November canola futures broke through the $480 a tonne mark on Wednesday morning but were unable to maintain the strength and they closed lower.
November settled down $2.40 at $476.10.
The early strength triggered profit taking and some hedge selling as more farmers delivered grain to elevators.
Falling soybeans also weighed on Canola. Soybeans fell from a 7-½ week high on profit taking and ideal harvest weather.
Declines were limited by announcement of a fresh export deal with China.
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Wheat futures were down about two percent on fund-driven technical selling and forecasts for beneficial rains next week in parts of the southern U.S. Plains where it has been dry.
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U.S. livestock: Cattle hit fresh highs, hogs inch upward
Chicago cattle futures hit fresh highs on Monday while hogs made small gains.
Some forecasts called for showers next week in dry areas of Ukraine and Russia as well, Reuters reported.
Plentiful global wheat stocks and weak export demand for U.S. supplies continue to serve as a bearish backdrop for the market, Reuters said.
U.S. winter wheat crop was 64 percent as of Sunday, the USDA reported.
Chicago corn futures fell 1.5 percent to the lowest levels in three weeks, weighed down by the progressing U.S. harvest and by falling wheat futures.
Light crude oil nearby futures in New York were down two cents to US$46.64 per barrel.
The Canadian dollar at noon was US77.03 cents, up from 77.01 cents the previous trading day. The U.S. dollar at noon was C$1.2982.
The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed up 30.60 points, or 0.22 percent, at 13,875.33.
The Dow Jones industrial average fell 157.14 points, or 0.92 percent, to 16,924.75, the S&P 500 lost 9.45 points, or 0.47 percent, to 1,994.24 and the Nasdaq Composite dropped 13.76 points, or 0.29 percent, to 4,782.85.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 476.10 -2.40 -0.50%
Canola Jan 2016 480.40 -2.50 -0.52%
Canola Mar 2016 483.50 -2.20 -0.45%
Canola May 2016 483.80 -2.30 -0.47%
Canola Jul 2016 483.10 -1.10 -0.23%
Milling Wheat Dec 2015 232.00 -4.00 -1.69%
Milling Wheat Mar 2016 237.00 -3.00 -1.25%
Milling Wheat May 2016 240.00 -4.00 -1.64%
Durum Wheat Dec 2015 335.00 unch 0.00%
Durum Wheat Mar 2016 340.00 unch 0.00%
Durum Wheat May 2016 345.00 unch 0.00%
Barley Dec 2015 185.00 unch 0.00%
Barley Mar 2016 187.00 unch 0.00%
Barley May 2016 188.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2015 910.5 -3.5 -0.38%
Soybeans Jan 2016 914.25 -4 -0.44%
Soybeans Mar 2016 917 -4.25 -0.46%
Soybeans May 2016 920.5 -4.75 -0.51%
Soybeans Jul 2016 925.75 -5.25 -0.56%
Soybeans Aug 2016 924.75 -4.75 -0.51%
Soybean Meal Dec 2015 315.8 -1.9 -0.60%
Soybean Meal Jan 2016 314.7 -1.9 -0.60%
Soybean Meal Mar 2016 312.2 -1.5 -0.48%
Soybean Oil Dec 2015 28.83 +0.04 +0.14%
Soybean Oil Jan 2016 29.12 +0.04 +0.14%
Soybean Oil Mar 2016 29.33 +0.04 +0.14%
Corn Dec 2015 379 -5.5 -1.43%
Corn Mar 2016 389.75 -5.75 -1.45%
Corn May 2016 396.25 -5.5 -1.37%
Corn Jul 2016 401.25 -5.5 -1.35%
Corn Sep 2016 398.75 -5 -1.24%
Oats Dec 2015 231.75 -0.25 -0.11%
Oats Mar 2016 233.5 +1 +0.43%
Oats May 2016 236 +1.75 +0.75%
Oats Jul 2016 239.5 +1.75 +0.74%
Oats Sep 2016 241.75 +1.75 +0.73%
Wheat Dec 2015 508.25 -10.75 -2.07%
Wheat Mar 2016 516.25 -10.75 -2.04%
Wheat May 2016 521.25 -10.75 -2.02%
Wheat Jul 2016 525 -10.5 -1.96%
Wheat Sep 2016 533.75 -10.5 -1.93%
Minneapolis
Spring Wheat Dec 2015 526 -10.5 -1.96%
Spring Wheat Mar 2016 539.25 -9.5 -1.73%
Spring Wheat May 2016 548.75 -9.75 -1.75%
Spring Wheat Jul 2016 557.25 -10.25 -1.81%
Spring Wheat Sep 2016 568 -10.75 -1.86%
Kansas City
Hard Red Wheat Dec 2015 500.75 -10.25 -2.01%
Hard Red Wheat Mar 2016 515.75 -10 -1.90%
Hard Red Wheat May 2016 525.75 -9.5 -1.77%
Hard Red Wheat Jul 2016 535.75 -9.5 -1.74%
Hard Red Wheat Sep 2016 549 -9.25 -1.66%
