Ideal growing weather in South America’s soybean growing regions continued to pressure oilseed prices lower.
Winnipeg March canola fell 1.8 percent and Chicago soybeans fell two percent.
Trend-setting investment funds are selling grain and oilseeds. Crude oil and other commodities also fell as traders reassess their expectation about how fast the world economy will recover this year.
The U.S. dollar rose against the loonie and other currencies on worries about the fiscal health of some European countries.
March canola fell $6.70 to close at $376.90 per tonne on 7,847 trades.
May fell $6.50 to close at $383.40 on 1,937 trades.
New crop November fell $6.40 to $396.20 on 117 trades.
The Bank of Canada at noon Wednesday said the Canadian dollar was worth 93.84 cents US, down from 94.29 cents the previous trading day. The U.S. dollar was worth $1.0657 Cdn.
The Winnipeg March barley contract was down $2 at $148 per tonne with 55 trades. May fell $2 to $153 on no trades.
March soybeans fell 18.5 cents to $9.29 US per bushel.
Light crude oil in New York closed at $73.67 per barrel, down $1.04.
There was also downward pressure from expectations that U.S. president Barack Obama will further define his administration’s plan to restrict bank involvement in commodity and equity trading during his State of the Union address tonight.
