Canola fell along with soybeans Wednesday on anxiety about Greece’s future in the euro zone.
Oilseeds were also pressured by talk that China might cancel or push back delivery of soybean shipments.
Wheat was pressured by rain in Russia and parts of Australia where it had been dry.
Also, the inversion where corn had been more expensive than wheat has ended, causing analysts to expect livestock feeders to reduce the amount of feed wheat they have been using in their rations. This could cause USDA to eventually adjust its year-end stocks forecasts.
Read Also
U.S. livestock: Cattle hit fresh highs, hogs inch upward
Chicago cattle futures hit fresh highs on Monday while hogs made small gains.
July canola closed at $598.40, down $10.90.
November closed at $553.40, down $6.50.
The rain of the past two days in Saskatchewan will likely reduce the amount of land that can be seeded in the eastern part of the province, where soils are still saturated from the two previous years of excess moisture.
Unease over euro zone debt problems is causing investors to generally back out of commodities, which are considered a risk investment, and into U.S. treasuries, which drives up the value of the U.S. dollar.
The euro fell as low as $1.2555 against the U.S. dollar, its lowest since July 2010.
Hot weather, as high as the low 100s F will hit the U.S. plains, stressing filling winter wheat and speeding maturity.
It will also become hot in the Midwest and could stress corn. Rain might come at the end of May for the region.
Western barley dropped $1 but did not trade.
Winnipeg (per tonne)
Canola Jul 12 $598.40, down $10.90 -1.79%
Canola Nov 12 $553.40, down $6.50 -1.16%
Canola Jan 13 $557.80, down $5.50 -0.98%
Canola Mar 13 $560.80, down $5.30 -0.94%
The basis is not available.
The 14-day RSI for the July contract was 40.
Western Barley Jul 12 $237.00, unchanged
Western Barley Oct 12 $210.00, unchanged
Milling Wheat Oct 12 $262.70, unchanged
Milling Wheat Dec 12 $270.00, unchanged
Milling Wheat Mar 13 $279.00, unchanged
Durum Wheat Oct 12 $275.60, unchanged
Durum Wheat Dec 12 $280.10, unchanged
Durum Wheat Mar 13 $286.70, unchanged
Barley Oct 12 $184.00, unchanged
Barley Dec 12 $188.00, down $1.00 -0.53%
Barley Mar 13 $191.00, down $1.00 -0.52%
Technical problems have resulted in a slight change to the look of the following U.S. market data today.
Chicago preliminary settlement (per bushel)
Soybeans Jul 12 $13.625, down 19.75 cents
Soybeans Aug 12 $13.425, down 22.25
Soybeans Nov 12 $12.5775, down 24.5
Corn Jul 12 $6.035, up 6.5
Corn Sep 12 $5.29, up 3.0
Corn Dec 12 $5.23, up 1.0
Oats Jul 12 $3.25, down 8.4 -2.55%
Oats Sep 12 $3.29, down 9.0 -2.66%
Oats Dec 12 $3.355, down 8.0 -2.33%
Minneapolis
Spring Wheat Jul 12 $7.7525, down 5.25 cents
Spring Wheat Sep 12 $7.7275, down 6.5
Spring Wheat Dec 12 $7.7875, down 7.5
Spring Wheat Mar 13 $7.8575, down 7.25
Nearby light crude oil in New York plunged $1.95 at $89.90 per barrel.
The Bank of Canada dollar noon rate was 97.32 cents US, down from 98.13 the previous trading day.
The U.S. dollar was 1.0275 Cdn.
In unofficial early tallies:
The Toronto Stock Exchange’s S&P/TSX composite index rose 113.02 points, or one percent, to close at 11,564.80, its highest close in nearly two weeks.
The Dow Jones industrial average was down 6.74 points, or 0.05 percent, to end at 12,496.07.
The Standard & Poor’s 500 Index was up 2.22 points, or 0.17 percent, to close at 1,318.85.
The Nasdaq Composite Index rose 11.04 points, or 0.39 percent, to close at 2,850.12.
