Canola was higher for part of the morning but could not avoid the downdraft caused by fall soy oil and the rest of the soy complex.
Wheat futures performed the best in a down market, still supported by concerns about wheat crops in Russia and Ukraine and confirmation from Australia that drought has trimmed its crop.
January canola closed down about 1.5 percent, pressured by a three percent fall in soy oil, reeling under the weakness in crude oil, and good weather in South America’s soy growing regions.
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Canola’s early strength came from end user demand and the idea that canola is underpriced relative to soybeans.
But outside pressure came from a steep decline in palm oil, which suffered because of slowing palm exports and weakness in crude oil.
That spilled over into soy oil markets. The soy complex was also under pressure from welcome rain forecast for central and southern Brazil. A drier week is welcome in Argentina after a rainy weekend.
Also, a ramp up in soy crushing in the U.S., driven by demand for meal, has led to a surplus of soy oil.
Most wheat contracts were lower after the strong rally Monday, sparked by talk of potential export restrictions that pushed values up to the highest level in six months.
December Minneapolis did rise on
Modest support came from the latest crop report from the Australian Bureau of Agricultural and Resource Economics.
It pegged the wheat crop at 23.22 million tonnes, down four percent from the September report and down 14 percent from last year.
It put canola at 3.3 million tonnes, down three percent fro September and down 12 from last year.
Barley at 7.4 million tonnes is down 1.3 percent from the September report and down 22 percent from last year.
Corn fell more than two percent on technical factors and good weather in South America.
Light crude oil nearby futures in New York fell to US$66.88, down $2.12 per barrel.
The Canadian dollar at noon was US87.72 cents, down from 88.15 cents the previous trading day. The U.S. dollar at noon was C$1.1400.
The TSX composite dipped 5.24 points or 0.04 percent to 14,620.07.
The Dow Jones industrial average rose 102.75 points, or 0.58 percent, to 17,879.55, the S&P 500 gained 13.11 points, or 0.64 percent, to 2,066.55 and the Nasdaq Composite added 28.46 points, or 0.6 percent, to 4,755.81.
Carmaker shares advanced as the top six automakers sold more cars and trucks in November than analysts expected.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2015 Â Â Â Â Â Â 416.90 Â Â Â Â Â Â -5.50 Â Â Â Â Â Â -1.30%
Canola Mar 2015 Â Â Â Â Â Â 415.30 Â Â Â Â Â Â -6.70 Â Â Â Â Â Â -1.59%
Canola May 2015 Â Â Â Â Â Â 416.90 Â Â Â Â Â Â -6.70 Â Â Â Â Â Â -1.58%
Canola Jul 2015 Â Â Â Â Â Â 418.10 Â Â Â Â Â Â -6.70 Â Â Â Â Â Â -1.58%
Canola Nov 2015 Â Â Â Â Â Â 415.00 Â Â Â Â Â Â -5.60 Â Â Â Â Â Â -1.33%
Milling Wheat Dec 2014 Â Â Â Â Â Â 239.00 Â Â Â Â Â Â -4.00 Â Â Â Â Â Â -1.65%
Milling Wheat Mar 2015 Â Â Â Â Â Â 247.00 Â Â Â Â Â Â -4.00 Â Â Â Â Â Â -1.59%
Milling Wheat May 2015 Â Â Â Â Â Â 250.00 Â Â Â Â Â Â -3.00 Â Â Â Â Â Â -1.19%
Durum Wheat Dec 2014       356.50       unch       0.00%
Durum Wheat Mar 2015       357.50       unch       0.00%
Durum Wheat May 2015       357.50       unch       0.00%
Barley Dec 2014 Â Â Â Â Â Â 172.00 Â Â Â Â Â Â -2.00 Â Â Â Â Â Â -1.15%
Barley Mar 2015 Â Â Â Â Â Â 175.00 Â Â Â Â Â Â -2.00 Â Â Â Â Â Â -1.13%
Barley May 2015       177.00       unch       0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015 Â Â Â Â Â Â 995.75 Â Â Â Â Â Â -21.25 Â Â Â Â Â Â -2.09%
Soybeans Mar 2015 Â Â Â Â Â Â 1003 Â Â Â Â Â Â -21 Â Â Â Â Â Â -2.05%
Soybeans May 2015 Â Â Â Â Â Â 1010 Â Â Â Â Â Â -20.75 Â Â Â Â Â Â -2.01%
Soybeans Jul 2015 Â Â Â Â Â Â 1014.75 Â Â Â Â Â Â -20.5 Â Â Â Â Â Â -1.98%
Soybeans Aug 2015 Â Â Â Â Â Â 1014.25 Â Â Â Â Â Â -20.5 Â Â Â Â Â Â -1.98%
Soybeans Sep 2015 Â Â Â Â Â Â 994.25 Â Â Â Â Â Â -18.5 Â Â Â Â Â Â -1.83%
Soybean Meal Dec 2014 Â Â Â Â Â Â 383.1 Â Â Â Â Â Â -1.3 Â Â Â Â Â Â -0.34%
Soybean Meal Jan 2015 Â Â Â Â Â Â 357.9 Â Â Â Â Â Â -4.1 Â Â Â Â Â Â -1.13%
Soybean Meal Mar 2015 Â Â Â Â Â Â 343.2 Â Â Â Â Â Â -5.9 Â Â Â Â Â Â -1.69%
Soybean Oil Dec 2014 Â Â Â Â Â Â 31.17 Â Â Â Â Â Â -1.05 Â Â Â Â Â Â -3.26%
Soybean Oil Jan 2015 Â Â Â Â Â Â 31.28 Â Â Â Â Â Â -1.08 Â Â Â Â Â Â -3.34%
Soybean Oil Mar 2015 Â Â Â Â Â Â 31.53 Â Â Â Â Â Â -1.02 Â Â Â Â Â Â -3.13%
Corn Dec 2014 Â Â Â Â Â Â 367.75 Â Â Â Â Â Â -7.75 Â Â Â Â Â Â -2.06%
Corn Mar 2015 Â Â Â Â Â Â 381.25 Â Â Â Â Â Â -8.5 Â Â Â Â Â Â -2.18%
Corn May 2015 Â Â Â Â Â Â 389.75 Â Â Â Â Â Â -8.5 Â Â Â Â Â Â -2.13%
Corn Jul 2015 Â Â Â Â Â Â 396.75 Â Â Â Â Â Â -8.25 Â Â Â Â Â Â -2.04%
Corn Sep 2015 Â Â Â Â Â Â 401.5 Â Â Â Â Â Â -8.5 Â Â Â Â Â Â -2.07%
Oats Dec 2014 Â Â Â Â Â Â 296 Â Â Â Â Â Â +0.25 Â Â Â Â Â Â +0.08%
Oats Mar 2015 Â Â Â Â Â Â 308.5 Â Â Â Â Â Â +2.25 Â Â Â Â Â Â +0.73%
Oats May 2015 Â Â Â Â Â Â 310.5 Â Â Â Â Â Â +1 Â Â Â Â Â Â +0.32%
Oats Jul 2015 Â Â Â Â Â Â 313.5 Â Â Â Â Â Â +2 Â Â Â Â Â Â +0.64%
Oats Sep 2015 Â Â Â Â Â Â 312 Â Â Â Â Â Â -6.25 Â Â Â Â Â Â -1.96%
Wheat Dec 2014 Â Â Â Â Â Â 605.25 Â Â Â Â Â Â -1.5 Â Â Â Â Â Â -0.25%
Wheat Mar 2015 Â Â Â Â Â Â 603.25 Â Â Â Â Â Â -3.5 Â Â Â Â Â Â -0.58%
Wheat May 2015 Â Â Â Â Â Â 608.75 Â Â Â Â Â Â -3.75 Â Â Â Â Â Â -0.61%
Wheat Jul 2015 Â Â Â Â Â Â 612.75 Â Â Â Â Â Â -3.75 Â Â Â Â Â Â -0.61%
Wheat Sep 2015 Â Â Â Â Â Â 619.75 Â Â Â Â Â Â -3.75 Â Â Â Â Â Â -0.60%
Minneapolis
Spring Wheat Dec 2014 Â Â Â Â Â Â 656 Â Â Â Â Â Â +6 Â Â Â Â Â Â +0.92%
Spring Wheat Mar 2015 Â Â Â Â Â Â 632.5 Â Â Â Â Â Â -5.25 Â Â Â Â Â Â -0.82%
Spring Wheat May 2015 Â Â Â Â Â Â 639.75 Â Â Â Â Â Â -5.25 Â Â Â Â Â Â -0.81%
Spring Wheat Jul 2015 Â Â Â Â Â Â 647.5 Â Â Â Â Â Â -4 Â Â Â Â Â Â -0.61%
Spring Wheat Sep 2015 Â Â Â Â Â Â 654.5 Â Â Â Â Â Â -3.5 Â Â Â Â Â Â -0.53%
Kansas
Hard Red Wheat Dec 2014 Â Â Â Â Â Â 648.75 Â Â Â Â Â Â -11.5 Â Â Â Â Â Â -1.74%
Hard Red Wheat Mar 2015 Â Â Â Â Â Â 652.25 Â Â Â Â Â Â -12 Â Â Â Â Â Â -1.81%
Hard Red Wheat May 2015 Â Â Â Â Â Â 655 Â Â Â Â Â Â -10 Â Â Â Â Â Â -1.50%
Hard Red Wheat Jul 2015 Â Â Â Â Â Â 654 Â Â Â Â Â Â -6 Â Â Â Â Â Â -0.91%
Hard Red Wheat Sep 2015 Â Â Â Â Â Â 663.5 Â Â Â Â Â Â -6 Â Â Â Â Â Â -0.90%
