Canola edged lower on Wednesday along with soybeans on improved weather in Brazil, expectations of an increased USDA soybean estimate on Friday and lower crude oil futures.
Most traded January canola closed at $599.00, down $1.50.
Trade has shifted to January from November, which closed at $601.50, down $1.50 on no trades.
November contact expires on Nov. 14.
Wheat retained strength on worries about lack of moisture in the U.S. winter wheat belt, too much rain flooding wheat fields in Argentina, rain hurting quality of the Australian harvest and dry soils in Russia’s winter wheat area.
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U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
Corn edged higher on carryover strength from wheat.
Rain is falling in dry areas of Brazil, reviving expectations of a bumper soybean crop there. That weighed on oilseeds.
Oilseeds were also pressured lower by a sharp drop in crude oil futures, which fell along with equities. With the U.S. election settled, investors shifted focus to the impending battle over how to address the “fiscal cliff,” shorthand for the package of tax increases and spending cuts to kick in Jan. 1, 2013, unless Congress reaches a compromise to avert the policy changes.
Moisture on northern plains to improve. Snowing today around Edmonton. Heavy snow is expected in southern Alberta and Saskatchewan, mostly south of the Trans-Canada Highway on Thursday and Friday. The snow will also be heavy in dry areas of Montana and North Dakota.
Winnipeg (per bushel)
Canola Nov 12 $601.50, down $1.50 -0.25%
Canola Jan 13 $599.00, down $1.50 -0.25%
Canola Mar 13 $596.40, down $0.90 -0.15%
Canola May 13 $592.60, up $0.10 +0.02%
Milling Wheat Dec 12 $310.30, up $1.80 +0.58%
Milling Wheat Mar 13 $319.80, up $1.80 +0.57%
Milling Wheat May 13 $322.80, up $1.80 +0.56%
Durum Wheat Dec 12 $312.40, unchanged
Durum Wheat Mar 13 $319.00, unchanged
Durum Wheat May 13 $323.00, unchanged
Barley Dec 12 $250.00, unchanged
Barley Mar 13 $253.00, unchanged
Barley May 13 $254.00, unchanged
Chicago (per bushel)
Soybeans (P) Nov 12 $15.0875, down 8.0 -0.53%
Soybeans (P) Jan 13 $15.07, down 8.5 -0.56%
Soybeans (P) Mar 13 $14.8525, down 5.75 -0.39%
Soybeans (P) May 13 $14.61, down 4.25 -0.29%
Corn (P) Dec 12 $7.4425, up 3.25 +0.44%
Corn (P) Mar 13 7.46, up 3.0 +0.40%
Corn (P) May 13 $7.42-4, up 2.75 +0.37%
Oats (P) Dec 12 $3.65-2, up 5.25 +1.46%
Oats (P) Mar 13 $3.72-4, up 3.75 +1.02%
Oats (P) May 13 $3.72-6, up 4.75 +1.29%
Minneapolis (per bushel)
Spring Wheat Dec 12 $9.5975, up 11.75 +1.24%
Spring Wheat Mar 13 $9.6575, up 11.0 +1.15%
Spring Wheat May 13 $9.7300, up 12.25 +1.28%
Spring Wheat Jul 13 $9.685, up 10.25 +1.07%
The Bank of Canada noon rate for the loonie is $1.0028 US, down from $1.0064 on Tuesday.
The U.S. dollar is 99.72 cents Cdn.
Nearby crude oil in New York fell $4.27 to $84.44 per barrel.
Thoughts that there will be stiff battle around addressing the U.S. fiscal cliff pressured equity markets lower.
The Toronto Stock Exchange’s S&P/TSX composite index fell 130.61 points, or 1.06 percent, to close at 12,230.59.
The Dow Jones industrial average plunged 312.95 points, or 2.36 percent, to close at 12,932.73.
The Standard & Poor’s 500 Index fell 33.86 points, or 2.37 percent, to close at 1,394.53.
The Nasdaq Composite Index dropped 74.64 points, or 2.48 percent, to finish at 2,937.29.
