Canola futures traded in a narrow range Tuesday and closed a little lower as traders took profits after a strong run up on Monday.
The gains yesterday were seen as overdone.
The May contract closed at $606.90 per tonne, down $1.20.
November closed at $562.40, down $2.30.
Losses were limited by steady commercial demand from domestic crushers and exporters.
Soybeans futures also fell as did corn and wheat. U.S. corn exports have been slower than expected recently.
• Expectations are that the USDA prospective planting report due Friday will show a huge U.S. corn crop.
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Chicago live and feeder cattle futures fell back on Thursday ahead of Friday’s cattle on feed report. Hogs were mixed.
Reuters polled 25 analysts about seeding intentions. The average of the range for corn was 94.720 million acres, the most in nearly 70 years.
Reuters polled 17 analysts about USDA’s quarterly stocks report also due Friday. The average of the range was 6.150 billion bushels, the smallest in five years and below the year ago total of 6.532 billion.
The stocks number has become more difficult to predict in recent years and there have been huge surprises. Last year, March 1 stocks came in significantly below traders’ expectations triggering a strong price rally.
• Oilseed analyst Oil World expects global soybean stocks at the end of the current crop year will fall to 60.6 million tonnes from 76.1 million last year.
The South American crops now being harvested are included in the 2011-12 crop year.
Oil World sees global soybean production at 242.91 million tonnes, while global consumption is seen at 258.41 million.
Winnipeg (per tonne)
Canola May 12 $606.90, down $1.20 -0.20%
Canola Jul 12 $604.90, down $1.00 -0.17%
Canola Nov 12 $562.40, down $2.30 -0.41%
Canola Jan 13 $566.40, down $2.50 -0.44%
The previous day’s best canola basis was 60 cents over the May contract, according to ICE Futures Canada in Winnipeg.
The 14-day relative strength index was 77.
Western Barley May 12 $229.00, unchanged
Western Barley Jul 12 $232.00, unchanged
Milling Wht Oct 12 $262.50, unchanged
Milling Wht Dec 12 $267.50, unchanged
Milling Wht Mar 13 $272.50, unchanged
Durum Wht Oct 12 $275.00, unchanged
Durum Wht Dec 12 $279.50, unchanged
Durum Wht Mar 13 $286.10, unchanged
Barley Oct 12 $185.00, unchanged
Barley Dec 12 $188.50, unchanged
Barley Mar 13 $190.00, unchanged
Chicago (per bushel)
Soybeans May 12 $13.6975, down 9.75 cents -0.71%
Soybeans Jul 12 $13.7625, down 8.0 -0.58%
Soybeans Nov 12 $13.2775, down 1.75 -0.13%
Corn May 12 $6.3075, down 7.0 -1.10%
Corn Jul 12 $6.3075, down 5.25 -0.83%
Corn Dec 12 $5.5025, down 3.0 -0.54%
Oats May 12 $3.40, up 7.25 +2.18%
Oats Jul 12 $3.3375, up 6.75 +2.06%
Oats Dec 12 $3.40, up 4.75 +1.42%
Minneapolis (per bushel)
Spring Wht May 12 $8.0625, down 15.75 cents -1.92%
Spring Wht Jul 12 $8.025, down 14.25 -1.74%
Spring Wht Sep 12 $7.87, down 12.0 -1.50%
Spring Wht Dec 12 $7.895, down 11.75 -1.47%
The nearby New York light sweet crude contract rose 30 cents to $107.33.
The Canadian dollar at noon was $1.0073 US, little changed from $1.0079 the previous trading day. The U.S. dollar at noon was 0.9928 Cdn.
The Toronto Stock Exchange’s S&P/TSX closed down 62.75 points, or 0.5 percent, at 12,512.04, dragged down by weaker gold and metal prices.
The Dow Jones industrial average ended down 43.90 points, or 0.33 percent, at 13,197.73. The S&P 500 Index lost 3.99 points, or 0.28 percent, to 1,412.52. The Nasdaq Composite closed down 2.22 points, or 0.07 percent, to 3,120.35.
