The crop futures market was lower across the board with May canola down 0.76 percent.
Traders seemed in a negative mood generally as stock markets also fell.
In canola, traders took profits after the good rally earlier this week took prices to the best level since December.
Falling soybeans pressured canola. China defaulted on U.S. and Brazilian soybean orders but that was expected. Soy oil fell on weaker demand as soybean crush margins have become less attractive.
Wheat fell on lingering pressure from the USDA report that found ample world wheat stocks and on expected rain in the U.S. southern Plains. Traders will closely watch to see if the rain extends into the western part of the winter wheat belt where it is driest.
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Parts of several southeastern Australian states have received good rainfall in the past few days, improving the prospect for seeding.
Corn was caught up in the general decline.
The start of Midwest seeding will likely be a little delayed because soil has yet to warm after the frigid winter. Cold weather and rain are expected in the coming days.
But it’s early days yet.
The U.S. Weather Service’s Climate Prediction Centre added its voice to those forecasting an El Nino to form by this summer.
The weather pattern tends to bring drier crop weather to Australia, Southeast Asia and India but more moisture to the U.S. corn belt. So if the rain arrives at the right time in the right amounts, it could be good for U.S. corn and soybean production.
Ukraine is a major global corn exporter but the unrest there is likely to result in reduced seeded area.
Analyst Agritel today said Ukraine’s corn crop will likely fall 18 percent from last year because of fewer acres and reduced input use. Farmers might seed more barley, which requires fewer inputs, to make up the difference.
Argentina’s Buenos Aires Grain Exchange said farmers made progress on harvest despite heavy rains in the past week.
Now, 14 percent of the soy crop is harvested, up from just shy of 10 percent last week. However that is behind last year’s pace of about 24 percent.
The exchange said nothing about the rain reducing the size of the crop.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2014Â Â Â Â Â Â 469.50Â Â Â Â Â Â -3.60Â Â Â Â Â Â -0.76%
Canola Jul 2014Â Â Â Â Â Â 479.00Â Â Â Â Â Â -3.60Â Â Â Â Â Â -0.75%
Canola Nov 2014Â Â Â Â Â Â 494.00Â Â Â Â Â Â -2.80Â Â Â Â Â Â -0.56%
Canola Jan 2015Â Â Â Â Â Â 501.00Â Â Â Â Â Â -2.60Â Â Â Â Â Â -0.52%
Canola Mar 2015Â Â Â Â Â Â 507.80Â Â Â Â Â Â -2.60Â Â Â Â Â Â -0.51%
Milling Wheat May 2014Â Â Â Â Â Â 210.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.87%
Milling Wheat Jul 2014Â Â Â Â Â Â 209.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.88%
Milling Wheat Oct 2014Â Â Â Â Â Â 212.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.85%
Durum Wheat May 2014      250.00      unch      0.00%
Durum Wheat Jul 2014      250.00      unch      0.00%
Durum Wheat Oct 2014      252.00      unch      0.00%
Barley May 2014      130.50      unch      0.00%
Barley Jul 2014      128.50      unch      0.00%
Barley Oct 2014      128.50      unch      0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2014Â Â Â Â Â Â 1482.25Â Â Â Â Â Â -13Â Â Â Â Â Â -0.87%
Soybeans Jul 2014Â Â Â Â Â Â 1465.5Â Â Â Â Â Â -12.5Â Â Â Â Â Â -0.85%
Soybeans Aug 2014Â Â Â Â Â Â 1388.75Â Â Â Â Â Â -6Â Â Â Â Â Â -0.43%
Soybeans Sep 2014Â Â Â Â Â Â 1275Â Â Â Â Â Â -1Â Â Â Â Â Â -0.08%
Soybeans Nov 2014Â Â Â Â Â Â 1225.5Â Â Â Â Â Â -2Â Â Â Â Â Â -0.16%
Soybeans Jan 2015Â Â Â Â Â Â 1230.75Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.14%
Soybean Meal May 2014Â Â Â Â Â Â 479.5Â Â Â Â Â Â -2.6Â Â Â Â Â Â -0.54%
Soybean Meal Jul 2014Â Â Â Â Â Â 468.6Â Â Â Â Â Â -3Â Â Â Â Â Â -0.64%
Soybean Meal Aug 2014Â Â Â Â Â Â 440Â Â Â Â Â Â -0.1Â Â Â Â Â Â -0.02%
Soybean Oil May 2014Â Â Â Â Â Â 42.5Â Â Â Â Â Â -0.41Â Â Â Â Â Â -0.96%
Soybean Oil Jul 2014Â Â Â Â Â Â 42.68Â Â Â Â Â Â -0.44Â Â Â Â Â Â -1.02%
Soybean Oil Aug 2014Â Â Â Â Â Â 42.52Â Â Â Â Â Â -0.39Â Â Â Â Â Â -0.91%
Corn May 2014Â Â Â Â Â Â 501.25Â Â Â Â Â Â -1Â Â Â Â Â Â -0.20%
Corn Jul 2014Â Â Â Â Â Â 507.25Â Â Â Â Â Â -0.75Â Â Â Â Â Â -0.15%
Corn Sep 2014Â Â Â Â Â Â 507Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.05%
Corn Dec 2014Â Â Â Â Â Â 505Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.10%
Corn Mar 2015Â Â Â Â Â Â 512.5Â Â Â Â Â Â -0.25Â Â Â Â Â Â -0.05%
Oats May 2014Â Â Â Â Â Â 405Â Â Â Â Â Â -19Â Â Â Â Â Â -4.48%
Oats Jul 2014Â Â Â Â Â Â 356.25Â Â Â Â Â Â -10Â Â Â Â Â Â -2.73%
Oats Sep 2014Â Â Â Â Â Â 346.5Â Â Â Â Â Â -11.75Â Â Â Â Â Â -3.28%
Oats Dec 2014Â Â Â Â Â Â 335.75Â Â Â Â Â Â -11.5Â Â Â Â Â Â -3.31%
Oats Mar 2015Â Â Â Â Â Â 333Â Â Â Â Â Â -12.5Â Â Â Â Â Â -3.62%
Wheat May 2014Â Â Â Â Â Â 662.25Â Â Â Â Â Â -6.75Â Â Â Â Â Â -1.01%
Wheat Jul 2014Â Â Â Â Â Â 670Â Â Â Â Â Â -7.25Â Â Â Â Â Â -1.07%
Wheat Sep 2014Â Â Â Â Â Â 679.75Â Â Â Â Â Â -7.25Â Â Â Â Â Â -1.06%
Wheat Dec 2014Â Â Â Â Â Â 693.75Â Â Â Â Â Â -6.5Â Â Â Â Â Â -0.93%
Wheat Mar 2015Â Â Â Â Â Â 706Â Â Â Â Â Â -6.75Â Â Â Â Â Â -0.95%
Minneapolis
Spring Wheat May 2014Â Â Â Â Â Â 701Â Â Â Â Â Â -11.75Â Â Â Â Â Â -1.65%
Spring Wheat Jul 2014Â Â Â Â Â Â 707.75Â Â Â Â Â Â -11.75Â Â Â Â Â Â -1.63%
Spring Wheat Sep 2014Â Â Â Â Â Â 714.75Â Â Â Â Â Â -11Â Â Â Â Â Â -1.52%
Spring Wheat Dec 2014Â Â Â Â Â Â 726Â Â Â Â Â Â -12Â Â Â Â Â Â -1.63%
Spring Wheat Mar 2015Â Â Â Â Â Â 736.25Â Â Â Â Â Â -10.5Â Â Â Â Â Â -1.41%
Kansas City
KC HRW Wheat May 2014Â Â Â Â Â Â 722.5Â Â Â Â Â Â -10.75Â Â Â Â Â Â -1.47%
KC HRW Wheat Jul 2014Â Â Â Â Â Â 729Â Â Â Â Â Â -11.25Â Â Â Â Â Â -1.52%
KC HRW Wheat Sep 2014Â Â Â Â Â Â 737.5Â Â Â Â Â Â -11.25Â Â Â Â Â Â -1.50%
KC HRW Wheat Dec 2014Â Â Â Â Â Â 748.75Â Â Â Â Â Â -11.25Â Â Â Â Â Â -1.48%
KC HRW Wheat Mar 2015Â Â Â Â Â Â 754Â Â Â Â Â Â -11Â Â Â Â Â Â -1.44%
Light crude oil nearby futures in New York dropped 20 cents at $103.40 US per barrel.
The Canadian dollar at noon was 91.64 cents US, down from 91.72 cents the previous trading day. The U.S. dollar at noon was $1.0912 Cdn.
Biotech and internet stocks were hit hard today as the tech-heavy Nasdaq suffered its biggest one day drop in 2 ½ years.
The Dow Jones industrial average plummeted 266.96 points or 1.62 percent, to end at 16,170.22.
The S&P 500 lost 39.09 points or 2.09 percent, to close at 1,833.09.
The Nasdaq Composite dropped 129.794 points or 3.1 percent, to 4,054.106.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 127.58 points, or 0.88 percent, at 14,308.
