Canola and soybean futures fell Monday on forecasts of rain in dry areas of Brazil and on expectations that USDA will increase its estimate of the U.S. soybean crop in its coming monthly report on Friday.
Oilseeds also fell last Friday after private forecasters increased their U.S. soybean crop estimates.
November canola closed at $593.80, down $14.30.
January closed at $589.80, down $13.30.
Minneapolis wheat ended down only slightly on worries about dryness in the U.S. winter wheat belt and on production problems in Australia and Argentina.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
After the close, the USDA reported that U.S. winter wheat conditions fell one percentage point last week to 39 percent good-to-excellent. That is down from 49 percent last year and is the lowest rating for November since the mid 1980s when record keeping began.
In Kansas, the largest winter wheat state, the good to excellent rating was only 37 percent.
Generally, it was a “risk off” day in the markets as traders watched to see the results of Tuesday’s U.S. presidential election.
Winnipeg (per tonne)
Canola Nov 12 $593.80, down $14.30 -2.35%
Canola Jan 13 $589.80, down $13.30 -2.21%
Canola Mar 13 $586.00, down $12.90 -2.15%
Canola May 13 $578.50, down $14.40 -2.43%
Milling Wheat Dec 12 $308.50, unchanged
Milling Wheat Mar 13 $318.00, unchanged
Milling Wheat May 13 $321.00, unchanged
Durum Wheat Dec 12 $312.40, unchanged
Durum Wheat Mar 13 $319.00, unchanged
Durum Wheat May 13 $323.00, unchanged
Barley Dec 12 $250.00, unchanged
Barley Mar 13 $253.00, unchanged
Barley May 13 $254.00, unchanged
Chicago (per bushel)
Soybeans (P) Nov 12 $15.0425, down 22.75 -1.49%
Soybeans (P) Jan 13 $15.0325, down 23.5 -1.54%
Soybeans (P) Mar 13 $14.825, down 21.25 -1.41%
Soybeans (P) May 13 $14.565, down 14.75 -1.00%
Corn (P) Dec 12 $7.355, down 4.0 -0.54%
Corn (P) Mar 13 $7.38, down 4.5 -0.61%
Corn (P) May 13 $7.355, down 4.0 -0.54%
Oats (P) Dec 12 $3.58, down 9.0 -2.45%
Oats (P) Mar 13 $3.6725, down 8.5 -2.26%
Oats (P) May 13 $3.68, down 8.5 -2.26%
Minneapolis (per bushel)
Spring Wheat Dec 12 $9.40, down 0.25 -0.03%
Spring Wheat Mar 13 $9.4625, down 0.25 -0.03%
Spring Wheat May 13 $9.53, up 0.25 +0.03%
Spring Wheat Jul 13 $9.5225, down 1.25 -0.13%
Nearby crude oil in New York rose 79 cents to $85.65 per barrel.
The Bank of Canada noon rate for the loonie was $1.0035, almost steady with 1.0036 on Friday.
The U.S. buck was 99.65 cents Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index fell 27.63 points, or 0.2 percent, to close at 12,352.78. A
The Dow Jones industrial average rose 19.28 points, or 0.15 percent, to end at 13,112.44.
The Standard & Poor’s 500 Index edged up 3.06 points, or 0.22 percent, to 1,417.26.
The Nasdaq Composite Index added 17.53 points, or 0.59 percent, to close at 2,999.66.
