Canola futures closed slightly lower after trading at higher levels for most of the day.
The lower close was attributed to the late drop in soybeans, which fell back on profit taking as prices are at multi month highs.
May canola closed at $597.10 per tonne, down 40 cents.
November closed at $543.80, down 20 cents.
Forecasts for showers and warm weather in the Midwest improved the prospects for an early start to seeding soy and corn.
• Corn rose on tight old crop supplies and talk of potential new sales to China. New crop gains were limited by expectations for a large increase in corn acreage this spring.
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U.S. grains: Corn, soybeans fall as rain expected to help U.S. crops
Chicago corn and soybean futures fell on Monday on forecasts for crop-friendly rain in U.S. grain belts this week.
• Wheat rose thanks to corn’s support, but gains were limited by rain in the U.S. plains and Midwest, improving prospects for soft and hard red winter wheat.
• An agriculture forecaster in Ukraine ProAgro today raised its forecast for that country’s grain production to 45.66 million tonnes from a previous outlook of 42.64 million.
It pegged the corn harvest at 21.3 million tonnes and wheat at 14.3 million tonnes.
Last month it had corn production at 17.7 million tonnes and the wheat at 14.6 million.
• China posted its largest trade deficit in at least a decade, fanning worries that its economy is slowing. A report confirmed Italy was in recession and that its economy contracted in the fourth quarter.
Winnipeg (per tonne)
Canola Mar 12 $597.10, down $0.40 -0.07%
Canola May 12 $584.10, down $0.40 -0.07%
Canola Jul 12 $585.00, down $0.50 -0.09%
Canola Nov 12 $543.80, down $0.20 -0.04%
The previous day’s best canola basis was $2.80 over the May contract, according to ICE Futures Canada in Winnipeg.
The 14-day relative strength index was 80.
Western Barley Mar 12 $218.00, unchanged
Western Barley May 12 $224.00, unchanged
Milling Wht Oct 12 $260.50, unchanged
Milling Wht Dec 12 $265.50, unchanged
Milling Wht Mar 13 $270.50, unchanged
Durum Wht Oct 12 $265.50, unchanged
Durum Wht Dec 12 $270.00, unchanged
Durum Wht Mar 13 $276.60, unchanged
Barley Oct 12 $185.00, unchanged
Barley Dec 12 $188.50, unchanged
Barley Mar 13 $190.00, unchanged
Chicago (per bushel)
Soybeans Mar 12 $13.305, down 1.25 cents -0.09%
Soybeans May 12 $13.345, down 3.25 -0.24%
Soybeans Nov 12 $12.995, down 5.75 -0.44%
Corn Mar 12 $6.715, up 17.5 +2.68%
Corn May 12 $6.595, up 14.5 +2.25%
Corn Dec 12 $5.685, up 6.0 +1.07%
Oats Mar 12 $3.2825, up 17.25 +5.55%
Oats May 12 $3.0375, up 15.5 +5.39%
Oats Dec 12 $3.06, up 11.5 +3.90%
Minneapolis (per bushel)
Spring Wht Mar 12 $8.1075, up 9.0 cents +1.12%
Spring Wht May 12 $8.195, up 14.5 +1.80%
Spring Wht Dec 12 $8.0425, up 16.5 +2.09%
The nearby New York light sweet crude contract fell $1.06 to $106.34.
The Canadian dollar at noon was $1.0065 US, down from $1.0106 the previous trading day. The U.S. dollar at noon was 99.35 Cdn.
In an early tally, the Toronto Stock Exchange’s S&P/TSX composite index unofficially closed down 75.61 points, or 0.6 percent, at 12,428.01,
The Dow Jones industrial average added 37.69 points, or 0.29 percent, to 12,959.71 at the close. The Standard & Poor’s 500 Index inched up just 0.22 of a point, or 0.02 percent, to 1,371.09. But the Nasdaq Composite Index dipped 4.68 points, or 0.16 percent, to close at 2,983.66.
