Canola futures fell again on Wednesday even though soybeans stabilized after sharp losses earlier this week.
After falling below several technical support levels, canola is technically weak and that prompted more fund selling.
Generally good growing weather in Western Canada is also weighing on canola.
Most of the Prairies has good moisture, but southwest Alberta and northeast Saskatchewan have had below normal rain in the last 30 days, but northeastern Saskatchewan is expected to get rain this weekend. Also Manitoba should seed rain then.
A Reuters survey of traders on their forecasts ahead of the Statistics Canada seeded acreage report June 29 shows the average of 13 traders and analysts puts canola seeding at 20.1 million acres, up 3.9 percent from the April intentions survey but the same as last year.
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Chicago soybeans firmed on signs of new export business.
Chicago corn closed lower after a choppy session. There was some rain yesterday in the more northern part of the Midwest and there is potential for severe weather today and more rain later in the week.
Some of the drier areas of southern Iowa and Illinois and Missouri have not had much rain yet though.
The ongoing U.S. winter wheat harvest kept pressure on the wheat market, but there are some concerns about how much high protein wheat will be around this year.
Excess rain has become a problem in France, Ukraine and Russia. Yields could be strong, but quality might be downgraded.
Light crude oil nearby futures in New York were down 72 cents to US$49.13 per barrel.
The Canadian dollar at noon was US78.00 cents, down from 78.02 cents the previous trading day. The U.S. dollar at noon was C$1.2820.
Stock markets were cautious ahead of Thursday’s vote in Britain over whether to say in the European Union.
The TSX composite closed down 8.51 points, or 0.06 percent, at 14,003.81.
The Dow Jones industrial average fell 48.9 points, or 0.27 percent, to 17,780.83, the S&P 500 lost 3.45 points, or 0.17 percent, to 2,085.45 and the Nasdaq Composite dropped 10.44 points, or 0.22 percent, to 4,833.32.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 16 480.00s -3.90 -0.81%
Canola Nov 16 490.90s -2.70 -0.55%
Canola Jan 17 497.30s -1.50 -0.30%
Canola Mar 17 501.50s -0.30 -0.06%
Canola May 17 504.50s +0.80 +0.16
Milling Wheat Jul 2016 229.00 unch 0.00%
Milling Wheat Oct 2016 225.00 unch 0.00%
Durum Wheat Jul 2016 300.00 unch 0.00%web
Durum Wheat Oct 2016 296.00 unch 0.00%
Barley Jul 2016 171.50 unch 0.00%
Barley Oct 2016 171.50 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 1137.50 +4.25 +0.38%
Soybeans Aug 2016 1137.25 +4.75 +0.42%
Soybeans Sep 2016 1123.75 +6.00 +0.54%
Soybeans Nov 2016 1116.75 +6.00 +0.54%
Soybeans Jan 2017 1114.25 +6.75 +0.61%
Soybeans Mar 2017 1077.75 -0.50 -0.05%
Soybean Meal Jul 2016 391.00 -2.30 -0.58%
Soybean Meal Aug 2016 391.90 -1.60 -0.41%
Soybean Meal Sep 2016 391.80 -1.30 -0.33%
Soybean Oil Jul 2016 31.55 +0.19 +0.61%
Soybean Oil Aug 2016 31.69 +0.19 +0.60%
Soybean Oil Sep 2016 31.84 +0.20 +0.63%
Corn Jul 2016 393.00 -3.25 -0.82%
Corn Sep 2016 398.25 -4.00 -0.99%
Corn Dec 2016 404.00 -4.75 -1.16%
Corn Mar 2017 410.75 -5.00 -1.20%
Corn May 2017 414.25 -5.25 -1.25%
Oats Jul 2016 206.50 unch 0.00%
Oats Sep 2016 210.75 -1.00 -0.47%
Oats Dec 2016 216.75 +0.50 +0.23%
Oats Mar 2017 229.00 -0.25 -0.11%
Wheat Jul 2016 458.75 +0.25 +0.05%
Wheat Sep 2016 472.25 -0.25 -0.05%
Wheat Dec 2016 493.00 -0.25 -0.05%
Wheat Mar 2017 512.50 -0.75 -0.15%
Wheat May 2017 523.00 -1.50 -0.29%
Minneapolis
Spring Wheat Jul 2016 525.25 +0.50 +0.10%
Spring Wheat Sep 2016 534.75 +0.25 +0.05%
Spring Wheat Dec 2016 549.25 +0.50 +0.09%
Spring Wheat Mar 2017 562.25 +0.75 +0.13%
Spring Wheat May 2017 570.00 +0.50 +0.09%
Kansas City
Hard Red Wheat Jul 2016 433.00 -2.00 -0.46%
Hard Red Wheat Sep 2016 451.00 -1.50 -0.33%
Hard Red Wheat Dec 2016 476.50 -1.50 -0.31%
Hard Red Wheat Mar 2017 493.00 -1.50 -0.30%
Hard Red Wheat May 2017 503.75 -1.50 -0.30%
Chicago livestock futures in US¢/pound
Live Cattle (P) Jun 2016 115.35 +0.30 +0.26%
Live Cattle (P) Aug 2016 111.62 +0.17 +0.15%
Live Cattle (P) Oct 2016 111.72 +0.17 +0.15%
Feeder Cattle (P) Aug 2016 140.18 +0.91 +0.65%
Feeder Cattle (P) Sep 2016 138.80 +0.68 +0.49%
Feeder Cattle (P) Oct 2016 137.38 +0.58 +0.42%
Lean Hogs (P) Jul 2016 84.48 -1.72 -2.00%
Lean Hogs (P) Aug 2016 85.85 -2.63 -2.97%
Lean Hogs (P) Oct 2016 72.70 -1.75 -2.35%
