Easing concerns about the Brazilian truck strike pressured oilseeds lower today.
Canola was particularly down as the Canadian dollar rose about one cent on ideas that the Bank of Canada might not make more cuts to its interest rate.
The decline was sharpest in the March contract because traders are rolling out of it into the more active May contract.
The premium that March has held over May was lost today.
Traders were also taking profits today after the recent gains.
The basis for nearby delivery has widened out a little this week.
March canola closed at $458.50, down $14.30 or about three percent. May closed at $462.80, down $6.90, or 1.47 percent.
The easing situation in Brazil also weighed on soybeans, Reuters said.
CBOT wheat also fell as U.S. wheat remains too pricey in world markets and continues to miss out on big tenders. The exception was Egypt buying 290,000 tonnes of U.S. wheat on Tuesday, but the purchase was financed with U.S. credit.
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U.S. grains: Soybean futures inch higher on China trade optimism
U.S. soybean futures firmed on Wednesday as traders remained hopeful for progress in trade talks with top soy buyer China and on a Japanese proposal to increase U.S. soy purchases, deals that could help U.S. farmers avert major losses.
Corn was also weak, with volatile currency markets keeping traders on their toes. The U.S. dollar softened a bit but remained near an 11-year high, making American grain less price-competitive, Reuters said.
In Ukraine, a leading grain exporter, the central bank halted commercial currency trading until week’s end after its currency collapsed.
Reuters reported the Brazilian agriculture minister said after a meeting with truckers on Wednesday afternoon the government was not easing its higher fuel tax — the issue that sparked the week-long strike — but noted truckers showed flexibility and said she was confident a solution would be reached soon.
The government had begun fining protesters and several states allowed the federal police to clear the roads, traders told Reuters.
“The sell-off was triggered by some lessening concerns about the situation in Brazil,” said Anne Frick, a senior oilseeds analyst with Jefferies-Bache.
“The idea this issue might be going into the Brazilian courts has people a little more confident that truckers may back off their protests.”
U.S. traders also noted the Brazilian soymeal basis weakened on Wednesday, an indication processors were getting enough soybeans to crush despite the strike, Reuters said.
Light crude oil nearby futures in New York were up $1.71 to US$50.99 per barrel.
The Canadian dollar at noon was US80.52 cents, up from US79.35 cents the previous trading day. The U.S. dollar at noon was C$1.2419.
The Dow Jones industrial average rose 14.16 points, or 0.08 percent, to 18,223.35, the S&P 500 lost 1.76 points, or 0.08 percent, to 2,113.72 and the Nasdaq Composite dropped 0.99 points, or 0.02 percent, to 4,967.14.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2015Â Â Â 462.80Â Â Â -6.90Â Â Â -1.47%
Canola Jul 2015Â Â Â 458.20Â Â Â -6.00Â Â Â -1.29%
Canola Nov 2015Â Â Â 446.60Â Â Â -5.20Â Â Â -1.15%
Canola Jan 2016Â Â Â 448.20Â Â Â -5.20Â Â Â -1.15%
Milling Wheat Mar 2015Â Â Â 217.00Â Â Â -4.00Â Â Â -1.81%
Milling Wheat May 2015Â Â Â 227.00Â Â Â -4.00Â Â Â -1.73%
Milling Wheat Jul 2015Â Â Â 229.00Â Â Â -4.00Â Â Â -1.72%
Durum Wheat Mar 2015   333.00   unch   0.00%
Durum Wheat May 2015   323.00   unch   0.00%
Durum Wheat Jul 2015   313.00   unch   0.00%
Barley Mar 2015   180.00   unch   0.00%
Barley May 2015   182.00   unch   0.00%
Barley Jul 2015   184.00   unch   0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2015Â Â Â 1007.75Â Â Â -8.25Â Â Â -0.81%
Soybeans Jul 2015Â Â Â 1015.25Â Â Â -7.75Â Â Â -0.76%
Soybeans Aug 2015Â Â Â 1013.5Â Â Â -7.5Â Â Â -0.73%
Soybeans Sep 2015Â Â Â 998.5Â Â Â -6.25Â Â Â -0.62%
Soybeans Nov 2015Â Â Â 987.25Â Â Â -5.5Â Â Â -0.55%
Soybean Meal Mar 2015Â Â Â 350.5Â Â Â -6.4Â Â Â -1.79%
Soybean Meal May 2015Â Â Â 339.8Â Â Â -5.9Â Â Â -1.71%
Soybean Meal Jul 2015Â Â Â 336.3Â Â Â -5.7Â Â Â -1.67%
Soybean Oil Mar 2015Â Â Â 31.71Â Â Â +0.29Â Â Â +0.92%
Soybean Oil May 2015Â Â Â 31.91Â Â Â +0.3Â Â Â +0.95%
Soybean Oil Jul 2015Â Â Â 32.11Â Â Â +0.28Â Â Â +0.88%
Corn Mar 2015Â Â Â 375.75Â Â Â -1.75Â Â Â -0.46%
Corn May 2015Â Â Â 383.75Â Â Â -1.75Â Â Â -0.45%
Corn Jul 2015Â Â Â 391.75Â Â Â -1.75Â Â Â -0.44%
Corn Sep 2015Â Â Â 399.25Â Â Â -1.5Â Â Â -0.37%
Corn Dec 2015Â Â Â 409Â Â Â -0.75Â Â Â -0.18%
Oats Mar 2015Â Â Â 275.5Â Â Â +1Â Â Â +0.36%
Oats May 2015Â Â Â 267.25Â Â Â -5.5Â Â Â -2.02%
Oats Jul 2015Â Â Â 270.25Â Â Â -6.25Â Â Â -2.26%
Oats Sep 2015Â Â Â 276.5Â Â Â -7Â Â Â -2.47%
Oats Dec 2015Â Â Â 281.25Â Â Â -4.75Â Â Â -1.66%
Wheat Mar 2015Â Â Â 497.75Â Â Â -8Â Â Â -1.58%
Wheat May 2015Â Â Â 497.25Â Â Â -6.5Â Â Â -1.29%
Wheat Jul 2015Â Â Â 501.75Â Â Â -6.5Â Â Â -1.28%
Wheat Sep 2015Â Â Â 510.5Â Â Â -6.25Â Â Â -1.21%
Wheat Dec 2015Â Â Â 524Â Â Â -6Â Â Â -1.13%
Minneapolis
Spring Wheat Mar 2015Â Â Â 552.75Â Â Â -13.25Â Â Â -2.34%
Spring Wheat May 2015Â Â Â 556.25Â Â Â -11.75Â Â Â -2.07%
Spring Wheat Jul 2015Â Â Â 562.75Â Â Â -10.25Â Â Â -1.79%
Spring Wheat Dec 2015Â Â Â 581.75Â Â Â -9.5Â Â Â -1.61%
Kansas City
Hard Red Wheat Mar 2015Â Â Â 528.25Â Â Â -7.5Â Â Â -1.40%
Hard Red Wheat May 2015Â Â Â 530.75Â Â Â -7.25Â Â Â -1.35%
Hard Red Wheat Jul 2015Â Â Â 536.25Â Â Â -7.25Â Â Â -1.33%
Hard Red Wheat Sep 2015Â Â Â 549.5Â Â Â -6.75Â Â Â -1.21%
Hard Red Wheat Dec 2015Â Â Â 565Â Â Â -6.25Â Â Â -1.09%