Better news from South America sinks canola

All grains and oilseed futures sank Wednesday, as worries eased over South American export turbulence. Rumours of a large Russian wheat crop also weighed on the market.

May canola futures lost $12.70 a tonne on the ICE Futures Canada platform in Winnipeg, settling at $455.

The canola losses mirrored soybean declines in Chicago.

May soybean contracts dropped 18.25 cents to close well below $10 at $9.94 per bushel.

Argentine farmers planned to suspend grain sales for three days, beginning March 11, to protest export quotas and other government policies that affect farm profitability.

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Traders ignored the potential impact on soybean supplies, selling off soybean futures for the third day in a row.

A truckers’ strike in Brazil over high fuel prices came to an end Wednesday, as protestors abandoned roadblocks.

Corn was also down Wednesday, dropping 1.5 cents to settle at $3.895 per bu. Traders attributed the loss to the strength of the U.S. dollar and its impact on U.S. corn exports.

The U.S. dollar reached its highest level against the euro since 2003. The euro dropped below US$1.11.

The loonie actually gained slightly against the U.S. dollar. The noon Bank of Canada rate was 80.39 cents for one Canadian dollar, up from a close of 80.06 cents yesterday.

Chicago wheat futures for May declined 10 cents, closing at $4.96 per bu.

Reports out of Europe suggest Russia’s winter wheat crop may be larger than previous forecasts. Russia’s agriculture minister reported today that growing conditions for winter grains have improved in the country’s southern region.

Chicago wheat futures dropped more than a dollar a bushel from late December until early February but have been relatively steady over the last four weeks.

Light crude oil nearby futures in New York were up $1.01 to US$51.53 per barrel.

The Canadian dollar at noon was US80.39 cents, up from US80.31 cents the previous trading day. The U.S. dollar at noon was C$1.2440.

Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015   450.00   -9.70   -2.11%
Canola May 2015   455.00   -12.70   -2.72%
Canola Jul 2015   454.30   -12.80   -2.74%
Canola Nov 2015   446.30   -10.40   -2.28%
Canola Jan 2016   448.30   -10.10   -2.20%

Milling Wheat Mar 2015   223.00   -2.00   -0.89%
Milling Wheat May 2015   231.00   -1.00   -0.43%
Milling Wheat Jul 2015   233.00   -2.00   -0.85%

Durum Wheat Mar 2015   333.00   unch   0.00%
Durum Wheat May 2015   323.00   unch   0.00%
Durum Wheat Jul 2015   313.00   unch   0.00%

Barley Mar 2015   180.00   unch   0.00%
Barley May 2015   182.00   unch   0.00%
Barley Jul 2015   184.00   unch   0.00%

American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound

Chicago
Soybeans Mar 2015   989   -19.75   -1.96%
Soybeans May 2015   994   -18.25   -1.80%
Soybeans Jul 2015   999.75   -17.5   -1.72%
Soybeans Aug 2015   998.25   -17   -1.67%
Soybeans Sep 2015   983.25   -16   -1.60%
Soybeans Nov 2015   972.75   -15   -1.52%

Soybean Meal Mar 2015   334.1   -7.7   -2.25%
Soybean Meal May 2015   327.1   -5.7   -1.71%
Soybean Meal Jul 2015   325.2   -5.4   -1.63%

Soybean Oil Mar 2015   32.03   -0.77   -2.35%
Soybean Oil May 2015   32.21   -0.76   -2.31%
Soybean Oil Jul 2015   32.4   -0.74   -2.23%

Corn Mar 2015   381.5   -0.5   -0.13%
Corn May 2015   389.5   -1.5   -0.38%
Corn Jul 2015   397.5   -1.75   -0.44%
Corn Sep 2015   404.75   -2   -0.49%
Corn Dec 2015   413.75   -2.75   -0.66%

Oats Mar 2015   292.75   unch   0.00%
Oats May 2015   284.75   +1   +0.35%
Oats Jul 2015   283.75   +1.25   +0.44%
Oats Sep 2015   284.25   -0.25   -0.09%

Oats Dec 2015 284.25 -2.75 -0.96%

Wheat Mar 2015   493.5   -15.25   -3.00%
Wheat May 2015   496   -10   -1.98%
Wheat Jul 2015   503   -6.75   -1.32%
Wheat Sep 2015   512.75   -5.5   -1.06%
Wheat Dec 2015   528.5   -4   -0.75%

Minneapolis
Spring Wheat Mar 2015   557.25   -4   -0.71%
Spring Wheat May 2015   565.75   -5   -0.88%
Spring Wheat Jul 2015   571.75   -4.5   -0.78%
Spring Wheat Sep 2015   578.25   -4.75   -0.81%
Spring Wheat Dec 2015   588.5   -4.25   -0.72%

Kansas City
Hard Red Wheat Mar 2015   523.5   -7   -1.32%
Hard Red Wheat May 2015   527.25   -8   -1.49%
Hard Red Wheat Jul 2015   534.25   -7.75   -1.43%
Hard Red Wheat Sep 2015   546.75   -7.75   -1.40%
Hard Red Wheat Dec 2015   563.75   -7.25   -1.27%