Canola futures settled a little lower Tuesday but held on better than U.S. markets, which fell after several days of gains and on good progress in Midwest seeding.
July canola closed at $609.30, down $3.90
November settled at $559.90, down $2.70.
USDA said on Monday afternoon that planting hit a record pace, with 96 percent of corn seeded and 76 percent of the soybean crop planted as of May 20.
The report rated the corn crop as 77 percent good to excellent. Traders had expected 70 percent.
Winter wheat, (hard and soft) was rated 58 percent good to excellent, down two percentage points from a week earlier and in line with trade forecasts.
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But the Kansas wheat crop, which is mostly hard red winter, fell to 43 percent good to excellent as of Sunday, down nine percentage points from the previous week and the steepest ratings decline since November 2007.
Rain in Western Canada will benefit the newly seeded crop, but will cause delays in wrapping up the seeding campaign and will likely increase the amount of area that does not get seeded in eastern Saskatchewan.
ICE Futures Canada milling wheat saw big gains, rising to catch up with the gains in U.S. markets in recent days.
U.S. wheat markets closed lower, partly because rain is forecast for dry parts of Russia’s wheat area.
Worries about the potential for Greece to leave the euro hung over the market.
Winnipeg (per tonne)
Canola Jul 12 $609.30, down $3.90 -0.64%
Canola Nov 12 $559.90, down $2.70 -0.48%
Canola Jan 13 $563.30, down $2.80 -0.49%
Canola Mar 13 $566.10, down $2.70 -0.47%
The previous day’s best basis in the par region was $14 above the July contract, said ICE Futures Canada.
The 14-day RSI for the July contract was 47.
Western Barley Jul 12 $237.00 unchanged
Western Barley Oct 12 $210.00 unchanged
Milling Wheat Oct 12 $262.70, up $17.70 +7.22%
Milling Wheat Dec 12 $270.00, up $20.00 +8.00%
Milling Wheat Mar 13 $279.00, up $20.00 +7.72%
Durum Wheat Oct 12 $275.60 unchanged
Durum Wheat Dec 12 $280.10 unchanged
Durum Wheat Mar 13 $286.70 unchanged
Barley Oct 12 $184.00 unchanged
Barley Dec 12 $189.00 unchanged
Barley Mar 13 $192.00 unchanged
Chicago (per bushel)
Soybeans Jul 12 $13.8225, down 30.25 cents -2.14%
Soybeans Aug 12 $13.6475, down 31.0 -2.22%
Soybeans Nov 12 $12.8225, down 24.0 -1.84%
Corn Jul 12 $5.97, down 36.0 -5.69%
Corn Sep 12 $5.26, down 22.5 -4.10%
Corn Dec 12 $5.22, down 18.5 -3.42%
Oats Jul 12 $3.335, down 8.5 (preliminary)
Oats Sept 12 $3.38, down 8.5 (preliminary)
Oats Dec 12 $3.435, down 8.5 (preliminary)
Minneapolis (per bushel)
Spring Wheat Jul 12 $7.805, down 16.25 cents -2.04%
Spring Wheat Sep 12 $7.8025 -14.75 -1.86%
Spring Wheat Dec 12 $7.8625, down 12.5 -1.56%
Spring Wheat Mar 13 $7.93, down 10.0 -1.25%
Nearby light crude oil in New York was down 91 cents at $91.66 per barrel.
The Bank of Canada dollar noon rate was 98.13 cents US, up from 97.94 the previous trading day.
The U.S. dollar was 1.0191 Cdn.
In unofficial early tallies:
Toronto Stock Exchange S&P/TSX composite index rose 171.07 points, or 1.52 percent, to close at 11,451.71.
The Dow Jones industrial average dipped 1.82 points, or 0.01 percent, to end at 12,502.66. The Standard & Poor’s 500 Index edged up 0.64 of a point, or 0.05 percent, to closeat 1,316.63.
The Nasdaq Composite Index slipped 8.13 points, or 0.29 percent, to close at 2,839.08.
