 13 $3.685, down 9.75 -2.58%
Oats (P) Dec 13 $3.6225, down 7.5 -2.03%
Minneapolis (per bushel)
Spring Wheat Mar 13 $7.87, down 15.75 cents -1.96%
Spring Wheat May 13 $7.985, down 13.5 -1.66%
Spring Wheat Jul 13 $8.055, down 14.0 -1.71%
Spring Wheat Sep 13 $8.095, down 12.0 -1.46%
Spring Wheat Dec 13 $8.1575, down 13.25 -1.60%
Nearby light crude oil in New York was down two cents to $93.11 per barrel.
The Bank of Canada noon rate for the loonie was 97.42 cents US, down from 97.81 on Friday. The U.S. buck was $1.0265 Cdn.
Stock markets had a bad day as traders fretted that Eurozone economic reforms might be derailed, resparking the debt crisis after the Italian election failed to signal a clear winner. There is no indication of any coalition being strong enough to form a government and that could cause deadlocking leading to another election.
That prompted a move into gold, which prevented the TSX from falling as far as its American cousins.
The S&P/TSX composite index fell 50.76 points or 0.40 percent to finish at 12,650.87.
The Dow Jones industrial average fell 216.40 points, or 1.55 percent, to end at 13,784.17.
The Standard & Poor’s 500 Index fell 27.75 points, or 1.83 percent, at 1,487.85.
The Nasdaq Composite Index was down 45.57 points, or 1.44 percent, at 3,116.25.
