Canola regained some of the ground lost Tuesday as the market thought the fall was overdone.
Bargain buying appeared on thoughts that canola is very under-priced relative to its components and to competing oilseeds.
Gains were limited by thoughts that seeding is progressing in Western Canada, although there are rain delays in various places. Today, rain is moving though Albert toward Saskatchewan and later today there are chances for thunderstorms in southwestern Saskatchewan, spreading into central Saskatchewan tonight.
July canola closed at $466.50, up $7.10 and November closed at $469.80, up $7.70.
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Soybeans and corn rose a little, but soy oil was down. All major wheat contracts fell.
Traders are trying to learn how American crushers will run operations to account for very tight old crop stocks in the U.S. Two cargoes of Brazilian soybean arrived in the U.S. on the week, Reuters reported.
Soy oil was down on weaker palm oil and worries that Argentina might expand exports of soy products.
Wheat drifted lower again on thoughts that the world is well supplied with the grain.
With two trading days left, Chicago wheat is on pace to fall 10 percent this month.
Russian farmers in the southern district, a key export region near the Black Sea, were hoping for rain this week after unseasonably warm weather last week.
It appears there have been some showers but not significant accumulations, according to maps from the Center for Ocean-Land-Atmosphere Studies.
The run up in feed barley prices in southern Alberta appears to have ended. Alberta Canola Growers daily cash report says the elevator price in Lethbridge had fallen to $175.91 per tonne, down from $188.90 May 16.
The Lethbridge feedlot price for the week of May 19 was a range of $205-$213, down from $213-$220 the week of May 12.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014Â Â Â Â Â Â 466.50Â Â Â Â Â Â +7.10Â Â Â Â Â Â +1.55%
Canola Nov 2014Â Â Â Â Â Â 469.80Â Â Â Â Â Â +7.70Â Â Â Â Â Â +1.67%
Canola Jan 2015Â Â Â Â Â Â 474.70Â Â Â Â Â Â +7.90Â Â Â Â Â Â +1.69%
Canola Mar 2015Â Â Â Â Â Â 476.90Â Â Â Â Â Â +8.60Â Â Â Â Â Â +1.84%
Canola May 2015Â Â Â Â Â Â 478.50Â Â Â Â Â Â +9.00Â Â Â Â Â Â +1.92%
Milling Wheat Jul 2014      218.00     unch     0.00%
Milling Wheat Oct 2014      218.00     unch     0.00%
Milling Wheat Dec 2014      222.00     unch     0.00%
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Durum Wheat Jul 2014      252.00      unch      0.00%
Durum Wheat Oct 2014      243.00      unch      0.00%
Durum Wheat Dec 2014      245.00      unch      0.00%
Â
Barley Jul 2014      150.00      unch      0.00%
Barley Oct 2014      150.00      unch      0.00%
Barley Dec 2014      152.00      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 2014Â Â Â Â Â Â 1497.75Â Â Â Â Â Â +9Â Â Â Â Â Â +0.60%
Soybeans Aug 2014Â Â Â Â Â Â 1428.25Â Â Â Â Â Â +9.5Â Â Â Â Â Â +0.67%
Soybeans Sep 2014Â Â Â Â Â Â 1294.75Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.25%
Soybeans Nov 2014Â Â Â Â Â Â 1243Â Â Â Â Â Â +4.25Â Â Â Â Â Â +0.34%
Soybeans Jan 2015Â Â Â Â Â Â 1248.5Â Â Â Â Â Â +4.25Â Â Â Â Â Â +0.34%
Soybeans Mar 2015Â Â Â Â Â Â 1252Â Â Â Â Â Â +4.25Â Â Â Â Â Â +0.34%
Soybean Meal Jul 2014Â Â Â Â Â Â 498.5Â Â Â Â Â Â +4.3Â Â Â Â Â Â +0.87%
Soybean Meal Aug 2014Â Â Â Â Â Â 471.2Â Â Â Â Â Â +4.8Â Â Â Â Â Â +1.03%
Soybean Meal Sep 2014Â Â Â Â Â Â 434.4Â Â Â Â Â Â +3.8Â Â Â Â Â Â +0.88%
Soybean Oil Jul 2014Â Â Â Â Â Â 39.63Â Â Â Â Â Â -0.31Â Â Â Â Â Â -0.78%
Soybean Oil Aug 2014Â Â Â Â Â Â 39.7Â Â Â Â Â Â -0.29Â Â Â Â Â Â -0.73%
Soybean Oil Sep 2014Â Â Â Â Â Â 39.75Â Â Â Â Â Â -0.29Â Â Â Â Â Â -0.72%
Corn Jul 2014Â Â Â Â Â Â 472.5Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.59%
Corn Sep 2014Â Â Â Â Â Â 469.25Â Â Â Â Â Â +3Â Â Â Â Â Â +0.64%
Corn Dec 2014Â Â Â Â Â Â 469.5Â Â Â Â Â Â +3.75Â Â Â Â Â Â +0.81%
Corn Mar 2015Â Â Â Â Â Â 478.75Â Â Â Â Â Â +4Â Â Â Â Â Â +0.84%
Corn May 2015Â Â Â Â Â Â 485Â Â Â Â Â Â +3.75Â Â Â Â Â Â +0.78%
Oats Jul 2014Â Â Â Â Â Â 349.75Â Â Â Â Â Â +10Â Â Â Â Â Â +2.94%
Oats Sep 2014Â Â Â Â Â Â 338.75Â Â Â Â Â Â +9Â Â Â Â Â Â +2.73%
Oats Dec 2014Â Â Â Â Â Â 327.5Â Â Â Â Â Â +1.75Â Â Â Â Â Â +0.54%
Oats Mar 2015Â Â Â Â Â Â 323.75Â Â Â Â Â Â +1.5Â Â Â Â Â Â +0.47%
Oats May 2015Â Â Â Â Â Â 319.75Â Â Â Â Â Â +1.5Â Â Â Â Â Â +0.47%
Wheat Jul 2014Â Â Â Â Â Â 638.75Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.35%
Wheat Sep 2014Â Â Â Â Â Â 650.5Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.38%
Wheat Dec 2014Â Â Â Â Â Â 670Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.37%
Wheat Mar 2015Â Â Â Â Â Â 686.75Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.40%
Wheat May 2015Â Â Â Â Â Â 694.5Â Â Â Â Â Â -3Â Â Â Â Â Â -0.43%
Minneapolis
Spring Wheat Jul 2014Â Â Â Â Â Â 718Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.07%
Spring Wheat Sep 2014Â Â Â Â Â Â 725.75Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.03%
Spring Wheat Dec 2014Â Â Â Â Â Â 735Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.07%
Spring Wheat Mar 2015Â Â Â Â Â Â 742.5Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.10%
Spring Wheat May 2015Â Â Â Â Â Â 746.5Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.10%
Kansas City
KC HRW Wheat Jul 2014Â Â Â Â Â Â 736Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.30%
KC HRW Wheat Sep 2014Â Â Â Â Â Â 743.5Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.23%
KC HRW Wheat Dec 2014Â Â Â Â Â Â 755.5Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.10%
KC HRW Wheat Mar 2015Â Â Â Â Â Â 760Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.10%
KC HRW Wheat May 2015Â Â Â Â Â Â 758.25Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.07%
Light crude oil nearby futures in New York dropped $1.39 at $102.72 US per barrel.
The Canadian dollar at noon was 92.02 cents US, up slightly from 92 cents the previous trading day. The U.S. dollar at noon was $1.0867 Cdn.
Canadian stocks were trading lower on weaker commodity prices and on a decline in Valeant Pharmaceutical International shares.
The Toronto Stock Exchange composite index fell 47.06 points or 0.32 percent to 14,610.96.
U.S. stocks were little changed, with the broad based S&P 500 near its record high.
The down was down 42.45 points or 0.25 percent at 16,633.05.
The S&P 500 was down 2.13 points or 0.11 percent at 1,909.78.
The Nasdaq was down 11.99 points or 0.28 percent at 4,225.08.
