Canola futures rose Wednesday on a belief that recent declines were overdone and support from soybeans.

Soybeans climbed on indications that the recent price decline is sparking new demand and on a return of the spotlight to Brazil’s port congestion problems.

Chicago wheat and corn were mixed. Minneapolis wheat was slightly lower

March canola closed at  $624.90, up $5.20. May closed at $618.10, up $5.80. New crop November closed at $562.90, up 30 cents.

Reports from Russia indicate that while winter kill in fall seeded crops is a little larger than the long term average, generally the crop should be much better than last year’s drought reduced harvest.

There are developments in the U.S. West Coast grain terminal issues. A United Grain Corp terminal locked out union workers. Meanwhile, TEMCO, which has three Pacific North West elevators, agreed to a five-year contract with the same union.

 

Winnipeg (per tonne)

Canola Mar 13  $624.90, up $5.20       +0.84%

Canola May 13  $618.10, up $5.80       +0.95%

Canola Jul 13  $609.70, up $4.70       +0.78%

Canola Nov 13  $562.90, up $0.30       +0.05%

 

Milling Wheat Mar 13  $291.00, unchanged

Milling Wheat May 13  $294.00, unchanged

Milling Wheat Jul 13  $296.00, unchanged

Milling Wheat Oct 13  $296.00, unchanged

 

Durum Wheat Mar 13  $307.00, unchanged

Durum Wheat May 13  $311.00, unchanged

Durum Wheat Jul 13  $314.00, unchanged

Durum Wheat Oct 13  $299.30, unchanged

 

Barley Mar 13  $241.50, unchanged

Barley May 13  $242.50, unchanged

Barley Jul 13  $243.00, unchanged

Barley Oct 13  $243.00, unchanged

 

Chicago per bushel

Soybeans (P) Mar 13  $14.575, up 9.75       +0.67%

Soybeans (P) May 13  $14.395, up 7.75       +0.54%

Soybeans (P) Jul 13  $14.26, up 7.5       +0.53%

Soybeans (P) Aug 13  $13.8175, up 4.0       +0.29%

Soybeans (P) Sep 13  $13.0925, up 2.0       +0.15%

Soybeans (P) Nov 13  $12.5725, down 0.5       -0.04%

 

Corn (P) Mar 13  $7.095, up 4.5       +0.64%

Corn (P) May 13  $6.9525, up 0.5       +0.07%

Corn (P) Jul 13  $6.7875, down 0.25       -0.04%

Corn (P) Sep 13  $5.7775, down 1.5       -0.26%

Corn (P) Dec 13  $5.5375, down 2.5       -0.45%

 

Oats (P) Mar 13  $3.8275, up 2.75       +0.72%

Oats (P) May 13  $3.7175, unchanged

Oats (P) Jul 13  $3.6825, down 1.0       -0.27%

Oats (P) Sep 13  $3.68, down 1.0       -0.27%

Oats (P) Dec 13  $3.6275, down 1.25       -0.34%

 

Minneapolis (per bushel)

Spring Wheat Mar 13  $7.8725, down 1.75       -0.22%

Spring Wheat May 13  $7.965, down 2.25       -0.28%

Spring Wheat Jul 13  $8.0325, down 2.25       -0.28%

Spring Wheat Sep 13  $8.06, down 3.5       -0.43%

Spring Wheat Dec 13  $8.1375, down 2.25       -0.28%

 

The Bank of Canada noon rate for the loonie was 97.56 cents US, up from 97.28 the day before. The U.S. buck was $1.0250, Cdn.

Nearby light crude in New York rose 13 cents to $92.76 per barrel.

Stocks climbed as U.S. Federal Reserve chair person Ben Bernanke, speaking today before the House Financial Services Committee, said the simulative policy of quantitative easing, or QE, has the support of a “significant majority” of top central bank officials. He played down ideas that there is division within the Fed over how long the policy should be in place.

The S&P/TSX composite rose 71.95 points or 0.57 percent, to close at 12,732.39

The Dow Jones industrial average rose 176.32 points, or 1.27 percent, finishing at 14,076.45.

The Standard & Poor’s 500 Index climbed 19.07 points, or 1.27 percent, to 1,516.01.

The Nasdaq Composite Index was up 32.61 points, or 1.04 percent, at 3,162.26.