Canola futures closed little changed on Wednesday.
Chicago soybeans were mixed, corn was down slightly and wheat fell harder.
Outside markets were a negative factor as crude oil and stocks fell.
Canola was under a little pressure as increased farmer deliveries led to increased commercial hedging. Snow in Alberta will improve moisture for seeding.
• The pull back in oilseeds was limited by news from private forecaster Informa. It lowered its forecast of Brazil’s soybean crop to 66.5 million tonnes, from its previous estimate of 68 million and Argentina’s soy crop to 45 million tonnes, from 47.5 million previously.
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U.S. grains: Soy futures top one-week high, US crop outlook limits gains
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
There was little overall change in its South American corn crop forecasts.
USDA’s next world crop supply and demand outlook is expected April 10.
• Chicago and Kansas wheat dropped on good growing conditions for the U.S. winter wheat crop and improving conditions in the European Union.
• Much of central Alberta, from Calgary to Edmonton is expected to get 10 to 15 centimetres of snow by Thursday morning according to Environment Canada.
• Europe’s concerns about dry weather will be partly relieved by rain that fell in most of France on Wednesday. More showers are expected over the Easter weekend in northern France.
Forecaster Meteo France said moisture in the September to end of March period was 25 percent below average, close to a record deficit of 29 percent in 1989.
• Rain covered much of the U.S. Plains hard red winter wheat region this week, helping the crop that is already enjoying high ratings.
Informa forecast U.S. hard and soft winter wheat production at 1.631 billion bushels, up from 1.494 billion bu. last year.
• A cold snap in the U.S. Midwest forecast for early next week bears watching. If the cold sinks lower into the winter wheat area it might cause frost damage.
Winnipeg (per tonne)
Canola May 12 $620.70, up $0.20 +0.03%
Canola Jul 12 $616.60, down $0.90 -0.15%
Canola Nov 12 $581.10, up $0.20 +0.03%
Canola Jan 13 $585.50, up $1.10 +0.19%
The best basis the previous day in the par region was 27 cents under the May contract, said ICE Futures Canada.
Western Barley May 12 $230.00, unchanged
Western Barley Jul 12 $233.00, unchanged
Milling Wheat Oct 12 $270.00, unchanged
Milling Wheat Dec 12 $275.00, unchanged
Milling Wheat Mar 13 $280.00, unchanged
Durum Wheat Oct 12 $275.00, unchanged
Durum Wheat Dec 12 $279.50, unchanged
Durum Wheat Mar 13 $286.10, 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 $14.195, up 2.75 cents +0.19%
Soybeans Jul 12 $14.2375, up 2.5 +0.18%
Soybeans Nov 12 $13.755, down 3.25 -0.24%
Corn May 12 $6.5675, down 1.5 -0.23%
Corn Jul 12 $6.5075, down 2.25 -0.34%
Corn Dec 12 $5.4425, down 1.25 -0.23%
Oats May 12 $3.35, down 1.0 -0.30%
Oats Jul 12 $3.3325, down 2.5 -0.74%
Oats Dec 12 $3.39, down 2.0 -0.59%
Minneapolis (per bushel)
Spring Wheat May 12 $8.4575, down 4.5 cents -0.53%
Spring Wheat Jul 12 $8.4075, down 4.75 -0.56%
Spring Wheat Sep 12 $8.2825, down 5.0 -0.60%
Spring Wheat Dec 12 $8.19, down 9.0 -1.09%
The nearby New York light sweet crude contract fell $2.54 to $101.47. Crude oil inventories in the U.S. rose 9.01 million barrels last week, far more than expected.
The Canadian dollar at noon was $1.0038 US, down from $1.0091 the previous trading day. The U.S. dollar at noon was 0.9962 Cdn.
Stock markets fell as traders digested Tuesday’s news from the U.S. Federal Reserve that it did not expect to pursue more stimulous policies.
In unofficial tallies:
The Toronto Stock Exchange’s S&P/TSX fell 145.02 points, or 1.18 percent, at 12,178.59.
The Dow Jones industrial average declined 125.18 points, or 0.95 percent, to 13,074.37 at the close.
The Standard & Poor’s 500 Index fell 14.46 points, or 1.02 percent, to 1,398.92.
The Nasdaq Composite Index dropped 45.57 points, or 1.46 percent, to 3,068.00.
