A rule change in the United States that makes it easier for biofuel makers in Argentina to selll their product in the United States slammed soy oil future down and canola also fell hard.
The Argentine biodiesel will more easily compete with American biodiesel and reduce the demand for soy oil. Soy oil fell about 2.7 percent to the lowest level in nearly six years.
Canola follows soy oil closely and, as it fell it triggered further speculative selling. The weak loonie limited the decline.
It was a generally down day on crop markets.
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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.
Nearby wheat futures fell two percent or more on forecasts for beneficial rain in the southern Plains where hard red winter wheat is grown.
Also, the strong American dollar is making U.S. wheat uncompetitive on the world market.
The same issue weighs on corn futures, which also fell more than two percent. U.S. corn faces strong competition from Ukraine.
Also, falling gasoline prices are reducing demand for ethanol.
Light crude oil nearby futures in New York were down $1.78 to US$44.45 per barrel.
The Canadian dollar at noon was US80.31 cents, down from US80.62 cents the previous trading day. The U.S. dollar at noon was C$1.2451.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2015Â Â Â Â Â Â 449.80Â Â Â Â Â Â -9.80Â Â Â Â Â Â -2.13%
Canola May 2015Â Â Â Â Â Â 445.40Â Â Â Â Â Â -9.70Â Â Â Â Â Â -2.13%
Canola Jul 2015Â Â Â Â Â Â 441.50Â Â Â Â Â Â -7.40Â Â Â Â Â Â -1.65%
Canola Nov 2015Â Â Â Â Â Â 428.20Â Â Â Â Â Â -6.90Â Â Â Â Â Â -1.59%
Canola Jan 2016Â Â Â Â Â Â 429.90Â Â Â Â Â Â -6.90Â Â Â Â Â Â -1.58%
Milling Wheat Mar 2015Â Â Â Â Â Â 213.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.84%
Milling Wheat May 2015Â Â Â Â Â Â 216.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.82%
Milling Wheat Jul 2015Â Â Â Â Â Â 219.00Â Â Â Â Â Â -4.00Â Â Â Â Â Â -1.79%
Durum Wheat Mar 2015      363.00      unch      0.00%
Durum Wheat May 2015      353.00      unch      0.00%
Durum Wheat Jul 2015      343.00      unch      0.00%
Barley Mar 2015      195.00      unch      0.00%
Barley May 2015      197.00      unch      0.00%
Barley Jul 2015      199.00      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 Â Â Â 970.25Â Â Â Â Â Â -3.5Â Â Â Â Â Â -0.36%
Soybeans May 2015Â Â Â Â Â Â 977.25Â Â Â Â Â Â -4Â Â Â Â Â Â -0.41%
Soybeans Jul 2015Â Â Â Â Â Â 983Â Â Â Â Â Â -4Â Â Â Â Â Â -0.41%
Soybeans Aug 2015Â Â Â Â Â Â 983Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.43%
Soybeans Sep 2015Â Â Â Â Â Â 969.25Â Â Â Â Â Â -4.25Â Â Â Â Â Â -0.44%
Soybeans Nov 2015Â Â Â Â Â Â 958.25Â Â Â Â Â Â -4.5Â Â Â Â Â Â -0.47%
Soybean Meal Mar 2015Â Â Â Â Â Â 337.4Â Â Â Â Â Â +0.8Â Â Â Â Â Â +0.24%
Soybean Meal May 2015Â Â Â Â Â Â 329.9Â Â Â Â Â Â +1.1Â Â Â Â Â Â +0.33%
Soybean Meal Jul 2015Â Â Â Â Â Â 327.6Â Â Â Â Â Â +1.1Â Â Â Â Â Â +0.34%
Soybean Oil Mar 2015Â Â Â Â Â Â 30.34Â Â Â Â Â Â -0.83Â Â Â Â Â Â -2.66%
Soybean Oil May 2015Â Â Â Â Â Â 30.57Â Â Â Â Â Â -0.8Â Â Â Â Â Â -2.55%
Soybean Oil Jul 2015Â Â Â Â Â Â 30.78Â Â Â Â Â Â -0.79Â Â Â Â Â Â -2.50%
Corn Mar 2015Â Â Â Â Â Â 373.25Â Â Â Â Â Â -8Â Â Â Â Â Â -2.10%
Corn May 2015Â Â Â Â Â Â 381.5Â Â Â Â Â Â -8.25Â Â Â Â Â Â -2.12%
Corn Jul 2015Â Â Â Â Â Â 389Â Â Â Â Â Â -8Â Â Â Â Â Â -2.02%
Corn Sep 2015Â Â Â Â Â Â 395.75Â Â Â Â Â Â -7.75Â Â Â Â Â Â -1.92%
Corn Dec 2015Â Â Â Â Â Â 404.25Â Â Â Â Â Â -7Â Â Â Â Â Â -1.70%
Oats Mar 2015Â Â Â Â Â Â 287.5Â Â Â Â Â Â -1.75Â Â Â Â Â Â -0.61%
Oats May 2015Â Â Â Â Â Â 290Â Â Â Â Â Â -2.75Â Â Â Â Â Â -0.94%
Oats Jul 2015Â Â Â Â Â Â 294.75Â Â Â Â Â Â -2.5Â Â Â Â Â Â -0.84%
Oats Sep 2015Â Â Â Â Â Â 299.5Â Â Â Â Â Â -0.5Â Â Â Â Â Â -0.17%
Oats Dec 2015Â Â Â Â Â Â 297.25Â Â Â Â Â Â +0.25Â Â Â Â Â Â +0.08%
Wheat Mar 2015Â Â Â Â Â Â 505.25Â Â Â Â Â Â -13.75Â Â Â Â Â Â -2.65%
Wheat May 2015Â Â Â Â Â Â 510.25Â Â Â Â Â Â -12.75Â Â Â Â Â Â -2.44%
Wheat Jul 2015Â Â Â Â Â Â 516Â Â Â Â Â Â -12.75Â Â Â Â Â Â -2.41%
Wheat Sep 2015Â Â Â Â Â Â 524.75Â Â Â Â Â Â -12.5Â Â Â Â Â Â -2.33%
Wheat Dec 2015Â Â Â Â Â Â 537.25Â Â Â Â Â Â -11.75Â Â Â Â Â Â -2.14%
Minneapolis
Spring Wheat Mar 2015Â Â Â Â Â Â 555Â Â Â Â Â Â -11.5Â Â Â Â Â Â -2.03%
Spring Wheat May 2015Â Â Â Â Â Â 562.75Â Â Â Â Â Â -11Â Â Â Â Â Â -1.92%
Spring Wheat Jul 2015Â Â Â Â Â Â 571Â Â Â Â Â Â -11.75Â Â Â Â Â Â -2.02%
Spring Wheat Sep 2015Â Â Â Â Â Â 579.75Â Â Â Â Â Â -11Â Â Â Â Â Â -1.86%
Spring Wheat Dec 2015Â Â Â Â Â Â 590.5Â Â Â Â Â Â -10Â Â Â Â Â Â -1.67%
Kansas City
Hard Red Wheat Mar 2015Â Â Â Â Â Â 535.75Â Â Â Â Â Â -14.5Â Â Â Â Â Â -2.64%
Hard Red Wheat May 2015Â Â Â Â Â Â 541.75Â Â Â Â Â Â -14Â Â Â Â Â Â -2.52%
Hard Red Wheat Jul 2015Â Â Â Â Â Â 547.25Â Â Â Â Â Â -12.75Â Â Â Â Â Â -2.28%
Hard Red Wheat Sep 2015Â Â Â Â Â Â 559.5Â Â Â Â Â Â -12.75Â Â Â Â Â Â -2.23%
Hard Red Wheat Dec 2015Â Â Â Â Â Â 573.75Â Â Â Â Â Â -13Â Â Â Â Â Â -2.22%
