July canola futures topped the technically and psychologically important $500 per tonne mark in overnight trade but could not hang on.
July closed down $4.40 at $492.80.
The July’s premium over new crop November widened further.
November dropped $7.40 to close at $485.30.
Canola dropped even with support from soybeans and soy oil, which both edged higher at the close on stronger cash prices. However both were down earlier in morning trade.
Farmers in most parts of the Prairies should be making seeding progress today but there could be light rain Thursday and Friday with less than half inch accumulation, most of it in the western half of Saskatchewan.
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Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
There could be larger accumulations of rain Sunday and Monday across the southern parts of all three Prairie provinces.
All wheat contracts fell more than two percent and corn fell more than one percent.
Wheat has been under pressure since the USDA reported on Friday that global production is expected to be ample. The drought problems in the U.S. winter wheat area are offset by good conditions in Europe and the Black Sea region. North American prices had to fall to avoid being priced out of the global market.
Feedlots in southern Alberta have used up a lot of the local feed barley supply and a shortage of trucks is making it hard to bring in grain from farther away. The squeezing is lifting feed barley prices.
Prices posted at the Alberta Canola Producers website show the Lethbridge average feed barley price as of May 5 was $210 per tonne, up from $196 two weeks before.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014 492.80 -4.40 -0.88%
Canola Nov 2014 485.30 -7.40 -1.50%
Canola Jan 2015 488.70 -7.10 -1.43%
Canola Mar 2015 490.70 -8.00 -1.60%
Canola May 2015 491.40 -9.00 -1.80%
Milling Wheat Jul 2014 240.00 -6.00 -2.44%
Milling Wheat Oct 2014 240.00 -7.00 -2.83%
Milling Wheat Dec 2014 243.00 -7.00 -2.80%
Durum Wheat Jul 2014 252.00 unch 0.00%
Durum Wheat Oct 2014 243.00 unch 0.00%
Durum Wheat Dec 2014 243.00 unch 0.00%
Barley Jul 2014 145.70 +4.20 +2.97%
Barley Oct 2014 145.70 +4.20 +2.97%
Barley Dec 2014 145.70 +4.20 +2.97%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2014 1486.75 +3 +0.20%
Soybeans Aug 2014 1416 +0.5 +0.04%
Soybeans Sep 2014 1277 +0.25 +0.02%
Soybeans Nov 2014 1222.5 +3.5 +0.29%
Soybeans Jan 2015 1228.75 +3.25 +0.27%
Soybeans Mar 2015 1233.5 +3.25 +0.26%
Soybean Meal Jul 2014 486.5 +1.8 +0.37%
Soybean Meal Aug 2014 459.4 +0.5 +0.11%
Soybean Meal Sep 2014 421.2 +0.3 +0.07%
Soybean Oil Jul 2014 41.38 +0.17 +0.41%
Soybean Oil Aug 2014 41.29 +0.15 +0.36%
Soybean Oil Sep 2014 41.15 +0.14 +0.34%
Corn Jul 2014 495.5 -7.25 -1.44%
Corn Sep 2014 490.75 -5.75 -1.16%
Corn Dec 2014 489 -6 -1.21%
Corn Mar 2015 497 -6 -1.19%
Corn May 2015 503 -6 -1.18%
Oats Jul 2014 356.25 +0.75 +0.21%
Oats Sep 2014 342.75 +4.5 +1.33%
Oats Dec 2014 334.5 +1.5 +0.45%
Oats Mar 2015 331.25 +2.25 +0.68%
Oats May 2015 324.5 +0.75 +0.23%
Wheat Jul 2014 690.25 -19 -2.68%
Wheat Sep 2014 699 -19 -2.65%
Wheat Dec 2014 715 -18.25 -2.49%
Wheat Mar 2015 729.75 -17.5 -2.34%
Wheat May 2015 737.5 -15.75 -2.09%
Minneapolis
Spring Wheat Jul 2014 778.25 -16.5 -2.08%
Spring Wheat Sep 2014 783.5 -17.75 -2.22%
Spring Wheat Dec 2014 792.75 -18.75 -2.31%
Spring Wheat Mar 2015 798.25 -19.5 -2.38%
Spring Wheat May 2015 799 -18.75 -2.29%
Kansas City
KC HRW Wheat Jul 2014 806.25 -18.5 -2.24%
KC HRW Wheat Sep 2014 810.75 -18.25 -2.20%
KC HRW Wheat Dec 2014 821.25 -19 -2.26%
KC HRW Wheat Mar 2015 823.75 -19.75 -2.34%
KC HRW Wheat May 2015 816.5 -18.25 -2.19%
Light crude oil nearby futures in New York rose 67 cents at $102.37 US per barrel.
The Canadian dollar at noon was 91.85 cents US, up from 91.81 cents the previous trading day. The U.S. dollar at noon was $1.0887 Cdn.
In early tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed down 6.08 points, or 0.04 percent, at 14,673.73.
The Dow Jones industrial average fell 101.53 points or 0.61 percent, to 16,613.91, the S&P 500 lost 8.94 points or 0.47 percent, to 1,888.51 and the Nasdaq Composite dropped 29.54 points or 0.72 percent, to 4,100.63.
