Canola futures edged lower on Thursday on adequate seeding progress and weaker vegetable oil values.
Wheat also fell on spring wheat planting progress and lower priced competition from the Black Sea region and Europe.
Corn edged lower on Midwest planting progress.
Soybeans climbed about a penny per bushel, supported by the tight stocks of old crop U.S. soybeans.
Palm oil fell on demand concerns as the oilseed enters into the season when traditionally monthly production increases.
Saskatchewan Agriculture said 64 percent of the province’s crop is seeded, up from 22 percent the week before. That was in line with the five-year average.
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Moisture is 16 percent surplus, 81 percent adequate and only six percent short.
Generally, aside from the hard red winter wheat crop in the U.S., the North American crop outlook is so far favourable. European crops are doing well. Australia’s crops are also starting out well although production in eastern areas could be threatened if an El Nino develops.
There is some concern about dry soil in southern Russia, the area east of Ukraine, roughly between the Black Sea and Caspian Sea.
Speculative investment funds that had built up long bullish positions based on worries about Ukraine and the drought in the U.S. southern plains are now scaling back those bullish bets on corn and are in a net bearish short position on wheat, Reuters reported.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014 464.30 -2.20 -0.47%
Canola Nov 2014 468.30 -1.50 -0.32%
Canola Jan 2015 473.80 -0.90 -0.19%
Canola Mar 2015 476.20 -0.70 -0.15%
Canola May 2015 477.80 -0.70 -0.15%
Milling Wheat Jul 2014 217.00 -1.00 -0.46%
Milling Wheat Oct 2014 217.00 -1.00 -0.46%
Milling Wheat Dec 2014 221.00 -1.00 -0.45%
Durum Wheat Jul 2014 252.00 unch0.00%
Durum Wheat Oct 2014 243.00 unch0.00%
Durum Wheat Dec 2014 245.00 unch0.00%
Barley Jul 2014 150.00 unch0.00%
Barley Oct 2014 150.00 unch0.00%
Barley Dec 2014 152.00 unch0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jul 2014 1499 +1.25 +0.08%
Soybeans Aug 20141432.75 +4.5+0.32%
Soybeans Sep 20141296.5 +1.75 +0.14%
Soybeans Nov 20141244.25 +1.25 +0.10%
Soybeans Jan 2015 1250 +1.5+0.12%
Soybeans Mar 20151253.5 +1.5+0.12%
Soybean Meal Jul 2014 498.4 -0.1 -0.02%
Soybean Meal Aug 2014 472.9 +1.7+0.36%
Soybean Meal Sep 2014 436.2 +1.8+0.41%
Soybean Oil Jul 2014 39.41 -0.22 -0.56%
Soybean Oil Aug 2014 39.51 -0.19 -0.48%
Soybean Oil Sep 2014 39.59 -0.16 -0.40%
Corn Jul 2014 469.5 -3 -0.63%
Corn Sep 2014463.25 -6 -1.28%
Corn Dec 2014463 -6.5 -1.38%
Corn Mar 2015472.5 -6.25 -1.31%
Corn May 2015478.75 -6.25 -1.29%
Oats Jul 2014 361.5 +11.75 +3.36%
Oats Sep 2014347 +8.25 +2.44%
Oats Dec 2014327.5 unch0.00%
Oats Mar 2015323.25 -0.5 -0.15%
Oats May 2015319.25 -0.5 -0.16%
Wheat Jul 2014 632.5 -6.25 -0.98%
Wheat Sep 2014 644.5 -6 -0.92%
Wheat Dec 2014 663.75 -6.25 -0.93%
Wheat Mar 2015 679.75 -7 -1.02%
Wheat May 2015 688.25 -6.25 -0.90%
Minneapolis
Spring Wheat Jul 2014 714.5 -3.5 -0.49%
Spring Wheat Sep 2014 722.5 -3.25 -0.45%
Spring Wheat Dec 2014 731.75 -3.25 -0.44%
Spring Wheat Mar 2015 739.25 -3.25 -0.44%
Spring Wheat May 2015 742.75 -3.75 -0.50%
Kansas City
KC HRW Wheat Jul 2014 730.5 -5.5 -0.75%
KC HRW Wheat Sep 2014738.25 -5.25 -0.71%
KC HRW Wheat Dec 2014750.25 -5.25 -0.69%
KC HRW Wheat Mar 2015755 -5 -0.66%
KC HRW Wheat May 2015753.75 -4.5 -0.59%
Light crude oil nearby futures in New York rose 86 cents at $103.58 US per barrel.
The Canadian dollar at noon was 92.28 cents US, up from 92.02 cents the previous trading day. The U.S. dollar at noon was $1.0837 Cdn.
The U.S. Department of Commerce said the American economy shrank at an annual rate of one percent in the first quarter of the year. But the market believes it had already reflected the difficult winter and analysts believe the economy has moved to a much stronger phase.
Supporting this view was the weekly report on the number of Americans filing new claims for unemployment benefits. It fell more than expected.
The Toronto market closed lower, weakened by lower than expected quarterly results at bank CIBC.
The Toronto Stock Exchange composite was down 22.01 points or 0.15 percent at 14,588.95.
The Dow Jones industrial average rose 65.50 points or 0.39 percent, to end at 16,698.68.
The S&P 500 gained 10.25 points or 0.54 percent, to finish at a record high 1,920.03.
The Nasdaq Composite added 22.87 points or 0.54 percent, to close at 4,247.95.
