Crop futures prices were down a few cents Monday, regardless of strength in crude oil.
Out of North America’s crop futures, only soybean oil rose, and that wasn’t enough to prevent canola futures falling two bucks per tonne for March to $451.40 and $2.10 for May to $447.30.
While that represented less than half a percent of value, oats fell by more than two percent, or by six cents to $2.69 on the March contract and $2.74 for May.
Canola seemed to feel the downdraft in soybean futures and didn’t meekly follow soybean oil’s rise, which many in the market see as just a bounce following the recent hitting of new lows. The canola strength was also a product of the Canadian dollar prancing higher on a more than three percent jump in the price of West Texas Intermediate crude oil futures. Canola is priced in loonies, so when the value of the loonie climbs, the price of canola will tend to fall if everything else stays the same.
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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.
No earth-shattering event hit South American crops, so their assumed bigness is still a looming factor over vegetable oil crop prices. The crop is expected to be over 90 million tonnes in Brazil.
Among wheat futures, Chicago wheat was the weakest, with nine and ten cent per bushel drops while spring wheat only fell two to three cents.
Corn was unable to save itself from a minor decline, too, even though it rose in early trading.
World economic conditions continue to appear to be negative, including weak performance in China, poor factory orders in the U.S. and continuing anxiety in Europe over Greece.
Light crude oil nearby futures in New York were up $1.33 to US$49.57 per barrel.
The Canadian dollar at noon was US79.50 cents, up from US78.63 cents the previous trading day. The U.S. dollar at noon was C$1.2578.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015 451.40 -2.00 -0.44%
Canola May 2015 447.30 -2.10 -0.47%
Canola Jul 2015 444.80 -3.00 -0.67%
Canola Nov 2015 433.10 -2.10 -0.48%
Canola Jan 2016 434.70 -2.10 -0.48%
Milling Wheat Mar 2015 219.00 +7.00 +3.30%
Milling Wheat May 2015 230.00 +15.00 +6.98%
Milling Wheat Jul 2015 233.00 +15.00 +6.88%
Durum Wheat Mar 2015 349.00 -9.00 -2.51%
Durum Wheat May 2015 339.00 -9.00 -2.59%
Durum Wheat Jul 2015 329.00 -9.00 -2.66%
Barley Mar 2015 195.00 unch 0.00%
Barley May 2015 197.00 unch 0.00%
Barley Jul 2015 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2015 959.5 -1.5 -0.16%
Soybeans May 2015 966.25 -1.5 -0.15%
Soybeans Jul 2015 971.75 -1 -0.10%
Soybeans Aug 2015 971.25 -0.75 -0.08%
Soybeans Sep 2015 956.25 -0.5 -0.05%
Soybeans Nov 2015 945.25 -0.5 -0.05%
Soybean Meal Mar 2015 327.9 -2 -0.61%
Soybean Meal May 2015 321.6 -2.4 -0.74%
Soybean Meal Jul 2015 319.2 -2.6 -0.81%
Soybean Oil Mar 2015 30.41 +0.41 +1.37%
Soybean Oil May 2015 30.65 +0.41 +1.36%
Soybean Oil Jul 2015 30.87 +0.41 +1.35%
Corn Mar 2015 369.75 -0.25 -0.07%
Corn May 2015 377.75 -0.75 -0.20%
Corn Jul 2015 385.5 -0.5 -0.13%
Corn Sep 2015 392.5 -0.5 -0.13%
Corn Dec 2015 401 +0.25 +0.06%
Oats Mar 2015 269.25 -6.25 -2.27%
Oats May 2015 274 -6 -2.14%
Oats Jul 2015 277 -7.5 -2.64%
Oats Sep 2015 283 -7.5 -2.58%
Oats Dec 2015 284 -6.5 -2.24%
Wheat Mar 2015 492.75 -10 -1.99%
Wheat May 2015 497.25 -9.5 -1.87%
Wheat Jul 2015 501.75 -9.75 -1.91%
Wheat Sep 2015 510.5 -9.25 -1.78%
Wheat Dec 2015 523.25 -9 -1.69%
Minneapolis
Spring Wheat Mar 2015 554 -2.75 -0.49%
Spring Wheat May 2015 558.25 -3 -0.53%
Spring Wheat Jul 2015 566 -3 -0.53%
Spring Wheat Sep 2015 574.5 -2.5 -0.43%
Spring Wheat Dec 2015 585 -2.75 -0.47%
Kansas City
Hard Red Wheat Mar 2015 534.5 -5.75 -1.06%
Hard Red Wheat May 2015 536.25 -6.5 -1.20%
Hard Red Wheat Jul 2015 540 -6.25 -1.14%
Hard Red Wheat Sep 2015 552.25 -5.5 -0.99%
Hard Red Wheat Dec 2015 567.5 -4.75 -0.83%
