ICE Canada canola futures were higher in the morning but closed lower Monday, pressured by a lack of buying interest and technical selling.
Early support came from stronger soy oil but that fell off later.
Funds sold part of their May long position, a trader said. A stronger loonie also weighed on canola.
May canola fell $3.70 to close at $458.30 per tonne.
November fell $3.60, or 0.79 percent to close at $450.90.
U.S. soybean futures fell on a profit-taking setback after prices hit their highest in nearly a month early in the day, Reuters reported.
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U.S. grains: Corn futures lower as farmers sell, soy choppy
Chicago corn futures ticked lower on Tuesday on selling pressure as soybeans chopped up and down, though expectations of a bumper U.S. harvest limited the upside in prices, analysts said.
Soymeal futures also fell, with the May contract hitting resistance as it neared its 50-day moving average, Reuters reported. Light demand on the cash market also weighed.
Surging crude oil prices supported soyoil despite abundant stocks. The front-month contract which has risen for three days in a row, hit its highest since March 5.
May soyoil futures broke through their 30-day moving average for the first time since March 26, Reuters said.
Chicago wheat futures fell on technical selling after last week’s six week high, coupled with sluggish export demand for U.S. supplies, traders told Reuters.
Additional pressure stemmed from traders exiting long wheat/short corn spreads, with corn drawing support from concerns about a slow start to the U.S. planting season.
A rebound in the U.S. dollar added pressure, making American grain less attractive to those with weaker currencies.
USDA reported export inspections of U.S. wheat in the latest week at 370,086 tonnes, in line with trade expectations for 325,000 to 450,000 tonnes.
Worries about U.S. Plains dryness underpinned the market but mid-day forecasts indicated a change for rain late this week .
After the market closed, the USDA’s first weekly U.S. crop progress report since November, rated 44 percent of the winter wheat crop as good to excellent, a bit better than the trade’s expectation of 42 percent. The five-year average for early April is 47 percent.
The Black Sea region is enjoying good spring weather, which bodes well for the wheat crop there.
Chicago corn futures edged lower, pressured by declines in wheat and as investors took profits after two sessions of gains, traders told Reuters.
In overnight trade corn had traded higher as wet weather in portions of the southern United States delayed early plantings but reversed lower after reaching upside resistance near several major daily moving averages including the 50-day, Reuters said.
Crude oil rose as Saudi Arabia raised its prices and traders studying the new preliminary agreement with Iran about its nuclear program. The easing of sanctions against Iran, and its ability to ramp up oil exports, could take many months.
Light crude oil nearby futures in New York were up $3 to US$52.14 per barrel.
The Canadian dollar at noon was US80.31 cents, up from 79.46 cents the previous trading day. The U.S. dollar at noon was C$1.2452.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015 458.30 -3.70 -0.80%
Canola Nov 2015 450.90 -3.60 -0.79%
Canola Jan 2016 451.60 -3.90 -0.86%
Canola Mar 2016 452.00 -4.10 -0.90%
Milling Wheat May 2015 241.00 -2.00
Milling Wheat Jul 2015 238.00 -2.00
Milling Wheat Oct 2015 239.00 -2.00
Durum Wheat May 2015 323.00 unch 0.00%
Durum Wheat Jul 2015 313.00 unch 0.00%
Durum Wheat Oct 2015 318.00 unch 0.00%
Barley May 2015 205.00 +1.00
Barley Jul 2015 204.00 unch 0.00%
Barley Oct 2015 189.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2015 978.5 -7.5 -0.76%
Soybeans Jul 2015 983.5 -7.75 -0.78%
Soybeans Aug 2015 983 -8 -0.81%
Soybeans Sep 2015 973.75 -6.75 -0.69%
Soybeans Nov 2015 968.25 -6 -0.62%
Soybeans Jan 2016 974 -5.5 -0.56%
Soybean Meal May 2015 323 -4.3 -1.31%
Soybean Meal Jul 2015 322.7 -3.8 -1.16%
Soybean Meal Aug 2015 321.5 -3.7 -1.14%
Soybean Oil May 2015 31.26 +0.22 +0.71%
Soybean Oil Jul 2015 31.44 +0.2 +0.64%
Corn May 2015 385 -1.5 -0.39%
Corn Jul 2015 393 -1.5 -0.38%
Corn Sep 2015 400.5 -1.25 -0.31%
Corn Dec 2015 409.75 -0.75 -0.18%
Corn Mar 2016 419.25 -0.75 -0.18%
Oats May 2015 269 unch 0.00%
Oats Jul 2015 270 +0.25 +0.09%
Oats Sep 2015 272.75 +0.75 +0.28%
Oats Dec 2015 273.75 +0.75 +0.27%
Oats Mar 2016 281 +0.75 +0.27%
Wheat May 2015 527.75 -8.5 -1.59%
Wheat Jul 2015 527.75 -8 -1.49%
Wheat Sep 2015 536.5 -7.75 -1.42%
Wheat Dec 2015 550 -8.25 -1.48%
Wheat Mar 2016 562.75 -8.75 -1.53%
Minneapolis
Spring Wheat May 2015 589.75 -5.75 -0.97%
Spring Wheat Jul 2015 595.25 -5 -0.83%
Spring Wheat Sep 2015 602.25 -5.5 -0.90%
Spring Wheat Dec 2015 613 -6.5 -1.05%
Spring Wheat Mar 2016 624.5 -6.25 -0.99%
Kansas City
Hard Red Wheat May 2015 572 -10.75 -1.84%
Hard Red Wheat Jul 2015 575.75 -10.25 -1.75%
Hard Red Wheat Sep 2015 586 -10 -1.68%
Hard Red Wheat Dec 2015 600.5 -9.75 -1.60%
Hard Red Wheat Mar 2016 612 -9.5 -1.53%
