Canola futures fell on fund speculative selling and weaker soybeans, which were pressured by thoughts that despite port congestion, Brazil’s soybean crop will become increasingly available, reducing interest in American soy.
U.S. weekly export numbers on Thursday will be watched closely for evidence of whether U.S. soybeans are losing out to South American product and to determine if U.S. wheat is indeed cheap enough to attract a lot of export demand.
Watch Producer.com on Thursday and Friday for coverage of the Canola Council of Canada annual meeting held in Vancouver.
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U.S. grains: Corn futures edge up, soybeans sag on improving US crop ratings
Chicago Board of Trade corn futures extended slight gains on Tuesday as short covering and bargain buying continued to support a rebound from contract lows reached during the previous session.
May canola closed at $621.20, down $3.50. November closed at $553.40, down $3.80.
Wheat, especially soft red wheat, edged higher on indications that demand is picking up from the export sector and the U.S. domestic livestock feeding sector and ethanol demand. Yesterday U.S. railways lowered freight rates for soft wheat to head to plains feeding areas.
Gains were limited by expectations of a bigger world wheat crop this year and by rain expected in hard red winter wheat states this weekend, which should help extend the gradual improvement of the crop after months of drought.
Corn edged lower, dragged lower by soybeans.
AccuWeather’s spring forecast is for generally good growing conditions in the U.S. for the next few months.
Today’s settlement prices
Winnipeg ICE Futures in dollars per tonne
Canola Mar 13 $636.2 -$3.50 -0.55%
Canola May 13 $621.2 -$3.50 -0.56%
Canola Jul 13 $609.1 -$3.10 -0.51%
Canola Nov 13 $553.4 -$3.80 -0.68%
Milling Wheat Mar 13 $289, unchanged
Milling Wheat May 13 $292, unchanged
Milling Wheat Jul 13 $294, unchanged
Milling Wheat Oct 13 $294, unchanged
Durum Wheat Mar 13 $307, unchanged
Durum Wheat May 13 $311, unchanged
Durum Wheat Jul 13 $314, unchanged
Durum Wheat Oct 13 $299.3, unchanged
Barley Mar 13 $242, unchanged
Barley May 13 $243, unchanged
Barley Jul 13 $243.5, unchanged
Barley Oct 13 $243.5, unchanged
U.S. markets in cents per bushel
Chicago
Soybeans (P) Mar 13 1475 -14.75 -0.99%
Soybeans (P) May 13 1447 -21.75 -1.48%
Soybeans (P) Jul 13 1425 -20.75 -1.44%
Soybeans (P) Aug 13 1382.75 -16.25 -1.16%
Soybeans (P) Sep 13 1308 -11.75 -0.89%
Soybeans (P) Nov 13 1262.5 -7.0 -0.55%
Corn (P) Mar 13 741.25 +0.25 +0.03%
Corn (P) May 13 710.25 -3.5 -0.49%
Corn (P) Jul 13 692.25 -1.75 -0.25%
Corn (P) Sep 13 579.25 -2.75 -0.47%
Corn (P) Dec 13 555 -2.25 -0.40%
Oats (P) Mar 13 423.25 -1.75 -0.41%
Oats (P) May 13 392.25 -1.75 -0.44%
Oats (P) Jul 13 382.5 +0.5 +0.13%
Oats (P) Sep 13 372.25 +0.5 +0.13%
Oats (P) Dec 13 365.5 -2.25 -0.61%
Minneapolis
Spring Wheat Mar 13 800.5 -0.25 -0.03%
Spring Wheat May 13 795.5 +4.0 +0.51%
Spring Wheat Jul 13 795.25 +6.25 +0.79%
Spring Wheat Sep 13 794 +5.5 +0.70%
Spring Wheat Dec 13 798.75 +3.25 +0.41%
The Bank of Canada noon rate for the loonie was 97.34 cents US, down from 97.52 on Tuesday. The U.S. buck was $1.0273 Cdn.
Nearby light crude in New York fell two cents to $92.52 per barrel.
U.S. retail sales rose 1.1 percent in February, the largest rise since September and above expectations for a 0.5 percent advance. That caused gold to fall.
Despite a strong run up in Blackberry shares sparked by a million unit order for the smartphone, the TSX closed down 134.47 points or 1.04 percent at 12,744.11, weighed down by gold company shares.
The Dow Jones industrial average was up 5.22 points, or 0.04 percent, to end at 14,455.28, a record closing high and the ninth straight daily gain.
The Standard & Poor’s 500 Index was up 2.04 points, or 0.13 percent, to closed at 1,554.52.
The Nasdaq Composite Index was 2.80 points, or 0.09 percent, to close at 3,245.12.
