Canola drifts lower on lack of fresh news

Canola futures fell a little on Tuesday after posting slight gains early.

There was no strong trend set as trade wavered between the two following pressures that have been around for a while now:

• Upward pressure from concerns about the size of the Canadian canola crop and slow farmer sales off the combine supported canola.

• Downward pressure from the rapid progress of the American harvest and a slightly stronger loonie today.

November canola closed at $608.80 per tonne, down $2.60 or 0.43 percent.

Soybeans edged higher but soy oil fell slightly.

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In the background, traders are watching South American seeding prospects, which are generally adequate. Key soy producing regions of Brazil have been a bit dry, but recently received about an inch of rain.

Argentina has better soil moisture after a wet August.

Winnipeg (per tonne)

Canola Nov 12 $608.80, down $2.60 -0.43%

Canola Jan 13 $612.10, down $2.80 -0.46%

Canola Mar 13 $611.90, down $2.40 -0.39%

Canola May 13 $603.00, down $2.40 -0.40%

Milling Wheat Oct 12 $298.60, down $2.90 -0.96%

Milling Wheat Dec 12 $303.80, down $2.90 -0.95%

Milling Wheat Mar 13 $313.30, down $2.90 -0.92%

Durum Wheat Oct 12 $311.90 , unchanged

Durum Wheat Dec 12 $316.40 , unchanged

Durum Wheat Mar 13 $323.00, unchanged

Barley Oct 12 $250.30, unchanged

Barley Dec 12 $255.30, unchanged

Barley Mar 13 $258.30, unchanged

Chicago (per bushel)

Soybeans (P) Nov 12 $16.115, up 1.5 cents +0.09%

Soybeans (P) Jan 13 $16.1425, up 3.25 +0.20%

Soybeans (P) Mar 13 $15.765, up 4.25 +0.27%

Soybeans (P) May 13 $15.26, up 5.75 +0.38%

Corn (P) Dec 12 $7.4375, down 1.0 -0.13%

Corn (P) Mar 13 $7.475, down 1.25 -0.17%

Corn (P) May 13 $7.46, down 1.25 -0.17%

Oats (P) Dec 12 $3.7825, up 1.75 +0.46%

Oats (P) Mar 13 $3.84, up 1.75 +0.46%

Oats (P) May 13 $3.845, up 1.25 +0.33%

Minneapolis (per bushel)

Spring Wheat Dec 12 $9.4225, down 8.25 cents -0.87%

Spring Wheat Mar 13 $9.5125, down 6.75 -0.70%

Spring Wheat May 13 $9.5825, down 5.5 -0.57%

Spring Wheat Jul 13 $9.5625, down 5.25 -0.55%

The Bank of Canada noon rate for the loonie is $1.0235 US, up from $1.0203 on Monday.

The U.S. buck is 97.70 cents Cdn.

Nearby crude oil in New York closed at $91.37, down 56 cents.

In early tallies:

The Toronto Stock Exchange’s S&P/TSX composite index fell 56.36 points, or 0.46 percent, to close at 12,257.18.

The Dow Jones industrial average fell 101.60 points, or 0.75 percent, to close at 13,457.32.

The S&P 500 fell 15.26 points, or 1.05 percent, to 1,441.63.

The Nasdaq Composite dropped 43.06 points, or 1.36 percent, to close at 3,117.73.

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