Canola futures closed a little lower, pressured by commercial hedging and slower fund buying.
Generally crop futures were slightly lower on a day when there was little new news about supply and demand.
Canola had been higher midmorning as speculators bought canola and sold soybeans but then fund buying trailed off.
Soybeans fell as exporters cancelled another 120,000 tonnes of old crop soybeans to China.
Basis for nearby delivery of canola is getting wider, indicating exporters and domestic crushers have their immediate needs met. Basis improves for deliveries in April-July period.
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The market so far is reacting little to news stories about continued dryness in parts of Brazil, likely because production from South America is still expected to be record large, even with some trimming.
Oil World, the oilseed analysis publication, reported that rain is urgently needed in the state of Goias, the fourth largest producer. It is also dry in parts of Mato Grosso do Sul the fifth largest producer and in the eastern states of Minas Gerais and Bahia.
However, the main growing states are in the western and southern parts of the country — Mato Grosso, Parana and Rio Grande Do Sul — and moisture is better there.
Some yield potential in Goias has already been lost.
Late last week, Brazilian consulting firm Agroconsult noted a dry January as it trimmed its soy crop forecast by 900,000 tonnes to 93.9 million tonnes, which is still a record.
The USDA in early January increased its forecast of Brazil’s crop by 1.5 million tonnes to 95.5 million. Last year, production was 86.7 million.
Brazil’s neighbour Paraguay is now expected to produce 8.8 million tonnes of soybeans, said Oil World. The previous forecast was 9.2 million tonnes. Last year it produced 9.0 million.
Corn futures also dipped on ample supplies.
Wheat futures were also a little lower on large international supplies and the strong U.S. dollar, which makes American wheat more expensive for foreign buyers.
The Ukrainian government and traders have agreed that no more than 1.2 million tonnes of Ukrainian milling wheat will be exported between Jan. 1 and June 30, agriculture minister Oleksiy Pavlenko said on Tuesday.
They also agreed exports of feed wheat would not exceed 3.4 million tonnes in January-June, while shipments of corn could be no more than 13.2 million tonnes in the same period.
Light crude oil nearby futures in New York were up $1.08 to US$46.23 per barrel.
The Canadian dollar at noon was US80.62 cents, up from US80.57 cents the previous trading day. The U.S. dollar at noon was C$1.2404.
Weaker than expected quarterly profit reports by several major corporations, incuding Microsoft and Caterpillar weighed down stock markets.
The Dow Jones industrial average fell 287.45 points, or 1.63 percent, to 17,391.25, the lost 27.32 points, or 1.33 percent, to 2,029.77 and the Nasdaq Composite dropped 90.27 points, or 1.89 percent, to 4,681.50.
The slightly higher crude oil price and higher gold helped lift the Toronto Stock Exchange composite by 36.5 points or 0.24 percent to close at 14,833.88.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015Â Â Â Â Â Â 459.60Â Â Â Â Â Â -1.10Â Â Â Â Â Â -0.24%
Canola May 2015Â Â Â Â Â Â 455.10Â Â Â Â Â Â -0.80Â Â Â Â Â Â -0.18%
Canola Jul 2015Â Â Â Â Â Â 448.90Â Â Â Â Â Â -0.20Â Â Â Â Â Â -0.04%
Canola Nov 2015Â Â Â Â Â Â 435.10Â Â Â Â Â Â -0.20Â Â Â Â Â Â -0.05%
Canola Jan 2016Â Â Â Â Â Â 436.80Â Â Â Â Â Â -0.50Â Â Â Â Â Â -0.11%
Milling Wheat Mar 2015Â Â Â Â Â Â 217.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.46%
Milling Wheat May 2015Â Â Â Â Â Â 220.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.45%
Milling Wheat Jul 2015Â Â Â Â Â Â 223.00Â Â Â Â Â Â -1.00Â Â Â Â Â Â -0.45%
Durum Wheat Mar 2015      363.00      unch      0.00%
Durum Wheat May 2015      353.00      unch      0.00%
Durum Wheat Jul 2015      343.00      unch      0.00%
Barley Mar 2015      195.00      unch      0.00%
Barley May 2015      197.00      unch      0.00%
Barley Jul 2015      199.00      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2015Â Â Â Â Â Â 973.75Â Â Â Â Â Â -9.75Â Â Â Â Â Â -0.99%
Soybeans May 2015Â Â Â Â Â Â 981.25Â Â Â Â Â Â -9Â Â Â Â Â Â -0.91%
Soybeans Jul 2015Â Â Â Â Â Â 987Â Â Â Â Â Â -9Â Â Â Â Â Â -0.90%
Soybeans Aug 2015Â Â Â Â Â Â 987.25Â Â Â Â Â Â -9Â Â Â Â Â Â -0.90%
Soybeans Sep 2015Â Â Â Â Â Â 973.5Â Â Â Â Â Â -9.25Â Â Â Â Â Â -0.94%
Soybeans Nov 2015Â Â Â Â Â Â 962.75Â Â Â Â Â Â -9Â Â Â Â Â Â -0.93%
Soybean Meal Mar 2015Â Â Â Â Â Â 336.6Â Â Â Â Â Â -2.3Â Â Â Â Â Â -0.68%
Soybean Meal May 2015Â Â Â Â Â Â 328.8Â Â Â Â Â Â -2.8Â Â Â Â Â Â -0.84%
Soybean Meal Jul 2015Â Â Â Â Â Â 326.5Â Â Â Â Â Â -3.3Â Â Â Â Â Â -1.00%
Soybean Oil Mar 2015Â Â Â Â Â Â 31.17Â Â Â Â Â Â +0.09Â Â Â Â Â Â +0.29%
Soybean Oil May 2015Â Â Â Â Â Â 31.37Â Â Â Â Â Â +0.09Â Â Â Â Â Â +0.29%
Soybean Oil Jul 2015Â Â Â Â Â Â 31.57Â Â Â Â Â Â +0.09Â Â Â Â Â Â +0.29%
Corn Mar 2015Â Â Â Â Â Â 381.25Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.72%
Corn May 2015Â Â Â Â Â Â 389.75Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.70%
Corn Jul 2015Â Â Â Â Â Â 397Â Â Â Â Â Â -3Â Â Â Â Â Â -0.75%
Corn Sep 2015Â Â Â Â Â Â 403.5Â Â Â Â Â Â -3Â Â Â Â Â Â -0.74%
Corn Dec 2015Â Â Â Â Â Â 411.25Â Â Â Â Â Â -3Â Â Â Â Â Â -0.72%
Oats Mar 2015Â Â Â Â Â Â 289.25Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.52%
Oats May 2015Â Â Â Â Â Â 292.75Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.43%
Oats Jul 2015Â Â Â Â Â Â 297.25Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.42%
Oats Sep 2015Â Â Â Â Â Â 300Â Â Â Â Â Â -1Â Â Â Â Â Â -0.33%
Oats Dec 2015Â Â Â Â Â Â 297Â Â Â Â Â Â +0.75Â Â Â Â Â Â +0.25%
Wheat Mar 2015Â Â Â Â Â Â 519Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.29%
Wheat May 2015Â Â Â Â Â Â 523Â Â Â Â Â Â -1.25Â Â Â Â Â Â -0.24%
Wheat Jul 2015Â Â Â Â Â Â 528.75Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.09%
Wheat Sep 2015      537.25      unch      0.00%
Wheat Dec 2015Â Â Â Â Â Â 549Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.05%
Minneapolis
Spring Wheat Mar 2015Â Â Â Â Â Â 566.5Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.44%
Spring Wheat May 2015Â Â Â Â Â Â 573.75Â Â Â Â Â Â -2.25Â Â Â Â Â Â -0.39%
Spring Wheat Jul 2015Â Â Â Â Â Â 582.75Â Â Â Â Â Â -2Â Â Â Â Â Â -0.34%
Spring Wheat Sep 2015Â Â Â Â Â Â 590.75Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.42%
Spring Wheat Dec 2015Â Â Â Â Â Â 600.5Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.41%
Kansas City
Hard Red Wheat Mar 2015Â Â Â Â Â Â 550.25Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.77%
Hard Red Wheat May 2015Â Â Â Â Â Â 555.75Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.76%
Hard Red Wheat Jul 2015Â Â Â Â Â Â 560Â Â Â Â Â Â -4Â Â Â Â Â Â -0.71%
Hard Red Wheat Sep 2015Â Â Â Â Â Â 572.25Â Â Â Â Â Â -3.75Â Â Â Â Â Â -0.65%
Hard Red Wheat Dec 2015Â Â Â Â Â Â 586.75Â Â Â Â Â Â -3.75Â Â Â Â Â Â -0.64%
