Canola futures bounced around on Wednesday, ending slightly lower.
A recovering Canadian dollar, elevator company hedge selling and lack of new demand pressured the oilseed.
Worries about the Greek debt crisis continued to hang over markets.
The Greek government, which surprised world leaders and markets on Tuesday by saying it will put the debt bailout and austerity package to a referendum, faces a confidence vote on Friday. Prime Minister George Papandreou will later face the leaders of France and Germany, who summoned him for crisis talks in Cannes before a G20 summit of major world economies.
The U.S. Federal Reserve finished two days of meetings without announcing new stimulous, but left the door open to such policy if needed.
Corn edged lower after analysts Informa Economics forecast U.S. corn yield at 149.5 bushels per acre, steady with its October outlook and above the U.S. Department of Agriculture’s October forecast of 148.1.
Informal put the crop at 12.549 billion bu., up from its October estimate for 12.519 billion and above USDA’s current outlook for 12.433 billion.
It put U.S. soybean production at 3.082 billion bu., below its previous outlook for 3.087 billion but above USDA’s forecast of 3.060 billion.
USDA will release its November crop production report on Nov. 9.
The U.S. winter wheat crop is expected to benefit from rain and snow in the next few days.
Winnipeg (per tonne)
Canola Nov 11 $521.60, down 1.10 (-0.21%)
Canola Jan 12 $524.50, down 1.20 (-0.23%)
Canola Mar 12 $531.80, down 1.30 (-0.24%)
Canola May 12 $535.70, down 1.90 (-0.35%)
The previous day’s best basis widened to $15 under the November contract, according to ICE Futures Canada in Winnipeg.
The November contract’s 14-day Relative Strength Index was 35. The rule of thumb is an RSI of 30 indicates an over sold and 70 indicates over bought.
Western Barley Dec 11 $216, unchanged
Chicago (per bushel)
Soybeans Nov 11 $11.935, up 1.25 (+0.10%)
Soybeans Jan 12 $12.0275, up 0.25 (+0.02%)
Soybeans Mar 12 $12.1225, up 0.25 (+0.02%)
Corn Dec 11 $6.45, down 9.25 (-1.41%)
Corn Mar 12 $6.56, down 9.25 (-1.39%)
Oats Dec 11 $3.345, down 0.5 (-0.15%)
Oats Mar 12 $3.435, down 1.0 (-0.29%)
Minneapolis (pr bushel)
Spring Wheat Dec 11 $9.1025, up 4.5 (+0.50%)
Spring Wheat Mar 12 $8.645, up 1.75 (+0.20%)
Spring Wheat May 12 $8.4425, up 0.5 (+0.06%)
Light crude oil nearby futures in New York rose 32 cents to $92.51 US per barrel.
The Canadian dollar at noon rose to 98.75 cents US, up from 98.06 the previous trading day. The U.S. dollar at noon was $1.0126 Cdn.
In a preliminary tally, the Toronto Stock Exchange composite index closed up 126.66 points, or 1.05 percent, at 12,241.76.
The Standard & Poor’s 500 Index was up 19.59 points, or 1.61 percent, at 1,237.87.
