Canola futures closed lower for the second day, weighed down by improved moisture conditions in Saskatchewan and weakness in vegetable oils and soybeans.
Also commercial hedging to cover increased producer selling weighed on canola.
July closed at $506.50 per tonne, down $10.70 and November closed at $506, down $9.90.
Saskatchewan producers as of May 9 had 35 percent of the crop in the ground. The five-year (2011-15) seeding average for this time of year is 10 percent, said Saskatchewan Agriculture.
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Soybeans edged lower again on disappointing weekly U.S. export sales and ideas that this week’s USDA report, which forecast lower than expected year end soybean stocks, could encourage increased soybean seeded acreage.
Some analysts think a million acres could switch out of corn and into soybeans.
Although generally Midwest seeding is running ahead of the average pace, there have been some delays because of rain and whenever there is a delay that starts to favour soybeans, which have a shorter growing season.
Palm oil in Malaysia fell on the stronger ringgett, the local currency. But demand could pick up soon.
The Muslim holiday month of Ramadan, which is a period of fasting and feasting, begins in early June this year. The month before Ramadan starts usually sees a higher demand for palm oil for cooking.
Wheat edged higher on short covering and better than expected weekly US export sales. Gains were held in check by large existing stocks and expectations for good wheat crops in the Northern Hemisphere this summer.
Analysts SovEcon today raised its forecast for Russia’s grain crop to 105.4 million tonnes, its largest since 2008.
The U.S. Weather Service raised its forecast for a La Nina developing this fall and winter to 75 percent.
A La Nina has the potential to bring dry weather to parts of South America during its soybean growing season.
Light crude oil nearby futures in New York were up 47 cents to US$46.70 per barrel.
The Canadian dollar at noon was US77.77 cents, down from 77.91 cents the previous trading day. The U.S. dollar at noon was C$1.2858.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 0.41 points at 13,787.80.
Apple shares fell sharply on worries about lagging sales of iPhones.
The Dow Jones industrial average finished 0.05 percent higher at 17,720.5 points and the S&P 500 ended down 0.02 percent at 2,064.11.
The Nasdaq Composite fell 0.49 percent to 4,737.33.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2016 505.30 -6.50 -1.27%
Canola Jul 2016 506.50 -10.70 -2.07%
Canola Nov 2016 506.00 -9.90 -1.92%
Canola Jan 2017 510.30 -9.90 -1.90%
Canola Mar 2017 512.10 -8.60 -1.65%
Milling Wheat May 2016 237.00 unch 0.00%
Milling Wheat Jul 2016 236.00 unch 0.00%
Milling Wheat Oct 2016 232.00 +1.00 +0.43%
Durum Wheat May 2016 302.00 unch 0.00%
Durum Wheat Jul 2016 297.00 unch 0.00%
Durum Wheat Oct 2016 291.00 unch 0.00%
Barley May 2016 172.00 unch 0.00%
Barley Jul 2016 174.00 unch 0.00%
Barley Oct 2016 174.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2016 1064.5 -5.25 -0.49%
Soybeans Jul 2016 1072 -6.25 -0.58%
Soybeans Aug 2016 1074 -6.25 -0.58%
Soybeans Sep 2016 1066.5 -5.25 -0.49%
Soybeans Nov 2016 1061.25 -4.75 -0.45%
Soybeans Jan 2017 1058.25 -5 -0.47%
Soybean Meal May 2016 366.8 +2.4 +0.66%
Soybean Meal Jul 2016 364.4 +2.4 +0.66%
Soybean Meal Aug 2016 362.6 +2.1 +0.58%
Soybean Oil May 2016 32.3 -0.78 -2.36%
Soybean Oil Jul 2016 32.57 -0.79 -2.37%
Soybean Oil Aug 2016 32.68 -0.77 -2.30%
Corn May 2016 385.25 +11.25 +3.01%
Corn Jul 2016 389 +11.5 +3.05%
Corn Sep 2016 391.75 +11.5 +3.02%
Corn Dec 2016 396.25 +10.75 +2.79%
Corn Mar 2017 404 +10.25 +2.60%
Oats May 2016 180 +3.25 +1.84%
Oats Jul 2016 191.75 +3.5 +1.86%
Oats Sep 2016 203.5 +3.5 +1.75%
Oats Dec 2016 216.75 +4 +1.88%
Oats Mar 2017 225.5 +4 +1.81%
Wheat May 2016 458.5 +9 +2.00%
Wheat Jul 2016 468 +9 +1.96%
Wheat Sep 2016 477.75 +8.5 +1.81%
Wheat Dec 2016 494.25 +7 +1.44%
Wheat Mar 2017 509.25 +6.25 +1.24%
Minneapolis
Spring Wheat May 2016 523 unch 0.00%
Spring Wheat Jul 2016 530 +2.75 +0.52%
Spring Wheat Sep 2016 537.25 +2.75 +0.51%
Spring Wheat Dec 2016 549.75 +3 +0.55%
Spring Wheat Mar 2017 559.75 +3.75 +0.67%
Kansas City
Hard Red Wheat May 2016 438.75 +7.25 +1.68%
Hard Red Wheat Jul 2016 449.75 +7.5 +1.70%
Hard Red Wheat Sep 2016 466.5 +6.75 +1.47%
Hard Red Wheat Dec 2016 490.75 +6.5 +1.34%
Hard Red Wheat Mar 2017 507 +6.5 +1.30%
