Improved weather in Brazil and slow U.S. corn exports pressured grain prices lower Tuesday.
Canola was pressured by reduced export and domestic demand.
Also, traders on average expect Statistics Canada on Wednesday will raise its canola crop estimate to 13.7 million from 13.4 million in the last report. We’ll have coverage of the StatsCan report at Producer.com and Producermobile.com on Wednesday.
January canola closed at $589.80, down $2.10.
Large palm oil stocks are generally weighing on veg oil seed markets.
• While Brazil is seeing better growing weather, problems early in the season are causing forecasters to trim some of their corn outlooks. Outlooks for Argentina’s crops are also being cut and weather there continues to be too wet.
Read Also
Alberta crop conditions improve: report
Varied precipitation and warm temperatures were generally beneficial for crop development across Alberta during the week ended July 8, according to the latest provincial crop report released July 11.
Private analytics firm Informa Economics slightly raised its Brazil soybean crop forecast to 81.4 million tonnes from 81.25 million.
Informa trimmed its Brazilian corn outlook by 600,000 tonnes.
Argentina’s corn crop was cut to 27 million tonnes, from 28 million previously.
Argentina’s soybean production was cut 1.1 million tonnes to 58.4 million tonnes, from 59.5 million a month ago,
• Analysts at FCStone do Brasil cut Brazil’s soybean crop by two percent to 80.01 million tonnes of, down from its September estimate of 81.98 million tonnes
Brazil’s government will update its crop forecasts Thursday. Last month it pegged soybean production at 80.1 million to 83 million tonnes.
• The CWB said today it had shipped its first ever sale of canola. It has shipped 42,000 tonnes of canola to Japanese customers through Prince Rupert.
Winnipeg (per tonne)
Canola Jan 13 $589.80, down $2.10 -0.35%
Canola Mar 13 $589.20, down $2.30 -0.39%
Canola May 13 $588.30, down $2.50 -0.42%
Canola Jul 13 $584.70, down $2.70 -0.46%
Milling Wheat Dec 12 $300.00, down $0.60 -0.20%
Milling Wheat Mar 13 $308.00, down $0.60 -0.19%
Milling Wheat May 13 $311.00, down $0.60 -0.19%
Durum Wheat Dec 12 $312.00, unchanged
Durum Wheat Mar 13 $316.00, unchanged
Durum Wheat May 13 $320.00, unchanged
Barley Dec 12 $245.00, unchanged
Barley Mar 13 $248.00, unchanged
Barley May 13 $249.00, unchanged
Chicago (per bushel)
Soybeans (P) Jan 13 $14.555, up 1.75 cents +0.12%
Soybeans (P) Mar 13 $14.5025, up 2.0 +0.14%
Soybeans (P) May 13 $14.28, up 1.0 +0.07%
Soybeans (P) Jul 13 $14.1675, unchanged
Corn (P) Dec 12 $7.465, down 2.5 -0.33%
Corn (P) Mar 13 $7.52, down 2.75 -0.36%
Corn (P) May 13 $7.53, down 1.25 -0.17%
Oats (P) Dec 12 $3.6725, up 0.5 +0.14%
Oats (P) Mar 13 $3.85, up 0.5 +0.13%
Oats (P) May 13 $3.8975, up 0.75 +0.19%
Minneapolis (per bushel)
Spring Wheat Dec 12 $9.0825, down 4.25 cents -0.47%
Spring Wheat Mar 13 $9.2925, down 3.0 -0.32%
Spring Wheat May 13 $9.385, down 2.75 -0.29%
Spring Wheat Jul 13 $9.4275, down 2.75 -0.29%
The Bank of Canada noon rate for the Canadian dollar was $1.0074, barely changed from $1.0072 the day before.
The U.S. greenback was 99.27 cents Cdn.
Nearby light crude oil in New York closed down 59 cents at $88.50 per barrel.
The Toronto Stock Exchange’s S&P/TSX composite index fell 32.56 points, or 0.27 percent, to close at 12,137.18.
The Dow Jones industrial average fell 13.82 points, or 0.11 percent, to 12,951.78 at the close.
The Standard & Poor’s 500 Index fell 2.41 points, or 0.17 percent, to close at 1,407.05.
The Nasdaq Composite Index dropped 5.51 points, or 0.18 percent, to close at 2,996.69.
