Canola futures fell a little on Wednesday even with support from stronger soybeans and soy oil.
There are some reports of improving canola conditions in some areas because of recent scattered rain and there is a 60 percent chance this weekend for rain in some of the driest parts of Saskatchewan.
Canola might also have been pressured from overnight weakness in palm oil and European rapeseed, which were reflecting the weakness in soy oil on Monday and Tuesday. The consolidation in soy oil today perhaps will support canola when it opens on Thursday.
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Corn futures traded near unchanged.
Forecasts for unwanted storms in parts of the Midwest lifted soybeans after weeks of heavy rains have flooded some fields and prevented farmers from finishing their planting, traders said.
The rains prompted analytical firm Informa Economics to cut its estimate for the 2015 U.S. soybean harvest by 1 percent to 3.77 billion bushels on Wednesday.
“The market is still respectful that we have some wet areas and some very wet areas in south,” said Don Roose, president of brokerage U.S. Commodities in Iowa.
Markets rebounded after jitters about the Greek debt crisis and China’s stock market plunge sparked a selloff of commodities on Tuesday. Investors remained nervous about the global economy, keeping pressure on commodities.
However, for grain traders, “the main focus for the market continues to be the weather,” said Tomm Pfitzenmaier, analyst at Summit Commodity Brokerage in Iowa.
Chicago Board of Trade wheat futures fell Wednesday on technical selling and indications that U.S. wheat is not competitive on world market, traders said.
Top wheat importer Egypt bought 180,000 tonnes of wheat from Russia and Ukraine in a tender in which the Black Sea grain was about $50 per tonne cheaper than U.S. wheat.
Additional pressure came from the ongoing harvest of winter wheat in the U.S. and the Black Sea region.
The U.S. hard red wheat harvest is currently centered in northern Kansas, Colorado and Nebraska, but heavy rains this week in Oklahoma, Texas and Kansas stalled the tail end of harvest in the southern belt with farmers there abandoning saturated wheat fields, Reuters reported.
Market is underpinned by stressful weather in parts of Europe and Canada, and fears that the El Niño weather pattern might adversely affect crop weather in Australia.
Corn futures were narrowly higher on Wednesday, rebounding after two straight sessions of losses.
Investors started to square their positions ahead of the monthly USDA supply and demand report due to Friday, traders said.
Most analysts expect the USDA will reduce its corn production forecast.
Light crude oil nearby futures in New York were down 68 cents to US$51.65 per barrel.
The Canadian dollar at noon was US78.49 cents, down from 78.60 cents the previous trading day. The U.S. dollar at noon was C$1.2722.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2015 528.40 -3.70 -0.70%
Canola Nov 2015 520.20 -3.70 -0.71%
Canola Jan 2016 520.20 -3.50 -0.67%
Canola Mar 2016 518.90 -3.10 -0.59%
Canola May 2016 514.90 -3.30 -0.64%
Milling Wheat Jul 2015 252.00 +2.00 +0.80%
Milling Wheat Oct 2015 249.00 +2.00 +0.81%
Durum Wheat Jul 2015 298.00 unch 0.00%
Durum Wheat Oct 2015 298.00 unch 0.00%
Durum Wheat Dec 2015 303.00 unch 0.00%
Barley Jul 2015 212.40 unch 0.00%
Barley Oct 2015 207.40 unch 0.00%
Barley Dec 2015 212.40 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2015 1006.25 +4.25 +0.42%
Soybeans Aug 2015 996.75 +4.75 +0.48%
Soybeans Sep 2015 988 +2.75 +0.28%
Soybeans Nov 2015 988.25 +2.5 +0.25%
Soybeans Jan 2016 994.5 +2.25 +0.23%
Soybeans Mar 2016 991 +1.25 +0.13%
Soybean Meal Jul 2015 350.8 +0.9 +0.26%
Soybean Meal Aug 2015 343.8 +1.3 +0.38%
Soybean Meal Sep 2015 339.6 +1.5 +0.44%
Soybean Oil Jul 2015 31.6 +0.19 +0.60%
Soybean Oil Aug 2015 31.69 +0.17 +0.54%
Soybean Oil Sep 2015 31.75 +0.18 +0.57%
Corn Jul 2015 416.25 +0.5 +0.12%
Corn Sep 2015 424.5 +1.25 +0.30%
Corn Dec 2015 434.25 +1.25 +0.29%
Corn Mar 2016 444 +1.25 +0.28%
Corn May 2016 449.25 +1 +0.22%
Oats Jul 2015 246 -5.25 -2.09%
Oats Sep 2015 255 -5.5 -2.11%
Oats Dec 2015 267 -4.75 -1.75%
Oats Mar 2016 277.25 -3.5 -1.25%
Oats May 2016 280.25 -0.5 -0.18%
Wheat Jul 2015 572.25 -7.25 -1.25%
Wheat Dec 2015 584.75 -8 -1.35%
Wheat Mar 2016 591.5 -8.75 -1.46%
Wheat May 2016 594.5 -9.75 -1.61%
Minneapolis
Spring Wheat Jul 2015 608 -1.75 -0.29%
Spring Wheat Sep 2015 619 -4.5 -0.72%
Spring Wheat Dec 2015 632.5 -5.5 -0.86%
Spring Wheat Mar 2016 642.5 -6.25 -0.96%
Spring Wheat May 2016 648.25 -5.75 -0.88%
Kansas City
Hard Red Wheat Jul 2015 568.25 -2.5 -0.44%
Hard Red Wheat Sep 2015 583 -3.25 -0.55%
Hard Red Wheat Dec 2015 602.5 -4 -0.66%
Hard Red Wheat Mar 2016 615.75 -3.75 -0.61%
Hard Red Wheat May 2016 623.25 -3.5 -0.56%
