Canola futures retreat on profit taking and commodity weakness

It was a down day in crop market as investors stepped back from commodities.

Canola fell on profit taking and technical selling after notching a one-month high on Tuesday.

Losses in canola were limited by a pullback in the Canadian dollar, which fell along with crude oil.

Palm and soy oil also retreated a little.

American crop markets retreated as the trade refocused on large grain stocks and the advancing South American harvest.

The Argentine government expects the country will produce a record-breaking corn crop.

A storm across the U.S. upper Midwest is expected to bring snow and rain this week, but the trade expects the moisture will be beneficial in advance of spring planting.

Overnight temperatures are again expected to fall into danger zones for winter wheat in western Kansas on the weekend.

Damage from the freeze last weekend might not have been significant.

Producers on chat sites appear to be more worried about lack of rain and strong, drying winds than the cold.

It looks like the storm bring moisture to the upper Midwest will not deliver moisture to Kansas or Oklahoma.

Light crude oil nearby futures in New York were down $1.66 to US$39.79 per barrel.

The Canadian dollar at noon was US75.74 cents, down from 76.62 cents the previous trading day. The U.S. dollar at noon was C$1.3203.

The Dow Jones industrial average closed down 79.98 points, or 0.45 percent, to 17,502.59, the S&P 500 lost 13.09 points, or 0.64 percent, to 2,036.71 and the Nasdaq Composite fell 52.80 points, or 1.1 percent, to 4,768.86.

The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed down 114.01 points, or 0.84 percent, at 13,379.48.

ICE Futures wheat, durum and barley futures all continue to be untraded but the price was revised at the close.

Winnipeg ICE Futures Canada dollars per tonne

Canola May 2016 469.50 -3.50 -0.74%

Canola Jul 2016 474.10 -3.50 -0.73%

Canola Nov 2016 475.50 -5.00 -1.04%

Canola Jan 2017 478.70 -5.50 -1.14%

Canola Mar 2017 481.10 -5.60 -1.15%

Milling Wheat May 2016 233.00 -1.00 -0.43%

Milling Wheat Jul 2016 233.00 -1.00 -0.43%

Milling Wheat Oct 2016 231.00 -1.00 -0.43%

Durum Wheat May 2016 291.00 -5.00 -1.69%

Durum Wheat Jul 2016 283.00 -4.00 -1.39%

Durum Wheat Oct 2016 278.00 -4.00 -1.42%

Barley May 2016 176.00 unch 0.00%

Barley Jul 2016 178.00 unch 0.00%

Barley Oct 2016 178.00 unch 0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago

Soybeans May 2016 905.25 -5 -0.55%

Soybeans Jul 2016 912.25 -4.75 -0.52%

Soybeans Aug 2016 914.25 -4.75 -0.52%

Soybeans Sep 2016 914 -4.75 -0.52%

Soybeans Nov 2016 917.25 -4.25 -0.46%

Soybeans Jan 2017 921 -4.25 -0.46%

Soybean Meal May 2016 270.9 -0.1 -0.04%

Soybean Meal Jul 2016 273.6 -0.1 -0.04%

Soybean Meal Aug 2016 274.7 unch 0.00%

Soybean Oil May 2016 33.36 -0.57 -1.68%

Soybean Oil Jul 2016 33.59 -0.56 -1.64%

Soybean Oil Aug 2016 33.68 -0.56 -1.64%

Corn May 2016 368.5 -1.5 -0.41%

Corn Jul 2016 373.25 -1.5 -0.40%

Corn Sep 2016 377.75 -2 -0.53%

Corn Dec 2016 386 -1.75 -0.45%

Corn Mar 2017 394.5 -2.25 -0.57%

Oats May 2016 187.5 -2.75 -1.45%

Oats Jul 2016 197.5 -2.75 -1.37%

Oats Sep 2016 204.25 -2.5 -1.21%

Oats Dec 2016 212.75 -2.25 -1.05%

Oats Mar 2017 217.5 -2 -0.91%

Wheat May 2016 463 -3.75 -0.80%

Wheat Jul 2016 470.75 -3.75 -0.79%

Wheat Sep 2016 480.75 -3.75 -0.77%

Wheat Dec 2016 495.25 -3.5 -0.70%

Wheat Mar 2017 508.5 -3.75 -0.73%

Minneapolis

Spring Wheat May 2016 512 -2.75 -0.53%

Spring Wheat Jul 2016 520 -2.25 -0.43%

Spring Wheat Sep 2016 529.5 -2.5 -0.47%

Spring Wheat Dec 2016 543.75 -2.25 -0.41%

Spring Wheat Mar 2017 558.75 -1.5 -0.27%

Kansas City

Hard Red Wheat May 2016 472.25 -4.5 -0.94%

Hard Red Wheat Jul 2016 483.25 -4.5 -0.92%

Hard Red Wheat Sep 2016 497 -4.5 -0.90%

Hard Red Wheat Dec 2016 516.5 -4.25 -0.82%

Hard Red Wheat Mar 2017 528.25 -4.25 -0.80%

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