Canola and spring wheat closed up a little on Wednesday while other crop futures drifted lower mostly on profit taking.
Canola fell just after trading opened but rallied at the close, with July at $470.60, up $1.70 per tonne.
There was little news to trade on. The seeding pace has picked up in the Midwest with farmers hoping to get acres planted before rain later this week.
Seeding progress in Western Canada is delayed by cold soil and, in some places, wet conditions.
Soybeans fell on signs of weaker demand and improved global supply now that the big South American harvests are hitting the market.
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Corn retreated on the improved planting pace in the U.S.
Chicago and Kansas wheat contracts were also down on profit taking, but spring wheat futures edged higher, supported by the delays in seeding in North Dakota and the Canadian Prairies.
On Friday, the USDA will release its first official production estimate for the U.S. wheat crop, along with initial forecasts for U.S. and world grain 2014-15 ending stocks.
The reports will also include updates on U.S. ending stock forecasts.
A slight relaxation in the tensions in Ukraine weighed on the grain market. Russian president Vladimir Putin urged pro-Russia activists in Ukraine to delay a referendum planned for Sunday on autonomy. He also said he had pulled Russian troops back from the border with Ukraine, but NATO and U.S. officials said they had not seen signs of a pullback.
A Reuters poll of traders and analysts showed that on average they believe Ukraine’s corn crop will fall by 20 percent or about six million tonnes to 25 million this year because financial and credit problems did not allow farmers to manage for maximum yield.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2014Â Â Â Â Â Â 484.60Â Â Â Â Â Â +1.70Â Â Â Â Â Â +0.35%
Canola Jul 2014Â Â Â Â Â Â 470.60Â Â Â Â Â Â +1.70Â Â Â Â Â Â +0.36%
Canola Nov 2014Â Â Â Â Â Â 477.50Â Â Â Â Â Â +1.60Â Â Â Â Â Â +0.34%
Canola Jan 2015Â Â Â Â Â Â 482.90Â Â Â Â Â Â +1.60Â Â Â Â Â Â +0.33%
Canola Mar 2015Â Â Â Â Â Â 487.60Â Â Â Â Â Â +1.60Â Â Â Â Â Â +0.33%
Milling Wheat May 2014Â Â Â Â Â Â 247.00Â Â Â Â Â Â +1.00Â Â Â Â Â Â +0.41%
Milling Wheat Jul 2014Â Â Â Â Â Â 252.00Â Â Â Â Â Â +1.00Â Â Â Â Â Â +0.40%
Milling Wheat Oct 2014Â Â Â Â Â Â 253.00Â Â Â Â Â Â +1.00Â Â Â Â Â Â +0.40%
Durum Wheat May 2014      247.00      unch      0.00%
Durum Wheat Jul 2014      247.00      unch      0.00%
Durum Wheat Oct 2014      242.00      unch      0.00%
Barley May 2014      139.50      unch      0.00%
Barley Jul 2014      140.50      unch      0.00%
Barley Oct 2014      140.50      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2014Â Â Â Â Â Â 1451Â Â Â Â Â Â -13Â Â Â Â Â Â -0.89%
Soybeans Jul 2014Â Â Â Â Â Â 1446.25Â Â Â Â Â Â -13.25Â Â Â Â Â Â -0.91%
Soybeans Aug 2014Â Â Â Â Â Â 1393.75Â Â Â Â Â Â -10.75Â Â Â Â Â Â -0.77%
Soybeans Sep 2014Â Â Â Â Â Â 1272.75Â Â Â Â Â Â -9.5Â Â Â Â Â Â -0.74%
Soybeans Nov 2014Â Â Â Â Â Â 1217.25Â Â Â Â Â Â -8Â Â Â Â Â Â -0.65%
Soybeans Jan 2015Â Â Â Â Â Â 1223.75Â Â Â Â Â Â -7.75Â Â Â Â Â Â -0.63%
Soybean Meal May 2014Â Â Â Â Â Â 481.3Â Â Â Â Â Â -5.3Â Â Â Â Â Â -1.09%
Soybean Meal Jul 2014Â Â Â Â Â Â 474.9Â Â Â Â Â Â -2.6Â Â Â Â Â Â -0.54%
Soybean Meal Aug 2014Â Â Â Â Â Â 450.9Â Â Â Â Â Â -2.3Â Â Â Â Â Â -0.51%
Soybean Oil May 2014Â Â Â Â Â Â 40.67Â Â Â Â Â Â -0.24Â Â Â Â Â Â -0.59%
Soybean Oil Jul 2014Â Â Â Â Â Â 40.83Â Â Â Â Â Â -0.28Â Â Â Â Â Â -0.68%
Soybean Oil Aug 2014Â Â Â Â Â Â 40.81Â Â Â Â Â Â -0.29Â Â Â Â Â Â -0.71%
Corn May 2014Â Â Â Â Â Â 510.25Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.54%
Corn Jul 2014Â Â Â Â Â Â 514Â Â Â Â Â Â -3.5Â Â Â Â Â Â -0.68%
Corn Sep 2014Â Â Â Â Â Â 511Â Â Â Â Â Â -2Â Â Â Â Â Â -0.39%
Corn Dec 2014      509.5      unch      0.00%
Corn Mar 2015      517.25      unch      0.00%
Oats May 2014Â Â Â Â Â Â 408.75Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.31%
Oats Jul 2014Â Â Â Â Â Â 356Â Â Â Â Â Â -3.5Â Â Â Â Â Â -0.97%
Oats Sep 2014Â Â Â Â Â Â 343Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.15%
Oats Dec 2014Â Â Â Â Â Â 330.5Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.45%
Oats Mar 2015Â Â Â Â Â Â 328.75Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.53%
Wheat May 2014Â Â Â Â Â Â 729.75Â Â Â Â Â Â -2Â Â Â Â Â Â -0.27%
Wheat Jul 2014Â Â Â Â Â Â 737.75Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.17%
Wheat Sep 2014Â Â Â Â Â Â 746.5Â Â Â Â Â Â -1Â Â Â Â Â Â -0.13%
Wheat Dec 2014Â Â Â Â Â Â 759.75Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.16%
Wheat Mar 2015Â Â Â Â Â Â 771.25Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.10%
Minneapolis
Spring Wheat May 2014Â Â Â Â Â Â 795Â Â Â Â Â Â +3Â Â Â Â Â Â +0.38%
Spring Wheat Jul 2014Â Â Â Â Â Â 806.5Â Â Â Â Â Â +1.75Â Â Â Â Â Â +0.22%
Spring Wheat Sep 2014Â Â Â Â Â Â 814.25Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.28%
Spring Wheat Dec 2014Â Â Â Â Â Â 824Â Â Â Â Â Â +2.5Â Â Â Â Â Â +0.30%
Spring Wheat Mar 2015Â Â Â Â Â Â 828Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.03%
Kansas City
KC HRW Wheat May 2014Â Â Â Â Â Â 836.5Â Â Â Â Â Â -6.5Â Â Â Â Â Â -0.77%
KC HRW Wheat Jul 2014Â Â Â Â Â Â 841.5Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.50%
KC HRW Wheat Sep 2014Â Â Â Â Â Â 844.75Â Â Â Â Â Â -4.75Â Â Â Â Â Â -0.56%
KC HRW Wheat Dec 2014Â Â Â Â Â Â 851.25Â Â Â Â Â Â -3.75Â Â Â Â Â Â -0.44%
KC HRW Wheat Mar 2015Â Â Â Â Â Â 852.75Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.32%
Light crude oil nearby futures in New York rose $1.27 at $100.77 US per barrel.
The Canadian dollar at noon was 91.78 cents US, down slightly from 91.83 cents the previous trading day. The U.S. dollar at noon was $1.0896 Cdn.
U.S. Federal Reserve chair Janet Yellen comments to the congressional Joint Economic Committee held no surprises about interest rates or the wind down of the bond buying stimulus program.
Internet company shares like Amazon, Facebook and Google all fell.
In afternoon trade, the TSX composite, the Dow and the S&P 500 were up but the Nasdaq was down.
