Canola falls Tuesday on weaker soybeans and seeding progress

Canola futures fell Tuesday on weaker soybeans and on traders rolling out of the July contract and into November.

Weather across the Canadian Prairies today was mostly conducive to the wrapping up of seeding. Moisture is expected over large areas Friday. Generally, crops are getting nicely established.

Losses were limited by a weaker loonie.

Weather conducive to seeding progress in U.S. corn and soybean areas pressured Chicago crop futures.

Profit taking after the recent strength also weighed on soybeans.

North Dakota has been getting more rain than most areas north of the border.

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Seeding there is well behind the normal as of June 2. Only 64 percent of spring wheat is in the ground, 58 percent of barley, 54 percent of durum, 50 percent of canola, 72 percent of oats and 20 percent of sunflowers.

Last year at this time seeding in the state was almost complete.

This year’s delays raise the potential for a late harvest and danger of frost damage.

Check out a moisture map of the U.S. here.

Winnipeg ICE Futures Canada dollars per tonne

Canola Jul 2013 636.70 -8.10 -1.26%

Canola Nov 2013 572.00 -4.80 -0.83%

Canola Jan 2014 571.90 -5.00 -0.87%

Canola Mar 2014 567.90 -4.40 -0.77%

Canola May 2014 560.40 -4.00 -0.71%

Milling Wheat Jul 2013 294.00 unch 0.00%

Milling Wheat Oct 2013 294.00 unch 0.00%

Milling Wheat Dec 2013 294.00 unch 0.00%

Durum Wheat Jul 2013 301.90 unch 0.00%

Durum Wheat Oct 2013 294.90 unch 0.00%

Durum Wheat Dec 2013 299.40 unch 0.00%

Barley Jul 2013 244.00 unch 0.00%

Barley Oct 2013 194.00 unch 0.00%

Barley Dec 2013 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 Jul 2013 1528.75 -3.75 -0.24%

Soybeans Aug 2013 1452 -6.25 -0.43%

Soybeans Sep 2013 1360.25 -6.75 -0.49%

Soybeans Nov 2013 1316 -9.5 -0.72%

Soybeans Jan 2014 1320.75 -10 -0.75%

Soybeans Mar 2014 1319.25 -10.25 -0.77%

Soybean Meal Jul 2013 452.5 -1.9 -0.42%

Soybean Meal Aug 2013 429.4 -2.9 -0.67%

Soybean Meal Sep 2013 408.8 -3 -0.73%

Soybean Oil Jul 2013 48.59 -0.07 -0.14%

Soybean Oil Aug 2013 48.56 -0.09 -0.18%

Soybean Oil Sep 2013 48.41 -0.1 -0.21%

Corn Jul 2013 660.5 +4.75 +0.72%

Corn Sep 2013 583.75 -5 -0.85%

Corn Dec 2013 553 -7 -1.25%

Corn Mar 2014 563.5 -6.75 -1.18%

Corn May 2014 570.75 -6.25 -1.08%

Oats Jul 2013 381.75 +2.25 +0.59%

Oats Sep 2013 372.5 -2 -0.53%

Oats Dec 2013 365.75 +1.25 +0.34%

Oats Mar 2014 369.75 +1.25 +0.34%

Oats May 2014 372 +1.25 +0.34%

Wheat Jul 2013 709 +0.25 +0.04%

Wheat Sep 2013 717.75 -0.75 -0.10%

Wheat Dec 2013 731.75 -1 -0.14%

Wheat Mar 2014 747 -0.75 -0.10%

Wheat May 2014 758.75 +0.25 +0.03%

Minneapolis

Spring Wheat Jul 2013 821 -2 -0.24%

Spring Wheat Sep 2013 810.25 -2.25 -0.28%

Spring Wheat Dec 2013 817.75 -2.5 -0.30%

Spring Wheat Mar 2014 830.25 -3 -0.36%

Spring Wheat May 2014 838 -0.25 -0.03%

Kansas City

KCBT Red Wheat Jul 2013 750.75 -0.75 -0.10%

KCBT Red Wheat Sep 2013 759.75 -0.75 -0.10%

KCBT Red Wheat Dec 2013 779.25 -0.25 -0.03%

KCBT Red Wheat Mar 2014 792.5 -0.25 -0.03%

KCBT Red Wheat May 2014 801.5 unch 0.00%

Light crude oil nearby futures in New York dropped 14 cents at $93.31 US per barrel.

The Canadian dollar at noon was 96.64 cents US, down from 97.17 cents the previous trading day. The U.S. dollar at noon was $1.0348 Cdn.

In unofficial tallies —

The Toronto Stock Exchange’s S&P/TSX composite index fell 15.83 points, or 0.13 percent, to close at 12,593.97.

The Dow Jones industrial average was down 76.49 points, or 0.50 percent, at 15,177.54.

The Standard & Poor’s 500 Index was down 9.04 points, or 0.55 percent, at 1,631.38.

The Nasdaq Composite Index was down 20.11 points, or 0.58 percent, at 3,445.26.

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