Canola futures fell Tuesday in recognition of much better soil moisture now in Alberta and the declining soybean market.
ICE Futures Canada was closed Monday for the holiday so trade today was catching up with declines in Chicago soybeans on Monday.
July canola closed at $519.80, down $6.20 or 1.18 percent.
November closed at $516.90, down $7.90 or 1.51 percent.
Cool wet weather in Alberta over the long weekend delivered more than an inch of moisture over much or the province. The rain made it a little ways into western Saskatchewan.
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Rain is in the forecast for southern Manitoba late Wednesday into Thursday.
Wheat closed a little higher on short covering and ideas that some U.S. winter wheat areas are getting too much rain as the crop starts to ripen and move toward harvest.
Soybeans were lower on technical trade and corn
The U.S. corn crop was 86 percent planted by Sunday, ahead of the five-year average of 85 percent but behind an average of analyst expectations for 88 percent.
Soybean planting progress was at 56 percent, ahead of the five-year average of 52 percent and an average of trade estimates of 55 percent, the agency said in its weekly crop progress report.
India’s 2016 monsoon rains, which are expected to begin in June are likely to be at 109 percent of long-term average versus the initial estimate of 105 percent, Skymet said.
Australia’s weather bureau today said the El Nino that dominated the weather picture for the past year is now over.
The El Niño-Southern Oscillation is now in a neutral phase.
Light crude oil nearby futures in New York rose 54 cents to US$48.62 per barrel.
The Canadian dollar at noon was US76.23 cents, up from 76.13 cents the previous trading day. The U.S. dollar at noon was C$1.3118.
The Toronto Stock Exchange composite closed up 33.27 points or 0.24 percent at 13,952.85.
The Dow Jones closed up 213.12 points or 1.22 percent at 17,706.05. The Standard ad Poors 500 closed at 2076.06, up 28.02 points or 1.37 percent.
The Nasdaq closed up 95.28 points or two percent at 4.861.06
Winnipeg ICE Futures Canada, dollars per tonne
Canola Jul 2016 519.80 -6.20 -1.18%
Canola Nov 2016 516.90 -7.90 -1.51%
Canola Jan 2017 520.20 -7.40 -1.40%
Canola Mar 2017 520.60 -7.10 -1.35%
Canola May 2017 521.30 -6.40 -1.21%
Milling Wheat Jul 2016 238.00 -1.00 -0.42%
Milling Wheat Oct 2016 233.00 -1.00 -0.43%
Milling Wheat Dec 2016 238.00 -1.00 -0.42%
Durum Wheat Jul 2016 304.00 +1.00 +0.33%
Durum Wheat Oct 2016 296.00 +2.00 +0.68%
Durum Wheat Dec 2016 298.00 +2.00 +0.68%
Barley Jul 2016 171.00 unch 0.00%
Barley Oct 2016 171.00 unch 0.00%
Barley Dec 2016 171.00 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 2016 1054.75 -3.75 -0.35%
Soybeans Aug 2016 1053 -4.75 -0.45%
Soybeans Sep 2016 1039.5 -6 -0.57%
Soybeans Nov 2016 1029.25 -7 -0.68%
Soybeans Jan 2017 1026.5 -7 -0.68%
Soybeans Mar 2017 1009.5 -6.75 -0.66%
Soybean Meal Jul 2016 388.9 +1.2 +0.31%
Soybean Meal Aug 2016 376.4 -1.1 -0.29%
Soybean Meal Sep 2016 369.6 -1.9 -0.51%
Soybean Oil Jul 2016 30.89 -0.26 -0.83%
Soybean Oil Aug 2016 31.02 -0.24 -0.77%
Soybean Oil Sep 2016 31.13 -0.25 -0.80%
Corn Jul 2016 397.5 -0.25 -0.06%
Corn Sep 2016 400 +0.25 +0.06%
Corn Dec 2016 402.75 unch 0.00%
Corn Mar 2017 409.5 -0.5 -0.12%
Corn May 2017 412.25 -1 -0.24%
Oats Jul 2016 188.75 -0.75 -0.40%
Oats Sep 2016 201.25 -0.25 -0.12%
Oats Dec 2016 216.25 unch 0.00%
Oats Mar 2017 225.5 unch 0.00%
Oats May 2017 225.5 unch 0.00%
Wheat Jul 2016 464 +2 +0.43%
Wheat Sep 2016 475 +2 +0.42%
Wheat Dec 2016 493.25 +2.25 +0.46%
Wheat Mar 2017 510.5 +2 +0.39%
Wheat May 2017 519.25 +1.75 +0.34%
Minneapolis
Spring Wheat Jul 2016 522 -1.75 -0.33%
Spring Wheat Sep 2016 530 -1.25 -0.24%
Spring Wheat Dec 2016 541.75 -1.25 -0.23%
Spring Wheat Mar 2017 553 -1 -0.18%
Spring Wheat May 2017 559 -0.75 -0.13%
Kansas City
Hard Red Wheat Jul 2016 446.5 -0.5 -0.11%
Hard Red Wheat Sep 2016 462.75 -0.25 -0.05%
Hard Red Wheat Dec 2016 486.5 unch 0.00%
Hard Red Wheat Mar 2017 502.75 unch 0.00%
Hard Red Wheat May 2017 512.5 -0.25 -0.05%
