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.
Read Also
U.S. grains: Soybean futures jump on hopes for US export demand
Chicago Board of Trade soybean futures jumped on hopes for U.S. export demand on Wednesday, while corn futures rose for a third day to extend a recovery from contract lows, analysts said.
U.S. weekly export sales were less than expected.
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 2014 469.50 -3.60 -0.76%
Canola Jul 2014 479.00 -3.60 -0.75%
Canola Nov 2014 494.00 -2.80 -0.56%
Canola Jan 2015 501.00 -2.60 -0.52%
Canola Mar 2015 507.80 -2.60 -0.51%
Milling Wheat May 2014 210.00 -4.00 -1.87%
Milling Wheat Jul 2014 209.00 -4.00 -1.88%
Milling Wheat Oct 2014 212.00 -4.00 -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 2014 1482.25 -13 -0.87%
Soybeans Jul 2014 1465.5 -12.5 -0.85%
Soybeans Aug 2014 1388.75 -6 -0.43%
Soybeans Sep 2014 1275 -1 -0.08%
Soybeans Nov 2014 1225.5 -2 -0.16%
Soybeans Jan 2015 1230.75 -1.75 -0.14%
Soybean Meal May 2014 479.5 -2.6 -0.54%
Soybean Meal Jul 2014 468.6 -3 -0.64%
Soybean Meal Aug 2014 440 -0.1 -0.02%
Soybean Oil May 2014 42.5 -0.41 -0.96%
Soybean Oil Jul 2014 42.68 -0.44 -1.02%
Soybean Oil Aug 2014 42.52 -0.39 -0.91%
Corn May 2014 501.25 -1 -0.20%
Corn Jul 2014 507.25 -0.75 -0.15%
Corn Sep 2014 507 +0.25 +0.05%
Corn Dec 2014 505 -0.5 -0.10%
Corn Mar 2015 512.5 -0.25 -0.05%
Oats May 2014 405 -19 -4.48%
Oats Jul 2014 356.25 -10 -2.73%
Oats Sep 2014 346.5 -11.75 -3.28%
Oats Dec 2014 335.75 -11.5 -3.31%
Oats Mar 2015 333 -12.5 -3.62%
Wheat May 2014 662.25 -6.75 -1.01%
Wheat Jul 2014 670 -7.25 -1.07%
Wheat Sep 2014 679.75 -7.25 -1.06%
Wheat Dec 2014 693.75 -6.5 -0.93%
Wheat Mar 2015 706 -6.75 -0.95%
Minneapolis
Spring Wheat May 2014 701 -11.75 -1.65%
Spring Wheat Jul 2014 707.75 -11.75 -1.63%
Spring Wheat Sep 2014 714.75 -11 -1.52%
Spring Wheat Dec 2014 726 -12 -1.63%
Spring Wheat Mar 2015 736.25 -10.5 -1.41%
Kansas City
KC HRW Wheat May 2014 722.5 -10.75 -1.47%
KC HRW Wheat Jul 2014 729 -11.25 -1.52%
KC HRW Wheat Sep 2014 737.5 -11.25 -1.50%
KC HRW Wheat Dec 2014 748.75 -11.25 -1.48%
KC HRW Wheat Mar 2015 754 -11 -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.
