Falling wheat and corn futures dragged down oilseed prices on Wednesday.
However, the fall in canola was less than for other commodities due to good demand and slow farmer selling.
May canola fell 70 cents to $585.20 per tonne.
November fell 30 cents and settled at $540.40.
Traders took profits in corn and wheat from the recent rally and readjusted positions ahead of the USDA supply and demand report expected on Friday.
The loonie moved back above par.
• Exports of soybeans and soy products from Argentina are being slowed by a dockworkers strike.
• Australia expects its year end wheat stocks will rise to 10 million tonnes from eight million last year, meaning that total wheat supply will likely remain very high in 2012-13 despite a small reduction in expected wheat seeded area.
• Corn prices were pressured by news that China’s northeast province of Heilongjiang, the country’s top corn and soy grower, aims to raise total grains output by eight percent in 2012. It plans to seed more corn and less soybeans this spring.
The province produces about 15 percent of China’s total corn crop. By itself, its production of close to 27 million tonnes is about equal to that produced by Argentina, the world’s second largest exporter.
• Banks and pension funds today said they would support the Greek debt swap deal, lessening worries that a Thursday deadline related to the debt situation would not be met.
• A report on private sector employment in the U.S. came in better than expected.
Winnipeg (per tonne)
Canola Mar 12 $585.20, down $0.70 -0.12%
Canola May 12 $577.60, down $0.30 -0.05%
Canola Jul 12 $578.60, down $0.30 -0.05%
Canola Nov 12 $540.40, down $0.30 -0.06%
The previous day’s best canola basis was $6 over the May contract, according to ICE Futures Canada in Winnipeg.
The 14-day relative strength index was 77.
Western Barley Mar 12 $214.00, unchanged
Western Barley May 12 $220.00, unchanged
Milling Wht Oct 12 $260.50, unchanged
Milling Wht Dec 12 $265.50, unchanged
Milling Wht Mar 13Â Â Â Â Â Â 270.50, unchanged
Durum Wht Oct 12 $265.50, down $0.40Â -0.15%
Durum Wht Dec 12 $270.00, down $0.40Â -0.15%
Durum Wht Mar 13Â $276.60, unchanged
Barley Oct 12Â $185.00, unchanged
Barley Dec 12Â $188.50, unchanged
Barley Mar 13Â $190.00, unchanged
Chicago (per bushel)
Soybeans Mar 12 $13.215, down 8.25Â -0.62%
Soybeans May 12 $13.2675, down 8.5Â -0.64%
Soybeans Nov 12 $12.915, down 1.75Â -0.14%
Corn Mar 12 $6.4375, down 14.25Â -2.17%
Corn May 12 $6.3875, down 15.25Â -2.33%
Corn Dec 12 $5.58, down 5.5Â -0.98%
Oats Mar 12 $3.23, unchanged
Oats May 12 $2.985, down 5.5Â -1.81%
Oats Dec 12 $3.12, down 3.25 -1.03%
Minneapolis (per bushel)
Spring Wht Mar 12 $8.045, down 5.5 cents -0.68%
Spring Wht May 12 $8.0875, down 10.0Â -1.22%
Spring Wht Dec 12 $7.8775, down 3.5Â -0.44%
The nearby New York light sweet crude contract rose $1.46 to $106.16.
The Canadian dollar at noon edged above par at $1.0007 US, up from 99.85 the previous trading day. The U.S. dollar at noon was 99.93 Cdn.
The Toronto Stock Exchange composite unofficially closed up 51.53 points, or 0.42 percent, at 12,350.16, regaining some of yesterday’s steep losses.
The Dow Jones industrial average rose 78.18 points, or 0.61 percent, to 12,837.33 at the close. The Standard & Poor’s 500 Index climbed 9.27 points, or 0.69 percent, to 1,352.63. The Nasdaq Composite Index added 25.37 points, or 0.87 percent, to 2,935.69.
