Speculative selling on ideas that farmers are making good seeding progress in Western Canada hammered July canola down almost 4.5 percent.
Sell stops were hit along the way, adding to the downward press
November fell 3.67 percent to $462.10. The inverse to the July contract disappeared and there is now a $2.70 carry in the market.
It was the biggest one-day loss in 10.5 months.
Weather has been conducive to planting in southern Alberta and western Saskatchewan but Agriculture Canada’s Drought Watch rain accumulation maps show there are areas in northeastern Alberta, the northern grain belt in Saskatchewan, southeastern Saskatchewan and many areas of Manitoba that have been wet.
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A good part of Saskatchewan will likely get significant rain Thursday.
U.S. crop markets fell, as good weather in the Midwest helped seeding and lifted expectations for good crops.
The USDA crop progress report released today because of the Monday Memorial Day holiday said 88 percent of the U.S. corn crop had been seeded, equal to the five-year average.
As for soybeans, 59 percent of the crop was seeded, ahead of the five-year average of 56 percent.
Ideas that stability will follow the successful election in Ukraine added pressure on the wheat market.
Recent rain caused a slight improvement in the U.S. red winter wheat crop. The USDA said the good to excellent categories rose to 30 percent from 29. The fair category this week is 26 percent, from 27 percent the week before. Poor to very poor is 44 percent, unchanged.
Spring wheat seeding is 74 percent complete, behind the five-year average of 82 percent. In North Dakota only 59 percent is seeded, down from the average of 73 percent.
Germany’s leading grain trader Toepfer International lifted its forecast of Germany’s 2014 wheat crop to 24.77 million tonnes, up from 23.95 million in April. Last year’s crop was 24.87 million tonnes.
Toepfer pegged the rapeseed crop at 5.72 million tonnes , almost steady with the 5.76 million tonnes produced in 2013.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014Â Â Â Â Â Â 459.40Â Â Â Â Â Â -21.50Â Â Â Â Â Â -4.47%
Canola Nov 2014Â Â Â Â Â Â 462.10Â Â Â Â Â Â -17.60Â Â Â Â Â Â -3.67%
Canola Jan 2015Â Â Â Â Â Â 466.80Â Â Â Â Â Â -17.40Â Â Â Â Â Â -3.59%
Canola Mar 2015Â Â Â Â Â Â 468.30Â Â Â Â Â Â -17.50Â Â Â Â Â Â -3.60%
Canola May 2015Â Â Â Â Â Â 469.50Â Â Â Â Â Â -17.80Â Â Â Â Â Â -3.65%
Milling Wheat Jul 2014Â Â Â Â Â Â 218.00Â Â Â Â Â Â -3.00Â Â Â Â Â Â -1.36%
Milling Wheat Oct 2014Â Â Â Â Â Â 218.00Â Â Â Â Â Â -3.00Â Â Â Â Â Â -1.36%
Milling Wheat Dec 2014Â Â Â Â Â Â 222.00Â Â Â Â Â Â -3.00Â Â Â Â Â Â -1.33%
Durum Wheat Jul 2014      252.00      unch      0.00%
Durum Wheat Oct 2014      243.00      unch      0.00%
Durum Wheat Dec 2014      245.00      unch      0.00%
Barley Jul 2014      150.00      unch      0.00%
Barley Oct 2014      150.00      unch      0.00%
Barley Dec 2014      152.00      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 2014Â Â Â Â Â Â 1488.75Â Â Â Â Â Â -26.75Â Â Â Â Â Â -1.77%
Soybeans Aug 2014Â Â Â Â Â Â 1418.75Â Â Â Â Â Â -26.75Â Â Â Â Â Â -1.85%
Soybeans Sep 2014Â Â Â Â Â Â 1291.5Â Â Â Â Â Â -29.25Â Â Â Â Â Â -2.21%
Soybeans Nov 2014Â Â Â Â Â Â 1238.75Â Â Â Â Â Â -27Â Â Â Â Â Â -2.13%
Soybeans Jan 2015Â Â Â Â Â Â 1244.25Â Â Â Â Â Â -27Â Â Â Â Â Â -2.12%
Soybeans Mar 2015Â Â Â Â Â Â 1247.75Â Â Â Â Â Â -27.5Â Â Â Â Â Â -2.16%
Soybean Meal Jul 2014Â Â Â Â Â Â 494.2Â Â Â Â Â Â -8.4Â Â Â Â Â Â -1.67%
Soybean Meal Aug 2014Â Â Â Â Â Â 466.4Â Â Â Â Â Â -9Â Â Â Â Â Â -1.89%
Soybean Meal Sep 2014Â Â Â Â Â Â 430.6Â Â Â Â Â Â -10.3Â Â Â Â Â Â -2.34%
Soybean Oil Jul 2014Â Â Â Â Â Â 39.94Â Â Â Â Â Â -0.44Â Â Â Â Â Â -1.09%
Soybean Oil Aug 2014Â Â Â Â Â Â 39.99Â Â Â Â Â Â -0.42Â Â Â Â Â Â -1.04%
Soybean Oil Sep 2014Â Â Â Â Â Â 40.04Â Â Â Â Â Â -0.4Â Â Â Â Â Â -0.99%
Corn Jul 2014Â Â Â Â Â Â 469.75Â Â Â Â Â Â -8.25Â Â Â Â Â Â -1.73%
Corn Sep 2014Â Â Â Â Â Â 466.25Â Â Â Â Â Â -9.25Â Â Â Â Â Â -1.95%
Corn Dec 2014Â Â Â Â Â Â 465.75Â Â Â Â Â Â -9.5Â Â Â Â Â Â -2.00%
Corn Mar 2015Â Â Â Â Â Â 474.75Â Â Â Â Â Â -10Â Â Â Â Â Â -2.06%
Corn May 2015Â Â Â Â Â Â 481.25Â Â Â Â Â Â -9.75Â Â Â Â Â Â -1.99%
Oats Jul 2014Â Â Â Â Â Â 339.75Â Â Â Â Â Â -5.75Â Â Â Â Â Â -1.66%
Oats Sep 2014Â Â Â Â Â Â 329.75Â Â Â Â Â Â -5.75Â Â Â Â Â Â -1.71%
Oats Dec 2014Â Â Â Â Â Â 325.75Â Â Â Â Â Â -5.75Â Â Â Â Â Â -1.73%
Oats Mar 2015Â Â Â Â Â Â 322.25Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.68%
Oats May 2015Â Â Â Â Â Â 318.25Â Â Â Â Â Â -5.5Â Â Â Â Â Â -1.70%
Wheat Jul 2014Â Â Â Â Â Â 641Â Â Â Â Â Â -11.5Â Â Â Â Â Â -1.76%
Wheat Sep 2014Â Â Â Â Â Â 653Â Â Â Â Â Â -10.75Â Â Â Â Â Â -1.62%
Wheat Dec 2014Â Â Â Â Â Â 672.5Â Â Â Â Â Â -9.75Â Â Â Â Â Â -1.43%
Wheat Mar 2015Â Â Â Â Â Â 689.5Â Â Â Â Â Â -9.75Â Â Â Â Â Â -1.39%
Wheat May 2015Â Â Â Â Â Â 697.5Â Â Â Â Â Â -10Â Â Â Â Â Â -1.41%
Minneapolis
Spring Wheat Jul 2014Â Â Â Â Â Â 718.5Â Â Â Â Â Â -7Â Â Â Â Â Â -0.96%
Spring Wheat Sep 2014Â Â Â Â Â Â 726Â Â Â Â Â Â -7.75Â Â Â Â Â Â -1.06%
Spring Wheat Dec 2014Â Â Â Â Â Â 735.5Â Â Â Â Â Â -7.5Â Â Â Â Â Â -1.01%
Spring Wheat Mar 2015Â Â Â Â Â Â 743.25Â Â Â Â Â Â -7.75Â Â Â Â Â Â -1.03%
Spring Wheat May 2015Â Â Â Â Â Â 747.25Â Â Â Â Â Â -8Â Â Â Â Â Â -1.06%
Kansas City
KC HRW Wheat Jul 2014Â Â Â Â Â Â 738.25Â Â Â Â Â Â -6.75Â Â Â Â Â Â -0.91%
KC HRW Wheat Sep 2014Â Â Â Â Â Â 745.25Â Â Â Â Â Â -7Â Â Â Â Â Â -0.93%
KC HRW Wheat Dec 2014Â Â Â Â Â Â 756.25Â Â Â Â Â Â -7Â Â Â Â Â Â -0.92%
KC HRW Wheat Mar 2015Â Â Â Â Â Â 760.75Â Â Â Â Â Â -7Â Â Â Â Â Â -0.91%
KC HRW Wheat May 2015Â Â Â Â Â Â 758.75Â Â Â Â Â Â -6.5Â Â Â Â Â Â -0.85%
Light crude oil nearby futures in New York dropped 24 cents at $104.11 US per barrel.
The Canadian dollar at noon was 92.00 cents US, down from 92.13 cents the previous trading day. The U.S. dollar at noon was $1.0869 Cdn.
U.S. stocks were higher in afternoon trade on merger activity and ideas that the European Central Bank might cut interest rates.
In unofficial tallies —
The Dow Jones industrial average rose 69.23 points or 0.42 percent, to finish at 16,675.50.
The S&P 500 gained 11.38 points or 0.60 percent, to end at 1,911.91.
The Nasdaq Composite added 51.26 points or 1.22 percent, to close at 4,237.07.
The TSX composite was down on weaker gold and energy company shares.
It closed down 57.67 points, or 0.39 percent, at 14,658.02.
