Uncertainty caused by European elections that ousted austerity governments in France and Greece pushed most markets down early on Monday.
As the day wore on, markets regained most or all of the territory lost earlier but canola and soybeans settled lower.
July closed at $620.70 per tonne, down $1.10.
November settled at $572.00, down $5.20.
Canola was mostly pressured by falling soybeans. Seeding is rushing ahead in the U.S. under mostly ideal conditions.
However, weekend rain in Saskatchewan, heavy in some places, created problems in areas that already had saturated soils after two wet years.
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Some farmers in eastern parts of the province are again facing land that is unseedable because of excess moisture.
In other areas, the rain was welcome so long as it now stops and allows seeding to proceed.
• The loss in canola was limited by the Statistics Canada March 31 stocks report that showed 4.27 million tonnes in farm and commercial storage, down from 6.16 million tonnes at the same point last year and at the low end of the trade’s expectation.
The report, as expected, showed that stocks generally are significantly smaller than last year. Pea stocks are about half of what they were last year at this time.
Lentils was the odd crop out, with stocks increasing to 1.18 million tonnes, up from 1.14 million last year.
• The USDA crop progress report released after the market closed showed 71 percent of the corn crop was planted as of May 6, up from 53 percent a week earlier and the five-year average of 47 percent.
Soybean seeding was 24 percent complete, up from 12 percent a week earlier and the five-year average of 11 percent.
U.S. spring wheat planting was 84 percent complete, the second fastest on record. A year ago, spring wheat planting was only 19 percent finished and the five-year average is 49 percent.
• USDA will provide its outlook for winter wheat production in a report May 10. The market expects production will be 1.64 billion bushels, up 10 percent over last year.
Winnipeg (per tonne)
Canola May 12 $625.70, down $1.10 -0.18%
Canola Jul 12 $620.70, down $1.10 -0.18%
Canola Nov 12 $572.00, down $5.20 -0.90%
Canola Jan 13 $575.70, down $5.70 -0.98%
The previous trading day’s best basis in the par region fell to +$5.73 over the July contract, said ICE Futures Canada.
The 14-day relative strength index was 53.
Western Barley May 12 $242.00, unchanged
Western Barley Jul 12 $237.00, unchanged
Milling Wheat Oct 12 $243.00, down $5.00 -2.02%
Milling Wheat Dec 12 $248.00, down $5.00 -1.98%
Milling Wheat Mar 13 $257.00, down $5.00 -1.91%
Durum Wheat Oct 12 $276.10, unchanged
Durum Wheat Dec 12 $280.60, unchanged
Durum Wheat Mar 13 $287.20, unchanged
Barley Oct 12 $184.00, unchanged
Barley Dec 12 $187.00, unchanged
Barley Mar 13 $188.50, unchanged
Chicago (per bushel)
Soybeans May 12 $14.635, down 11.5 cents -0.78%
Soybeans Jul 12 $14.6575, down 12.5 -0.85%
Soybeans Nov 12 $13.535, down 13.25 $-0.97%
Corn May 12 $6.65, up 2.75 +0.42%
Corn Jul 12 $6.20, down 0.25 $-0.04%
Corn Dec 12 $5.2475, up 0.5 +0.10%
Oats May 12 $3.315, unchanged
Oats Jul 12 $3.375, down 2.5 -0.74%
Oats Dec 12 $3.4725, up 0.25 $+0.07%
Minneapolis (per bushel)
Spring Wht May 12 $7.355, down 4.5 cents -0.61%
Spring Wht Jul 12 $7.36, down 8.0 -1.08%
Spring Wht Sep 12 $7.3825, down 6.75 -0.91%
Spring Wht Dec 12 $7.47, down 4.5 -0.60%
The benchmark Brent crude oil contract in London fell as much as $2.84 before closing two cents off at $113.16 a barrel.
U.S. light crude in New York tumbled $3.15 before paring losses to end 55 cents lower at $97.94.
The Canadian dollar noon rate was $1.0065 US, up from $1.0044 the previous trading day.
The U.S. dollar at noon was 99.35 Cdn.
The Toronto Stock Exchange S&P/TSX composite index fell 10.57 points, or 0.1 percent to 11,860.66.
The Dow Jones industrial average fell 29.44 points, or 0.23 percent, to 13,008.83.
The S&P 500 Index edged up 0.51 point, or 0.04 percent, to 1,369.61.
The Nasdaq Composite gained 1.42 points, or 0.05 percent, to 2,957.76.
