Canola futures fell Wednesday on thoughts that the price was overbought and on generally good growing weather in Western Canada.
Also, increases in farmer deliveries now that seeding is mostly complete weighed on the market.
Soybeans were mixed with old crop futures rising on tight stocks and steady demand. New crop soybeans fell on an unwinding of the risk premium built in recently over slow seeding. While the rain delays some field work, it is good for growing crops.
Soy oil was generally lower.
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U.S. grains: Chicago corn, soybeans and wheat firm ahead of crop estimate
Chicago | Reuters — Chicago corn, soybean and wheat futures ticked up on Monday as traders awaited U.S. government harvest…
Crop forecaster Lanworth cut its forecast for world corn production by four million tonnes to 961 million due to planting delays in the U.S. that could trim seeded area.
It cut its U.S. corn harvest outlook to 13.8 billion bushels, down one percent a previous estimate, due to expectations for an 800,000-acre cut to plantings.
It affirmed earlier world production outlooks of 286 million tonnes of soybeans and 694 million tonnes of wheat.
USDA’s current forecasts are corn 965.9 million tonnes, soybeans 285.5 million and wheat 701.1 million.
Malaysian palm oil futures edged higher off a near two-week low. Traders turned slightly optimistic on thoughs palm oil stocks in May could have eased to a near one-year low at 1.78 million tonnes, according to a Reuters survey of five plantation companies. Official stocks data is expected on Monday.
A week of sunny warm weather is expected over Germany and France where crops are delayed after a cool wet May.
Argentina’s soybean crop has lower protein than normal and that is expected to lower the value of its soy meal and give American soy meal an edge in the market.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2013 631.00 -5.70 -0.90%
Canola Nov 2013 566.00 -6.00 -1.05%
Canola Jan 2014 567.60 -4.30 -0.75%
Canola Mar 2014 563.80 -4.10 -0.72%
Canola May 2014 557.40 -3.00 -0.54%
Milling Wheat Jul 2013 294.00 unch 0.00%
Milling Wheat Oct 2013 294.00 unch 0.00%
Milling Wheat Dec 2013 294.00 unch 0.00%
Durum Wheat Jul 2013 301.90 unch 0.00%
Durum Wheat Oct 2013 294.90 unch 0.00%
Durum Wheat Dec 2013 299.40 unch 0.00%
Barley Jul 2013 244.00 unch 0.00%
Barley Oct 2013 194.00 unch 0.00%
Barley Dec 2013 199.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2013 1532 +3.25 +0.21%
Soybeans Aug 2013 1454.75 +2.75 +0.19%
Soybeans Sep 2013 1354 -6.25 -0.46%
Soybeans Nov 2013 1300 -16 -1.22%
Soybeans Jan 2014 1305 -15.75 -1.19%
Soybeans Mar 2014 1304.25 -15 -1.14%
Soybean Meal Jul 2013 455.9 +3.4 +0.75%
Soybean Meal Aug 2013 432.7 +3.3 +0.77%
Soybean Meal Sep 2013 408 -0.8 -0.20%
Soybean Oil Jul 2013 48.3 -0.29 -0.60%
Soybean Oil Aug 2013 48.27 -0.29 -0.60%
Soybean Oil Sep 2013 48.05 -0.36 -0.74%
Corn Jul 2013 660.75 +0.25 +0.04%
Corn Sep 2013 571 -12.75 -2.18%
Corn Dec 2013 542.25 -10.75 -1.94%
Corn Mar 2014 552.75 -10.75 -1.91%
Corn May 2014 560 -10.75 -1.88%
Oats Jul 2013 384.5 +2.75 +0.72%
Oats Sep 2013 377.25 +4.75 +1.28%
Oats Dec 2013 367 +1.25 +0.34%
Oats Mar 2014 372.5 +2.75 +0.74%
Oats May 2014 374.75 +2.75 +0.74%
Wheat Jul 2013 701.5 -7.5 -1.06%
Wheat Sep 2013 709 -8.75 -1.22%
Wheat Dec 2013 722.75 -9 -1.23%
Wheat Mar 2014 737.25 -9.75 -1.31%
Wheat May 2014 747 -11.75 -1.55%
Minneapolis
Spring Wheat Jul 2013 816 -5 -0.61%
Spring Wheat Sep 2013 804.5 -5.75 -0.71%
Spring Wheat Dec 2013 810.5 -7.25 -0.89%
Spring Wheat Mar 2014 821.75 -8.5 -1.02%
Spring Wheat May 2014 828.75 -9.25 -1.10%
Kansas City
KCBT Red Wheat Jul 2013 743.25 -7.5 -1.00%
KCBT Red Wheat Sep 2013 751.25 -8.5 -1.12%
KCBT Red Wheat Dec 2013 767.75 -11.5 -1.48%
KCBT Red Wheat Mar 2014 779.75 -12.75 -1.61%
KCBT Red Wheat May 2014 788 -13.5 -1.68%
Light crude oil nearby futures in New York rose 43 cents at $93.74 US per barrel.
The Canadian dollar at noon was 96.67 cents US, up from 96.64 cents the previous trading day. The U.S. dollar at noon was $1.0345 Cdn.
U.S. economic growth concerns resurfaced after a sluggish private payrolls report.
In early tallies
The Toronto Stock Exchange’s S&P/TSX composite index fell 150.32 points, or 1.19 percent, at 12,443.65.
The Dow Jones industrial average dropped 216.72 points, or 1.43 percent, at 14,960.82.
The Standard & Poor’s 500 Index was down 22.48 points, or 1.38 percent, at 1,608.90.
The Nasdaq Composite Index fell 43.78 points, or 1.27 percent, at 3,401.48.
