Good Argentine rain pressures canola $7 lower

Canola prices fell in sympathy with Chicago soybeans Wednesday, while other crops showed a firmer face.
March canola closed at $523.90 per tonne, down $7.
Traders said soybeans had been overbought recently, and the move downward was mostly a correction.
Better than expected rainfall in Argentina also helped soften support for crops, although corn was flat in Chicago and wheat rose three to four cents per bushel in Kansas City and Minneapolis.
Most crops saw tentative trading, with all eyes on tomorrow’s U.S. Department of Agriculture supply and demand reports, which can spur major moves in the agricultural commodity markets.

Read Also

U.S. livestock: Cattle futures fall back ahead of cattle on feed report

Chicago live and feeder cattle futures fell back on Thursday ahead of Friday’s cattle on feed report. Hogs were mixed.

Most commodity markets were slightly weaker today, reflecting the negative tone in stock markets as early optimism about economic conditions in the U.S. was replaced by anxiety over the European sovereign debt mess.

Winnipeg (per tonne)
Canola Jan 12 $516.90, down $7.00 (-1.34%)
Canola Mar 12 $523.90, down $7.00 (-1.32%)
Canola May 12 $527.70, down $8.40 (-1.57%)
Canola Nov 12 $509.10, down $9.30 (-1.79%)
The previous trading day’s best basis was $12 per tonne off the March contract, said the ICE Futures Canada exchange in Winnipeg.
The January contract’s 14-day Relative Strength Index was 57.
Western Barley Mar 12 $213.00 unchanged
Chicago (per bushel)
Soybeans Jan 12 $11.975, down 26.25 cents (-2.15%)
Soybeans Mar 12 $12.03, down 29.0 (-2.35%)
Soybeans Nov 12 $12.045, down 18.0 (-1.47%)
Corn Mar 12 $6.515, down 0.5 (-0.08%)
Corn Dec 12 $5.825, down 4.0 (-0.68%)
Oats Mar 12 $2.985, down 0.75 (-0.25%)
Oats Dec 12 $3.16 unchanged
Minneapolis (per bushel)

Spring Wheat Mar 12 $8.165, up 4.25 cents (+0.52%)
Spring Wheat May 12 $8.0625, up 2.25 (+0.28%)
Spring Wheat Dec 12 $7.8925, down 5.5 (-0.69%)

The CRB commodities index fell 0.58 percent,. Gold, the perennial “safe haven” commodity, rose $12 per ounce.
Nearby light crude oil in New York fell $1.37 to settle at $100.87 a barrel.
The Canadian dollar at noon was 98.12 cents US, down from 98.39 the previous trading day. The U.S. dollar at noon was $1.0192 Cdn.
The Toronto Stock Exchange composite unofficially ended down 9.72 points, or 0.08 percent, at 12,260.94.
The Standard and Poor’s 500 gained 0.40 point, or 0.03 percent, to 1,292.48.