Late day selling caused canola futures to close slightly down Tuesday in thin volume after spending most of the day on the plus side.
January canola closed at $579.60, down 40 cents or 0.07 percent.
There were ideas that canola is overpriced relative to other oilseeds.
U.S. crop futures closed higher in light pre-Thanksgiving trade.
• Soybeans were supported by Oil World trimming its outlook for South American soybean crops.
Oil World now pegs the Argentine crop at 54 million tonnes, down from 56 million previously, and Brazilian production at 81 million tonnes, down from 82 million.
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U.S. grains: Soy hits 17-month high, corn to four-month top as trade braces for U.S. data
Chicago Board of Trade soybean futures rose on Thursday to their highest in nearly 17 months as traders awaited a U.S. government crop report that was expected to lower yield estimates, while also bracing for the resumption of export data to give clues on Chinese buying.
Argentina is plagued by too much rain and areas of Brazil are too dry.
• Wheat was supported by the record low poor rating of the U.S. winter wheat crop, which is suffering under the continuing drought.
• Some analysts think buyers will have to turn to the U.S. in the next couple of months for corn, wheat and soybeans because prices have come down and because other suppliers are running low and the South American harvest won’t be ready until February and March.
Winnipeg (per tonne)
Canola Jan 13 $579.60, down $0.40 -0.07%
Canola Mar 13 $577.10, down $0.30 -0.05%
Canola May 13 $575.60, down $0.60 -0.10%
Canola Jul 13 $572.70, down $0.20 -0.03%
Milling Wheat Dec 12 $300.20, unchanged
Milling Wheat Mar 13 $309.70, unchanged
Milling Wheat May 13 $312.70, unchanged
Durum Wheat Dec 12 $311.80, down $0.10 -0.03%
Durum Wheat Mar 13 $318.40, down $0.10 -0.03%
Durum Wheat May 13 $322.40, down $0.10 -0.03%
Barley Dec 12 $250.00, unchanged
Barley Mar 13 $253.00, unchanged
Barley May 13 $254.00, unchanged
Chicago (per bushel)
Soybeans (P) Jan 13 $14.1275, up 18.0 cents (+1.29%)
Soybeans (P) Mar 13 $13.9625, up 14.25 +1.03%
Soybeans (P) May 13 $13.79, up 13.25 +0.97%
Soybeans (P) Jul 13 $13.7225, up 13.5 +0.99%
Corn (P) Dec 12 $7.4325, up 4.5 +0.61%
Corn (P) Mar 13 $7.4725, up 4.75 +0.64%
Corn (P) May 13 $7.43, up 5.25 +0.71%
Oats (P) Dec 12 $3.765, up 1.0 +0.27%
Oats (P) Mar 13 $3.8775, up 1.75 +0.45%
Oats (P) May 13 $3.8925, up 1.75 +0.45%
Minneapolis (per bushel)
Spring Wheat Dec 12 $9.1275, up 2.5 cents +0.27%
Spring Wheat Mar 13 $9.2375, up 2.5 +0.27%
Spring Wheat May 13 $9.3225, up 2.75 +0.30%
Spring Wheat Jul 13 $9.34, up 2.0 +0.21%
The Bank of Canada noon rate for the loonie was little changed at $1.0030 US, down from $1.0036 the day before.
he U.S. dollar was 99.70 cents Cdn.
Nearby light crude oil in New York fell $2.53 to $86.75 per barrel.
U.S. Federal Reserve chairman Ben Bernanke warned that failure to compromise on a deal to avoid the fiscal cliff has the potential to throw the United States into recession but if politicians show cooperation and creativity, 2013 could be a “very good year” for the economy.
In early tallies:
The Toronto Stock Exchange’s S&P/TSX composite index rose 5.88 points, or 0.05 percent, to close at 12,046.28.
The Dow Jones industrial average slipped 7.45 points, or 0.06 percent, to close at 12,788.51.
The Standard & Poor’s 500 Index inched up 0.93 of a point, or 0.07 percent, to finish at 1,387.82.
The Nasdaq Composite Index crept up 0.61 of a point, or 0.02 percent, to close at 2,916.68.
