Canola fell Wednesday along with most crop futures as worry over Spain’s banking woes overwhelmed the markets.
The euro is down, the U.S. dollar is up, stock and commodity markets are down on rising anxiety as Spain appears to be the next country to be unable to contend with high debt, rising borrowing costs, high unemployment and a weak economy.
Canola rallied near the end of trade to close only slightly lower.
July canola closed at $615.50 down $1.80.
November closed at $568.50, down 70 cents.
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In overnight trade corn and soybeans had risen on the dryness in the Midwest that had caused the weekly corn crop condition rating to fall more than expected, to 72 percent good-to-excellent from 77 percent the week before.
Corn closed up a few pennies, old crop soybeans were down a little but new crop edged higher on new forecasts that see less rain falling this week in the Midwest than had been expected in yesterday’s forecast.
Oats again fell hard, down about 3.5 percent.
Spring wheat closed slightly lower as the USDA’s crop condition rating improved from the week before. Kansas wheat was almost unchanged. The condition of the winter wheat crop fell.
• The head of Russia’s Grain Union today said the dryness affecting crops this spring is not enough to seriously reduce its ability to export, particularly with a large carry in of unsold 2011 crop.
Union head Arkady Zlochevsky said Russia’s harvest in the 2012-13 crop year would be 94 million tonnes, in line with 2011-12, with total wheat output unchanged at 56 million tonnes, with an exportable surplus of 22-23 million tonnes.
Winnipeg (per tonne)
Canola Jul 12 $615.50, down $1.80 -0.29%
Canola Nov 12 $568.50, down $0.70 -0.12%
Canola Jan 13 $573.10, down $0.80 -0.14%
Canola Mar 13 $5576.70, down $0.30 -0.05%
The previous day’s best basis in the par region was $14 over the July contract, said ICE Futures Canada.
The 14-day relative strength index for July is 52 percent.
Western Barley Jul 12 $237.00, unchanged
Western Barley Oct 12 $210.00, unchanged
Milling Wheat Oct 12 $257.70, down $2.00 -0.77%
Milling Wheat Dec 12 $265.00, down $2.00 -0.75%
Milling Wheat Mar 13 $274.00, down $2.00 -0.72%
Durum Wheat Oct 12 $275.60, unchanged
Durum Wheat Dec 12 $280.10, unchanged
Durum Wheat Mar 13 $286.70, unchanged
Barley Oct 12 $180.00, unchanged
Barley Dec 12 $183.50, unchanged
Barley Mar 13 $186.50, unchanged
Chicago (per bushel)
Soybeans (P) Jul 12 $13.7325, down 13.5 -0.97%
Soybeans (P) Aug 12 $13.545, down 12.756 -0.93%
Soybeans (P) Sep 12 $13.21, down 5.75 -0.43%
Soybeans (P) Nov 12 $12.93, down 0.5 -0.04%
Corn (P) Jul 12 $5.595, down 3.0 -0.53%
Corn (P) Sep 12 $5.2675, down 4.25 $+0.81%
Corn (P) Dec 12 $5.205, down 3.0 +0.58%
Oats (P) Jul 12 $2.7075, down 9.75 -3.48%
Oats (P) Sep 12 $2.74, down 11.0 -3.86%
Oats (P) Dec 12 $2.825, down 8.75 -3.00%
Minneapolis (per bushel)
Spring Wheat Jul 12 $7.64, down 7.75 -1.00%
Spring Wheat Sep 12 $7.6275, down 5.5 -0.72%
Spring Wheat Dec 12 $7.69, down 4.75 -0.61%
Spring Wheat Mar 13 $7.7575, down 5.0 -0.64%
Nearby crude oil in New York closed down sharply, falling $2.94 to $87.82.
The Bank of Canada noon hour rate for the Canadian dollar is 97.22 cents US, down from 97.53 cents the previous trading day.
The U.S. dollar was $1.0286 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index unofficially closed down 176.04 points, or 1.5 percent, at 11,433.26. The index has slumped more than seven percent in May.
The Dow Jones industrial average lost 160.83 points, or 1.28 percent, to 12,419.86.
The S&P 500 Index dropped 19.10 points, or 1.43 percent, to 1,313.32.
The Nasdaq Composite fell 33.63 points, or 1.17 percent, to 2,837.36.
