Improved weather in Brazil and slow U.S. corn exports pressured grain prices lower Tuesday.
Canola was pressured by reduced export and domestic demand.
Also, traders on average expect Statistics Canada on Wednesday will raise its canola crop estimate to 13.7 million from 13.4 million in the last report. We’ll have coverage of the StatsCan report at Producer.com and Producermobile.com on Wednesday.
January canola closed at $589.80, down $2.10.
Large palm oil stocks are generally weighing on veg oil seed markets.
• While Brazil is seeing better growing weather, problems early in the season are causing forecasters to trim some of their corn outlooks. Outlooks for Argentina’s crops are also being cut and weather there continues to be too wet.
Read Also
U.S. Grains: Wheat ends up after hitting five-year low
Chicago Board of Trade wheat futures ended higher on Tuesday after falling to a five-year low on abundant global supplies. Corn also higher, while soybeans end down.
Private analytics firm Informa Economics slightly raised its Brazil soybean crop forecast to 81.4 million tonnes from 81.25 million.
Informa trimmed its Brazilian corn outlook by 600,000 tonnes.
Argentina’s corn crop was cut to 27 million tonnes, from 28 million previously.
Argentina’s soybean production was cut 1.1 million tonnes to 58.4 million tonnes, from 59.5 million a month ago,
• Analysts at FCStone do Brasil cut Brazil’s soybean crop by two percent to 80.01 million tonnes of, down from its September estimate of 81.98 million tonnes
Brazil’s government will update its crop forecasts Thursday. Last month it pegged soybean production at 80.1 million to 83 million tonnes.
• The CWB said today it had shipped its first ever sale of canola.  It has shipped 42,000 tonnes of canola to Japanese customers through Prince Rupert.
Winnipeg (per tonne)
Canola Jan 13Â $589.80, down $2.10Â Â Â Â Â Â -0.35%
Canola Mar 13Â $589.20, down $2.30Â Â Â Â Â Â -0.39%
Canola May 13Â $588.30, down $2.50Â Â Â Â Â Â -0.42%
Canola Jul 13Â $584.70, down $2.70Â Â Â Â Â Â Â Â Â Â Â Â -0.46%
Milling Wheat Dec 12 Â $300.00, down $0.60Â Â Â Â Â Â -0.20%
Milling Wheat Mar 13Â $308.00, down $0.60Â Â Â Â Â Â -0.19%
Milling Wheat May 13Â $311.00, down $0.60Â Â Â Â Â Â -0.19%
Durum Wheat Dec 12Â $312.00, unchanged
Durum Wheat Mar 13Â $316.00, unchanged
Durum Wheat May 13Â $320.00, unchanged
Barley Dec 12Â $245.00, unchanged
Barley Mar 13Â $248.00, unchanged
Barley May 13Â $249.00, unchanged
Chicago (per bushel)
Soybeans (P) Jan 13Â $14.555, up 1.75 cents +0.12%
Soybeans (P) Mar 13Â $14.5025, up 2.0Â Â Â Â Â Â +0.14%
Soybeans (P) May 13Â $14.28, up 1.0Â Â Â Â Â Â +0.07%
Soybeans (P) Jul 13Â $14.1675, unchanged
Corn (P) Dec 12Â $7.465, down 2.5Â Â Â Â Â Â -0.33%
Corn (P) Mar 13Â $7.52, down 2.75Â Â Â Â Â Â -0.36%
Corn (P) May 13Â $7.53, down 1.25Â Â Â Â Â Â -0.17%
Oats (P) Dec 12Â $3.6725, up 0.5Â Â Â Â Â Â +0.14%
Oats (P) Mar 13Â $3.85, up 0.5Â Â Â Â Â Â +0.13%
Oats (P) May 13Â $3.8975, up 0.75Â Â Â Â Â Â +0.19%
Minneapolis (per bushel)
Spring Wheat Dec 12 $9.0825, down 4.25 cents  -0.47%
Spring Wheat Mar 13Â $9.2925, down 3.0Â Â Â Â Â Â -0.32%
Spring Wheat May 13Â $9.385, down 2.75Â Â Â Â Â Â -0.29%
Spring Wheat Jul 13Â $9.4275, down 2.75Â Â Â Â Â Â -0.29%
The Bank of Canada noon rate for the Canadian dollar was $1.0074, barely changed from $1.0072 the day before.
The U.S. greenback was 99.27 cents Cdn.
Nearby light crude oil in New York closed down 59 cents at $88.50 per barrel.
The Toronto Stock Exchange’s S&P/TSX composite index fell 32.56 points, or 0.27 percent, to close at 12,137.18.
The Dow Jones industrial average fell 13.82 points, or 0.11 percent, to 12,951.78 at the close.
The Standard & Poor’s 500 Index fell 2.41 points, or 0.17 percent, to close at 1,407.05.
The Nasdaq Composite Index dropped 5.51 points, or 0.18 percent, to close at 2,996.69.
