January canola futures eked out a gain Monday as the crop continues to show relative short-term weakness.
Soy oil futures rose about double canola’s gain, with canola’s strength limited by the rising Canadian dollar.
“It’s choppy right now,” said Ken Ball, broker with P.I. Financial in Winnipeg.
“The markets are going to be choppy going into this USDA report.”
On Thursday the U.S. Department of Agriculture reports should shore up the market’s understanding of the true state of U.S. production and stocks. Although no big surprises are anticipated or likely, traders are antsy because of the volatile reaction to the last reports, which seemed to be much more than the numbers justified.
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Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
Canola prices remain at attractive levels for many farmers, at $11.76 per bushel. $520 has been a resistance level since July.
December spring wheat futures had a healthy day Monday, with a one percent rise in value to $6.31 per bushel.
OUTSIDE MARKETS
Light crude oil nearby futures in New York were up $1.71 at US$57.35 per barrel.
In the afternoon, the Canadian dollar was trading around US78.68 cents, up from 78.34 cents the previous trading day. The U.S. dollar was C$1.2709.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 17 516.40s +2.10 +0.41%
Canola Jan 18 518.90s +2.10 +0.41%
Canola Mar 18 525.30s +2.60 +0.50%
Canola May 18 529.40s +2.80 +0.53%
Canola Jul 18 532.00s +3.20 +0.61%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Nov 17 984-0s +7-0 +0.72%
Soybeans Jan 18 994-0s +7-2 +0.73%
Soybeans Mar 18 1004-2s +7-0 +0.70%
Soybeans May 18 1013-4s +7-2 +0.72%
Soybeans Jul 18 1022-0s +7-4 +0.74%
Soybean Meal Dec 17 316.1s +2.2 +0.70%
Soybean Meal Jan 18 318.1s +2.1 +0.66%
Soybean Meal Mar 18 321.2s +1.7 +0.53%
Soybean Oil Dec 17 34.73s +0.31 +0.90%
Soybean Oil Jan 18 34.89s +0.30 +0.87%
Soybean Oil Mar 18 35.10s +0.29 +0.83%
Corn Dec 17 348-0s -0-2 -0.07%
Corn Mar 18 361-4s -0-4 -0.14%
Corn May 18 370-2s -0-4 -0.13%
Corn Jul 18 377-4s -0-6 -0.20%
Corn Sep 18 384-2s -0-2 -0.07%
Oats Dec 17 269-0s +6-0 +2.28%
Oats Mar 18 272-2s +3-6 +1.40%
Oats May 18 275-6s +5-0 +1.85%
Oats Jul 18 276-2s +5-0 +1.84%
Oats Sep 18 276-2s +5-0 +1.84%
Wheat Dec 17 430-6s +5-0 +1.17%
Wheat Mar 18 448-2s +3-6 +0.84%
Wheat May 18 460-6s +3-2 +0.71%
Wheat Jul 18 474-2s +3-2 +0.69%
Wheat Sep 18 489-4s +2-6 +0.56%
Minneapolis
Spring Wheat Dec 17 631-0s +6-2 +1.00%
Spring Wheat Mar 18 644-0s +5-4 +0.86%
Spring Wheat May 18 651-0s +4-6 +0.74%
Spring Wheat Jul 18 654-4s +5-2 +0.81%
Spring Wheat Sep 18 644-0s +3-0 +0.47%
Kansas
Hard Red Wheat Dec 17 430-0s +3-2 +0.76%
Hard Red Wheat Mar 18 447-0s +2-4 +0.56%
Hard Red Wheat May 18 460-6s +2-6 +0.60%
Hard Red Wheat Jul 18 477-4s +2-6 +0.58%
Hard Red Wheat Sep 18 494-4s +2-6 +0.56%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 17 125.325s -1.975 -1.55%
Live Cattle Feb 18 130.650s -1.100 -0.83%
Live Cattle Apr 18 129.400s -0.400 -0.31%
Feeder Cattle Nov 17 160.150s -0.725 -0.45%
Feeder Cattle Jan 18 160.875s -0.650 -0.40%
Feeder Cattle Mar 18 158.075s -0.275 -0.17%
Lean Hogs Dec 17 64.625s -0.475 -0.73%
Lean Hogs Feb 18 72.225s +0.250 +0.35%
Lean Hogs Apr 18 75.600s +0.150 +0.20%
