Canola closed down a little on Wednesday, pressured lower mostly due to traders positioning themselves ahead of Thursday’s USDA supply and demand report.
November canola closed down $3.80 at $607.40.
Canola was down 0.62 percent but soybeans fell 1.73 percent.
Canola crush margins are narrowing and that could weaken local demand for a while.
Expectations are that USDA Thursday morning will raise its estimate of the U.S. soybean crop tomorrow because rain late in the growing season helped boost yields.
Prospects for record soybean seeded area in South America also act as a limit on oilseed prices.
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U.S. Grains: Wheat ends up after hitting five-year low
Chicago Board of Trade wheat futures ended higher on Tuesday after falling to a five-year low on abundant global supplies. Corn also higher, while soybeans end down.
Wheat is supported by continuing dry conditions in Australia that are trimming back crop projections there. Parts of the Central Plains are also dry as U.S. farmers seed the winter wheat crop.
General worries about the debt crisis in the EU, the fiscal cliff in the U.S. and slowing growth in China are also casting a shadow over commodity markets.
Winnipeg (per tonne)
Canola Nov 12 $607.40, down $3.80 -0.62%
Canola Jan 13 $606.30, down $4.00 -0.66%
Canola Mar 13 $601.00, down $5.30 -0.87%
Canola May 13 $593.10, down $5.90 -0.98%
Milling Wheat Oct 12 $293.80, up $3.30 +1.14%
Milling Wheat Dec 12 $299.00, up $3.30 +1.12%
Milling Wheat Mar 13 $308.50, up $3.30 +1.08%
Durum Wheat Oct 12 $308.30, unchanged
Durum Wheat Dec 12 $312.80, unchanged
Durum Wheat Mar 13 $319.40, unchanged
Barley Oct 12 $245.00, unchanged
Barley Dec 12 $250.00, unchanged
Barley Mar 13 $253.00, unchanged
Chicago (per bushel)
Soybeans (P) Nov 12 $15.2325, down 26.75 -1.73%
Soybeans (P) Jan 13 $15.2375, down 25.5 -1.65%
Soybeans (P) Mar 13 $14.8725, down 17.0 -1.13%
Soybeans (P) May 13 $14.395, down 12. 0 -0.83%
Corn (P) Dec 12 $7.3675, down 5.25 -0.71%
Corn (P) Mar 13 $7.3775, down 4.5 -0.61%
Corn (P) May 13 $7.325, down 4.0 -0.54%
Oats (P) Dec 12 $3.78, unchanged
Oats (P) Mar 13 $3.825, unchanged
Oats (P) May 13 $3.8325, unchanged
Minnesota (per bushel)
Spring Wheat Dec 12 $9.3375, up 5.75 +0.62%
Spring Wheat Mar 13 $9.405, up 5.25 +0.56%
Spring Wheat May 13 $9.4675, up 6.25 +0.66%
Spring Wheat Jul 13 $9.4175, up 5.25 +0.56%
The Bank of Canada noon rate for the loonie is $1.0218 US, little changed from 1.027 the day before.
The U.S. dollar was 97.87 cents Cdn.
Nearby crude oil in New York closed at $91.25 per barrel, down $1.14.
Investors expecting a lackluster earnings season pressured stocks lower.
The Toronto Stock Exchange’s S&P/TSX composite index ended down 61.15 points, or 0.5 percent, at 12,212.42, its weakest close since Sept. 6.
The Dow Jones industrial average dropped 128.56 points, or 0.95 percent, to close at 13,344.97.
The S&P 500 fell 8.92 points, or 0.62 percent, to 1,432.56.
The Nasdaq Composite lost 13.24 points, or 0.43 percent, to end at 3,051.78.
