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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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 2013Â Â Â Â Â Â 631.00Â Â Â Â Â Â -5.70Â Â Â Â Â Â -0.90%
Canola Nov 2013Â Â Â Â Â Â 566.00Â Â Â Â Â Â -6.00Â Â Â Â Â Â -1.05%
Canola Jan 2014Â Â Â Â Â Â 567.60Â Â Â Â Â Â -4.30Â Â Â Â Â Â -0.75%
Canola Mar 2014Â Â Â Â Â Â 563.80Â Â Â Â Â Â -4.10Â Â Â Â Â Â -0.72%
Canola May 2014Â Â Â Â Â Â 557.40Â Â Â Â Â Â -3.00Â Â Â Â Â Â -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 2013Â Â Â Â Â Â 1532Â Â Â Â Â Â +3.25Â Â Â Â Â Â +0.21%
Soybeans Aug 2013Â Â Â Â Â Â 1454.75Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.19%
Soybeans Sep 2013Â Â Â Â Â Â 1354Â Â Â Â Â Â -6.25Â Â Â Â Â Â -0.46%
Soybeans Nov 2013Â Â Â Â Â Â 1300Â Â Â Â Â Â -16Â Â Â Â Â Â -1.22%
Soybeans Jan 2014Â Â Â Â Â Â 1305Â Â Â Â Â Â -15.75Â Â Â Â Â Â -1.19%
Soybeans Mar 2014Â Â Â Â Â Â 1304.25Â Â Â Â Â Â -15Â Â Â Â Â Â -1.14%
Soybean Meal Jul 2013Â Â Â Â Â Â 455.9Â Â Â Â Â Â +3.4Â Â Â Â Â Â +0.75%
Soybean Meal Aug 2013Â Â Â Â Â Â 432.7Â Â Â Â Â Â +3.3Â Â Â Â Â Â +0.77%
Soybean Meal Sep 2013Â Â Â Â Â Â 408Â Â Â Â Â Â -0.8Â Â Â Â Â Â -0.20%
Soybean Oil Jul 2013Â Â Â Â Â Â 48.3Â Â Â Â Â Â -0.29Â Â Â Â Â Â -0.60%
Soybean Oil Aug 2013Â Â Â Â Â Â 48.27Â Â Â Â Â Â -0.29Â Â Â Â Â Â -0.60%
Soybean Oil Sep 2013Â Â Â Â Â Â 48.05Â Â Â Â Â Â -0.36Â Â Â Â Â Â -0.74%
Corn Jul 2013Â Â Â Â Â Â 660.75Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.04%
Corn Sep 2013Â Â Â Â Â Â 571Â Â Â Â Â Â -12.75Â Â Â Â Â Â -2.18%
Corn Dec 2013Â Â Â Â Â Â 542.25Â Â Â Â Â Â -10.75Â Â Â Â Â Â -1.94%
Corn Mar 2014Â Â Â Â Â Â 552.75Â Â Â Â Â Â -10.75Â Â Â Â Â Â -1.91%
Corn May 2014Â Â Â Â Â Â 560Â Â Â Â Â Â -10.75Â Â Â Â Â Â -1.88%
Oats Jul 2013Â Â Â Â Â Â 384.5Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.72%
Oats Sep 2013Â Â Â Â Â Â 377.25Â Â Â Â Â Â +4.75Â Â Â Â Â Â +1.28%
Oats Dec 2013Â Â Â Â Â Â 367Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.34%
Oats Mar 2014Â Â Â Â Â Â 372.5Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.74%
Oats May 2014Â Â Â Â Â Â 374.75Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.74%
Wheat Jul 2013Â Â Â Â Â Â 701.5Â Â Â Â Â Â -7.5Â Â Â Â Â Â -1.06%
Wheat Sep 2013Â Â Â Â Â Â 709Â Â Â Â Â Â -8.75Â Â Â Â Â Â -1.22%
Wheat Dec 2013Â Â Â Â Â Â 722.75Â Â Â Â Â Â -9Â Â Â Â Â Â -1.23%
Wheat Mar 2014Â Â Â Â Â Â 737.25Â Â Â Â Â Â -9.75Â Â Â Â Â Â -1.31%
Wheat May 2014Â Â Â Â Â Â 747Â Â Â Â Â Â -11.75Â Â Â Â Â Â -1.55%
Minneapolis
Spring Wheat Jul 2013Â Â Â Â Â Â 816Â Â Â Â Â Â -5Â Â Â Â Â Â -0.61%
Spring Wheat Sep 2013Â Â Â Â Â Â 804.5Â Â Â Â Â Â -5.75Â Â Â Â Â Â -0.71%
Spring Wheat Dec 2013Â Â Â Â Â Â 810.5Â Â Â Â Â Â -7.25Â Â Â Â Â Â -0.89%
Spring Wheat Mar 2014Â Â Â Â Â Â 821.75Â Â Â Â Â Â -8.5Â Â Â Â Â Â -1.02%
Spring Wheat May 2014Â Â Â Â Â Â 828.75Â Â Â Â Â Â -9.25Â Â Â Â Â Â -1.10%
Kansas City
KCBT Red Wheat Jul 2013Â Â Â Â Â Â 743.25Â Â Â Â Â Â -7.5Â Â Â Â Â Â -1.00%
KCBT Red Wheat Sep 2013Â Â Â Â Â Â 751.25Â Â Â Â Â Â -8.5Â Â Â Â Â Â -1.12%
KCBT Red Wheat Dec 2013Â Â Â Â Â Â 767.75Â Â Â Â Â Â -11.5Â Â Â Â Â Â -1.48%
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 779.75Â Â Â Â Â Â -12.75Â Â Â Â Â Â -1.61%
KCBT Red Wheat May 2014Â Â Â Â Â Â 788Â Â Â Â Â Â -13.5Â Â Â Â Â Â -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.
