Canola and soybeans fell Monday as worries about Greek debt again pressure commodities and stocks lower.
Also, near ideal weather is allowing farmers to make rapid progress on seeding.
Some analysts suggest that investment funds are taking profits from the long run up in oilseed markets to pay for losses they have that are related to the Greek debt crisis and JPMorgan Chase’s problems.
Greece’s president was unable this weekend to convince parliamentary leaders to form a coalition government. The election May 6 was inclusive and no party has enough support to form a coalition government.
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Chicago corn futures ticked lower on Tuesday on selling pressure as soybeans chopped up and down, though expectations of a bumper U.S. harvest limited the upside in prices, analysts said.
The prospect is that the country will have to have another election and fears are rising that the country will default on its debt and be forced to leave the euro currency.
July canola settled at $594.40, down $13.70.
November settled at $554.80, down $6.60.
The U.S. Department of Agriculture said corn planting as of Sunday was 87 percent complete and soybeans were 46 percent complete. The pace was ahead of traders’ expectations
Spring wheat planting was a record 94 percent complete.
Winnipeg (per tonne)
Canola Jul 12 $ 594.40, down $13.70 -2.25%
Canola Nov 12 $ 554.80, down $6.60 -1.18%
Canola Jan 13 $558.10, down $6.60 -1.17%
Canola Mar 13 $561.50, down $6.70 -1.18%
Western Barley Jul 12 $ 237.00, unchanged
Western Barley Oct 12 $ 216.00, unchanged
Milling Wheat Oct 12 $ 242.00, down $0.50 -0.21%
Milling Wheat Dec 12 $ 247.00, down $0.50 -0.20%
Milling Wheat Mar 13 $256.00, down $0.50 -0.19%
Durum Wheat Oct 12 $ 275.60, unchanged
Durum Wheat Dec 12 $ 280.10, unchanged
Durum Wheat Mar 13 $286.70, unchanged
Barley Oct 12 $ 184.00, unchanged
Barley Dec 12 $ 189.00, unchanged
Barley Mar 13 $192.00, unchanged
Chicago (per bushel)
Soybeans Jul 12 $ 13.87, down 19.0 cents -1.35%
Soybeans Aug 12 $ 13.7275, down 20.75 -1.49%
Soybeans Jan 13 $12.94, down 26.75 -2.03%
Corn Jul 12 $ 5.83, up 2.0 +0.34%
Corn Sep 12 $ 5.145, up 3.25 $ +0.64%
Corn Mar 13 $5.17, unchanged
Oats Jul 12 $ 3.285, down 3.5 -1.05%
Oats Sep 12 $ 3.3625, down 3.75 -1.10%
Oats Mar 13 $3.495, down 3.25 $ -0.92%
Minneapolis (per bushel)
Spring Wheat Jul 12 $ 7.2575, down 0.5 cents -0.07%
Spring Wheat Sep 12 $ 7.265, up 0.5 +0.07%
Spring Wheat Dec 12 $ 7.3425, down 0.75 -0.10%
Spring Wheat Mar 13 $7.43, down 0.5 -0.07%
The nearby light crude oil price in New York fell $1.35 to $94.78 per barrel.
The Bank of Canada’s noon hour rate put the loonie below par at 99.81 cents US.
The U.S. dollar was $1.0019 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index finished down 206.14 points, or 1.8 percent, at 11,488.53, its lowest close since November.
The Dow Jones industrial average dropped 125.25 points, or 0.98 percent, to close at 12,695.35. The Standard & Poor’s 500 Index fell 15.04 points, or 1.11 percent, to 1,338.35. The Nasdaq Composite Index fell 31.24 points, or 1.06 percent, to 2,902.58.
