ICE Canada canola futures fell for the third day in a row on Wednesday, following a drop in U.S. soybean futures, traders said.
Improving weather in key growing areas also spurred some sales as parched areas received much needed rain, although the showers remained spotty.
Canola futures closed above their session lows as bargain buyers stepped into the market when prices hit a one-week low.
The November canola contract settled $1.10 lower at $524.60 a tonne, trading 15,111 times.
Chicago Board of Trade soybean futures fell, with funds liquidating some of their recent build-up in long positions as forecasts for growing weather in the U.S. Midwest improved.
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Soybeans closed well above their session lows, pulled off of them by a rally in the soymeal market.
Tight supplies of soymeal supported the gains in futures. Dealers have said that a slowdown in country movement of soybeans has limited the amount of soymeal being produced. Soyoil futures fell, dropping to a one-week low on spillover weakness in the crude oil market.
Chicago wheat futures fell to the lowest levels in two weeks, weighed down by the advancing U.S. harvest and lackluster export demand, traders said.
Weak cash markets for U.S. wheat varieties also pressured prices even as contracts trimmed their losses late in the session.
CBOT soft red winter wheat futures lost ground against both K.C. hard red winter wheat and MGEX spring wheat futures. Most-active CBOT September wheat hit a session and two-week low of $5.58-1/2 per bushel, before finishing at $5.66-3/4.
Export bids for U.S. wheat fell by 10 cents.
Ukraine’s major grain producer and exporter, Nibulon, plans to increase grain exports by about 19 percent to five million tonnes in the 2015-16 season which runs from July to June, the company said.
Corn futures reversed from earlier losses to turn higher late in the sessio, bolstered by outlooks for hot temperatures during the crucial pollination phase of plant development, traders said.
Intermarket spreading also was noted, with investors said to be buying corn and selling soybeans, with soy futures declining to the lowest levels in nearly a week.
Corn rebounded from losses on Tuesday that saw prices falling by nearly three percent after an earlier one-year high.
Midwest weather forecasts were largely warmer and drier, after a deluge in the last three months left standing water in fields, especially in the eastern portion of the Corn Belt.
Cash premiums for corn shipped in barges to the Gulf Coast for export on Tuesday surged to the highest in two weeks as river grain elevators in Illinois were forced to stop loading vessels due to rising river levels.
Ethanol futures fell by as much as two percent after the U.S. Energy Information Administration showed declining production of the corn-based biofuel.
Light crude oil nearby futures in New York were down $1.63 to US $51.41 per barrel.
The Canadian dollar at noon was US77.30 cents, down from 78.44 cents the previous trading day. The U.S. dollar at noon was C$1.2937.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 524.60 -1.10 -0.21%
Canola Jan 2016 523.60 -2.00 -0.38%
Canola Mar 2016 520.00 -2.60 -0.50%
Canola May 2016 515.00 -2.60 -0.50%
Milling Wheat Oct 2015 239.00 -1.00 -0.42%
Milling Wheat Dec 2015 239.00 -1.00 -0.42%
Milling Wheat Mar 2016 242.00 -1.00 -0.41%
Durum Wheat Oct 2015 298.00 unch 0.00%
Durum Wheat Dec 2015 303.00 unch 0.00%
Durum Wheat Mar 2016 305.00 unch 0.00%
Barley Oct 2015 218.40 unch 0.00%
Barley Dec 2015 220.40 unch 0.00%
Barley Mar 2016 222.40 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2015 1025 -8.5 -0.82%
Soybeans Sep 2015 1016.25 -9 -0.88%
Soybeans Nov 2015 1016 -9 -0.88%
Soybeans Jan 2016 1022.25 -9 -0.87%
Soybeans Mar 2016 1017.5 -8.5 -0.83%
Soybeans May 2016 1009.25 -8 -0.79%
Soybean Meal Aug 2015 362.2 +5 +1.40%
Soybean Meal Sep 2015 354.7 +2.8 +0.80%
Soybean Meal Oct 2015 350.6 +2.2 +0.63%
Soybean Oil Aug 2015 31.65 -0.75 -2.31%
Soybean Oil Sep 2015 31.73 -0.75 -2.31%
Soybean Oil Oct 2015 31.8 -0.76 -2.33%
Corn Sep 2015 429.5 +1.25 +0.29%
Corn Dec 2015 440.25 +1.5 +0.34%
Corn Mar 2016 450.5 +1.5 +0.33%
Corn May 2016 455.5 +1.5 +0.33%
Oats Sep 2015 255.5 unch 0.00%
Oats Dec 2015 267.25 -1.25 -0.47%
Oats Mar 2016 278.75 -1 -0.36%
Oats May 2016 281.75 -0.75 -0.27%
Oats Jul 2016 282.75 -0.75 -0.26%
Wheat Sep 2015 566.75 -4.25 -0.74%
Wheat Dec 2015 574.5 -2 -0.35%
Wheat Mar 2016 582.25 -0.25 -0.04%
Wheat May 2016 586 +1.5 +0.26%
Wheat Jul 2016 585.75 +3 +0.51%
Minneapolis
Spring Wheat Sep 2015 589.5 -1.75 -0.30%
Spring Wheat Dec 2015 604.75 -1.25 -0.21%
Spring Wheat Mar 2016 616.5 -1 -0.16%
Spring Wheat May 2016 624.5 -0.75 -0.12%
Spring Wheat Jul 2016 629.5 +0.5 +0.08%
Kansas City
Hard Red Wheat Sep 2015 559 -2.25 -0.40%
Hard Red Wheat Dec 2015 579 -2.25 -0.39%
Hard Red Wheat Mar 2016 593 -2.25 -0.38%
Hard Red Wheat May 2016 601.5 -2 -0.33%
Hard Red Wheat Jul 2016 607 -1.75
