Canola edges lower on profit taking, weaker soybeans

Canola futures fell a little Wednesday on profit taking after the oilseed outperformed soybeans on Tuesday.

Soybeans fell again on profit taking after hitting long term highs recently.

May canola closed at $623.50 per tonne, down $1.70.

November closed at $580.20, down $4.80.

Wheat futures were supported by frost this morning in parts of the U.S. Midwest that might damage soft red winter wheat that is in the jointing stage. There could be frost again Thursday morning.

• Worries about slowing global economic growth that roiled stock and commodity markets on Tuesday were a little more settled today. Equity markets and crude oil rose. Some quarterly financial reports for major corporations came in better than expected.

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• There was mildly supportive news from France with forecasters there reducing their expectation of year-end wheat stocks and continuing concern about dry soils, although there have been light showers recently.

• Rapid seeding progress in the U.S. is a weight on markets. However, although 21 percent of the spring wheat crop was already seeded as of Sunday, some analysts think the final wheat acreage might be less than expected, with corn stealing acres from spring wheat in North Dakota.

• ICE Futures Canada Western barley and milling wheat contracts were adjusted up with no trade.

Winnipeg (per tonne)

Canola May 12 $623.50, down $1.70 -0.27%

Canola Jul 12 $618.00, down $2.20 -0.35%

Canola Nov 12 $580.20, down $4.80 -0.82%

Canola Jan 13 $584.70, down $4.30 -0.73%

The best basis for the previous day in the par region was +$2.40 over the May contract said Ice Futures Canada.

The 14-day RSI was 74.

Western Barley May 12 $235.00, up $5.00 +2.17%

Western Barley Jul 12 $235.00, up $5.00 +2.17%

Milling Wheat Oct 12 $266.00, up $0.70 +0.26%

Milling Wheat Dec 12 $271.00, up $0.70 +0.26%

Milling Wheat Mar 13 $276.00, up $0.70 +0.25%

Durum Wheat Oct 12 $277.50, unchanged

Durum Wheat Dec 12 $282.00, unchanged

Durum Wheat Mar 13 $288.60, unchanged

Barley Oct 12 $186.50, unchanged

Barley Dec 12 $190.00, unchanged

Barley Mar 13 $191.50, unchanged

Chicago (per bushel)

Soybeans May 12 $14.22, down 4.0 cents -0.28%

Soybeans Jul 12 $14.2425, down 3.0 -0.21%

Soybeans Nov 12 $13.59, down 5.75 -0.42%

Corn May 12 $6.36, up 1.25 +0.20%

Corn Jul 12 $6.27, up 1.25 +0.20%

Corn Dec 12 $5.4675, up 3.25 +0.60%

Oats May 12 $3.2925, down 3.75 -1.13%

Oats Jul 12 $3.325, down 1.0 -0.30%

Oats Dec 12 $3.34 down 1.0 -0.30%

Minneapolis (per bushel)

Spring Wheat May 12 $8.3825, up 4.5 cents +0.54%

Spring Wheat Jul 12 $8.3325, up 5.25 +0.63%

Spring Wheat Sep 12 $8.1875, up 4.25 +0.52%

Spring Wheat Dec 12 $8.0625, up 1.75 +0.22%

The nearby New York light sweet crude contract rose $1.68 to $102.70.

The Canadian dollar at noon was below par to 99.61 cents US, down from 99.72 cents the previous trading day. The U.S. dollar at noon was $1.0039 Cdn.

In unofficial early tallies:

The Toronto Stock Exchange’s S&P/TSX composite index closed up 91.47 points, or 0.77 percent, at 12,026.76.

The Dow Jones industrial average was up 89.54 points, or 0.70 percent, to close at 12,805.47.

The Standard & Poor’s 500 Index was up 10.13 points, or 0.75 percent, to finish at 1,368.72.

The Nasdaq Composite Index was up 25.24 points, or 0.84 percent, to close at 3,016.46.

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