A wave of technical selling pressured crop futures lower.
Wheat futures dropped below some chart support lines sparking selling and profit taking after recent gains.
The political conflict between Ukraine and Russia had been supporting wheat, but that factor is fading as grain exports from the Black Sea region have not slowed.
Also, showers are expected this week in dry areas of the U.S. southern Plains.
The pull back in wheat spilled over into corn. Cash prices had hit $5 per bushel, sparking increased farmer selling which also started to put downward pressure on corn futures.
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Technical weakness also hit soybeans when they failed to top $15 per bushel in overnight trade.
Soy oil closed lower after failing to hold support above the 200-day moving average.
May canola closed at $454.00, down $2.20 or 0.48%.
The veg oil complex, including canola, was higher early in the day with spill over support from talk on Tuesday that the U.S. Senate planned to reinstate the biodiesel $1 fuel credit. But then the technical-triggered selling began.
Bloomberg reported that Analyst Oil World said the second crop in South America, the one seeded directly after the current soybean harvest, might see more soybeans on soybean stubble and less corn this year as farmers chase the stronger oilseed price. This could lead to as much as three million tonnes of soybeans becoming available in June and July
There was talk that a couple of shiploads of Brazilian soybeans will arrive in the U.S. later this week.
Oilworld said it believed soybeans and soy meal were currently over valued.
While canola futures dropped a little today, the basis has improved in some areas recently as the pace of rail movement improves.
Losses overall were limited by concerns about the late spring in the U.S. northern Plains and the Canadian Prairies. This could delay seeding.
Reuters reported Western banks involved in global commodity trade flows are tightening payment procedures for steel and grain deals with Russia, having already taken similar steps for Ukraine due to its political upheaval.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2014 454.00 -2.20 -0.48%
Canola Jul 2014 464.00 -2.10 -0.45%
Canola Nov 2014 479.30 -2.40 -0.50%
Canola Jan 2015 486.60 -2.40 -0.49%
Canola Mar 2015 493.50 -2.50 -0.50%
Milling Wheat May 2014 215.00 -5.00 -2.27%
Milling Wheat Jul 2014 212.00 -5.00 -2.30%
Milling Wheat Oct 2014 215.00 -4.00 -1.83%
Durum Wheat May 2014 250.00 unch 0.00%
Durum Wheat Jul 2014 250.00 unch 0.00%
Durum Wheat Oct 2014 252.00 unch 0.00%
Barley May 2014 130.50 unch 0.00%
Barley Jul 2014 128.50 unch 0.00%
Barley Oct 2014 128.50 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 2014 1462.25 -22.25 -1.50%
Soybeans Jul 2014 1441.25 -16 -1.10%
Soybeans Aug 2014 1364.25 -16 -1.16%
Soybeans Sep 2014 1251.75 -13.75 -1.09%
Soybeans Nov 2014 1198 -9.25 -0.77%
Soybeans Jan 2015 1202.75 -9.25 -0.76%
Soybean Meal May 2014 476.5 -6.2 -1.28%
Soybean Meal Jul 2014 464.1 -5.3 -1.13%
Soybean Meal Aug 2014 435.7 -4.5 -1.02%
Soybean Oil May 2014 40.85 -0.55 -1.33%
Soybean Oil Jul 2014 41.06 -0.5 -1.20%
Soybean Oil Aug 2014 40.86 -0.47 -1.14%
Corn May 2014 495.75 -11.75 -2.32%
Corn Jul 2014 501 -11.5 -2.24%
Corn Sep 2014 498.5 -10 -1.97%
Corn Dec 2014 497 -8.5 -1.68%
Corn Mar 2015 504.25 -8 -1.56%
Oats May 2014 408.5 -2.75 -0.67%
Oats Jul 2014 364 -2.25 -0.61%
Oats Sep 2014 355 +2 +0.57%
Oats Dec 2014 349.5 +2.25 +0.65%
Oats Mar 2015 347.25 +4.25 +1.24%
Wheat May 2014 669.25 -16 -2.33%
Wheat Jul 2014 675 -15 -2.17%
Wheat Sep 2014 683.25 -14.5 -2.08%
Wheat Dec 2014 695.5 -13.75 -1.94%
Wheat Mar 2015 705 -12.75 -1.78%
Minneapolis
Spring Wheat May 2014 722.25 -13 -1.77%
Spring Wheat Jul 2014 720.75 -13.25 -1.81%
Spring Wheat Sep 2014 724.25 -12.25 -1.66%
Spring Wheat Dec 2014 734 -12.25 -1.64%
Spring Wheat Mar 2015 739.5 -11.5 -1.53%
Kansas City
KC HRW Wheat May 2014 738.75 -14.75 -1.96%
KC HRW Wheat Jul 2014 742.25 -13.75 -1.82%
KC HRW Wheat Sep 2014 747.5 -13.25 -1.74%
KC HRW Wheat Dec 2014 758 -12.75 -1.65%
KC HRW Wheat Mar 2015 761.25 -12.25 -1.58%
Light crude oil nearby futures in New York dropped 12 cents at $99.62 US per barrel.
The Canadian dollar at noon was 90.65 cents US, down from 90.69 cents the previous trading day. The U.S. dollar at noon was $1.1031 Cdn.
In late afternoon trade, the TSX composite was up 79.02 points, up 0.55 percent at 14,459.57.
The Dow, S&P 500 and Nasdaq were up less than 0.5 percent.
The Dow and S&P 500 looked to close at record highs. The TSX is trading around a six-year high, and is up about 5.8 percent this year, performing better than U.S. indexes.
