November canola snapped its five-day winning streak by closing lower but was slightly higher through most of the trading day.
January canola still posted a small gain.
Farmers are not rushing to deliver from the combine and that is helping to keep support under canola. Also, rain in a large part of Saskatchewan today and tomorrow is delaying harvest.
Soybean futures were slightly higher on a decline in the U.S. weekly crop rating.
USDA late Monday rated 61 percent of the U.S. soybean crop as good to excellent, down from 63 percent a week earlier, Reuters reported.
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U.S. soybean futures fell to a 1-1/2 week low on Tuesday as China continued to shun purchases from the United States and as forecasts for improved rains in the coming days reinforced expectations for a sizeable Midwest harvest.
But soybean oil fell about 1.7 percent on losses in palm oil. Palm fell after soaring to a two month high earlier in the day
Corn was also lower on profit taking after the recent multi day rally. The weekly corn crop condition rating did not change.
Wheat followed corn lower.
The USDA said the American spring wheat crop was 97 percent harvested, ahead of the five-year average of 86 percent.
Weather is favourable for seeding winter wheat in the U.S. southern plains. About nine percent of the crop has been seeded.
Wheat supply and demand fundamentals remain weak with 2015-16 year end stocks expected to be the largest ever.
Generally, markets are a little jittery as the U.S. Federal Reserve meets this week and the potential of an interest rate hike is on the table, although most think it will come later in the fall or early winter.
Light crude oil nearby futures in New York were up 59 cents to US$44.59 per barrel.
The Canadian dollar at noon was US75.40 cents, up from 75.36 cents the previous trading day. The U.S. dollar at noon was C$1.3263.
Stock markets were generally up in late session trading.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2015 471.10 -0.70 -0.15%
Canola Jan 2016 475.80 +0.40 +0.08%
Canola Mar 2016 478.70 +1.10 +0.23%
Canola May 2016 479.30 +1.30 +0.27%
Canola Jul 2016 479.00 +1.60 +0.34%
Milling Wheat Oct 2015 225.00 -5.00 -2.17%
Milling Wheat Dec 2015 225.00 -5.00 -2.17%
Milling Wheat Mar 2016 229.00 -5.00 -2.14%
Durum Wheat Oct 2015 340.00 unch 0.00%
Durum Wheat Dec 2015 340.00 unch 0.00%
Durum Wheat Mar 2016 345.00 unch 0.00%
Barley Oct 2015 184.00 unch 0.00%
Barley Dec 2015 184.00 unch 0.00%
Barley Mar 2016 186.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Nov 2015 889 +4.75 +0.54%
Soybeans Jan 2016 892.25 +4.75 +0.54%
Soybeans Mar 2016 893.5 +4.5 +0.51%
Soybeans May 2016 894.75 +5.5 +0.62%
Soybeans Jul 2016 898.75 +6 +0.67%
Soybeans Aug 2016 897.5 +5.75 +0.64%
Soybean Meal Oct 2015 318.6 +4.3 +1.37%
Soybean Meal Dec 2015 317.4 +4.6 +1.47%
Soybean Meal Jan 2016 315.4 +4.6 +1.48%
Soybean Oil Oct 2015 26.47 -0.46 -1.71%
Soybean Oil Dec 2015 26.66 -0.47 -1.73%
Soybean Oil Jan 2016 26.97 -0.47 -1.71%
Corn Dec 2015 390.5 -3 -0.76%
Corn Mar 2016 401.75 -3 -0.74%
Corn May 2016 409 -2.75 -0.67%
Corn Jul 2016 413.5 -2.5 -0.60%
Corn Sep 2016 405.25 -3.25 -0.80%
Oats Dec 2015 235.75 +3 +1.29%
Oats Mar 2016 237.5 +4.75 +2.04%
Oats May 2016 239.25 +4.75 +2.03%
Oats Jul 2016 240.25 +4.75 +2.02%
Oats Sep 2016 240.25 +4.75 +2.02%
Wheat Dec 2015 494.75 -6.5 -1.30%
Wheat Mar 2016 502.5 -7.5 -1.47%
Wheat May 2016 507.75 -7.25 -1.41%
Wheat Jul 2016 511.75 -7 -1.35%
Wheat Sep 2016 520.5 -6.75 -1.28%
Minneapolis
Spring Wheat Dec 2015 520.5 -4.25 -0.81%
Spring Wheat Mar 2016 534 -4.25 -0.79%
Spring Wheat May 2016 544 -4 -0.73%
Spring Wheat Jul 2016 554 -4 -0.72%
Spring Wheat Sep 2016 564 -4 -0.70%
Kansas City
Hard Red Wheat Dec 2015 492.5 -3.75 -0.76%
Hard Red Wheat Mar 2016 507 -3 -0.59%
Hard Red Wheat May 2016 517 -3 -0.58%
Hard Red Wheat Jul 2016 526.25 -3.25 -0.61%
Hard Red Wheat Sep 2016 540.5 -3 -0.55%
