Canola down 2.25 percent on global jitters and U.S. harvest progress

Canola, soybeans and corn fell more than two percent Wednesday, pressured by the rapid progress of the American harvest and general market concerns about slow global economic growth and the European debt situation.

November canola fell below the psychologically important $600 per tonne mark, closing at $595.10, down $13.70, or 2.25 percent.

A general strike in Greece and violent protests in Spain against austerity measures has put Europe and its debt problems back in the spotlight.

Oilseeds were furthered pressured by continuing anecdotal reports of better than expected U.S. soybean yields.

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Slow farmer sales and disappointing canola yields limited the losses in canola.

The market awaits Friday’s quarterly USDA grain stocks report.

Recent rain in dry parts of Brazil improved seeding prospects there. However, frost overnight in southern Brazil probably killed corn seedlings leading to the need to reseed.

Corn prices were pressured by news that three livestock companies in North Carolina have signed deals to import 750,000 tonnes of corn from Brazil.

Winnipeg (per tonne)

Canola Nov 12 $595.10, down $13.70 -2.25%

Canola Jan 13 $598.50, down $13.60 -2.22%

Canola Mar 13 $597.50, down $14.40 -2.35%

Canola May 13 $589.00, down $14.00 -2.32%

Milling Wheat Oct 12 $295.50, down 3.10 -1.04%

Milling Wheat Dec 12 $300.70, down 3.10 -1.02%

Milling Wheat Mar 13 $310.20, down 3.10 -0.99%

Durum Wheat Oct 12 $311.90, unchanged

Durum Wheat Dec 12 $316.40, unchanged

Durum Wheat Mar 13 $323.00, unchanged

Barley Oct 12 $250.30, unchanged

Barley Dec 12 $255.30, unchanged

Barley Mar 13 $258.30, unchanged

Chicago (per bushel)

Soybeans (P) Nov 12 $15.73, down 38.5 -2.39%

Soybeans (P) Jan 13 $15.7425, down 40.0 -2.48%

Soybeans (P) Mar 13 $15.3175, down 44.75 -2.84%

Soybeans (P) May 13 $14.8825, down 37.75 -2.47%

Corn (P) Dec 12 $7.2475, down 19.0 -2.55%

Corn (P) Mar 13 $7.285, down 19.0 -2.54%

Corn (P) May 13 $7.2675, down 19.25 -2.58%

Oats (P) Dec 12 $3.75, down 3.25 -0.86%

Oats (P) Mar 13 $3.805, down 3.5 -0.91%

Oats (P) May 13 $3.8225, down 2.25 -0.59%

Minneapolis (per bushel)

Spring Wheat Dec 12 $9.295, down 12.75-1.35%

Spring Wheat Mar 13 $9.3775, down 13.5 -1.42%

Spring Wheat May 13 $9.4375, down 14.5 -1.51%

Spring Wheat Jul 13 $9.4125, down 15.0 -1.57%

The Bank of Canada noon rate for the Canadian dollar was $1.0161, down from $1.0235.

The U.S. dollar was 98.42 cents Cdn.

Nearby crude oil in New York closed down 56 cents at $91.37 per barrel.

In early tallies:

The Toronto Stock Exchange’s S&P/TSX composite index closed down 24.32 points, or 0.20 percent, at 12,232.86.

The Dow Jones industrial average fell 43.96 points, or 0.33 percent, to close at 13,413.59.

The S&P 500 dropped 8.26 points, or 0.57 percent, to 1,433.33.

The Nasdaq Composite lost 24.03 points, or 0.77 percent, to 3,093.70.

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