Canola falls despite bullish StatsCan report

Canola didn’t see any knock-on gains from Wednesday’s slightly bullish Statistics Canada report on Thursday, falling slightly and below the $600 per tonne mark.

It was a generally mixed day in crop markets, although vegoil powerhouse soybeans saw Chicago futures prices rise about 12 cents per bushel, or slightly less than one percent. Wheat was slightly higher. Corn fell.

January canola futures fell to $599.40 and March to $597.10, an almost $3 drop from yesterday’s rise above $600.

The StatsCan report was seen as slightly bullish, even though it came close to the median guess of analysts and was only a slight change from the previous report. Canola supplies remain tight and will be very tight by the end of the crop year.

But bullishness in most markets is being restrained by many concerns about world economic conditions. Oil suffered Thursday from worries about the European  economy, while markets in general stay concerned about the political deadlock in the United States and the “fiscal cliff” situation.

Demand concerns dominate all markets these days, with weakness affecting all commodities and most stocks. The potential of demand recovering is tending to create “risk-on” days, which are good for commodity prices, while any signs of further weakening create “risk-off” days. Thursday was relatively neutral, with a mix of minor positive and negative demand stories.

Winnipeg (per tonne)

Canola Jan 13  $599.40, down $2.80    -0.46%

Canola Mar 13  $597.10, down $2.90    -0.48%

Canola May 13  $595.50, down $3.20    -0.53%

Canola Jul 13  $591.50, down $3.70    -0.62%

Milling Wheat Dec 12  $290.90, down $5.10    -1.72%

Milling Wheat Mar 13  $303.40, down $0.60    -0.20%

Milling Wheat May 13  $306.40, down $0.60    -0.20%

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  $14.9125, up 12.0 cents    +0.81%

Soybeans (P) Mar 13  $14.86, up 12.25    +0.83%

Soybeans (P) May 13  $14.6375, up 13.0    +0.90%

Soybeans (P) Jul 13  $14.515, up 12.0    +0.83%

Corn (P) Dec 12  $7.4775, down 5.5    -0.73%

Corn (P) Mar 13  $7.515, down 6.25    -0.82%

Corn (P) May 13  $7.53, down 5.5    -0.73%

Oats (P) Dec 12  $3.8125, up 1.25    +0.33%

Oats (P) Mar 13  $3.98, up 1.0    +0.25%

Oats (P) May 13  $4.0125, unchanged

Minneapolis (per bushel)

Spring Wheat Dec 12  $9.1725, up 2.25 cents    +0.25%

Spring Wheat Mar 13  $9.3525, up 3.0    +0.32%

Spring Wheat May 13  $9.45, up 3.25    +0.35%

Spring Wheat Jul 13  $9.51, up 3.5    +0.37%

The Bank of Canada noon rate for the loonie was $1.0091, up slightly from $1.0089 the day before.

The U.S. buck was 99.10 cents Cdn.

January light crude oil in New York fell $1.62 to $86.26 per barrel.

The Toronto Stock Exchange’s S&P/TSX composite index fell 6.16 points, or 0.05 percent, to close at 12,151.13.

The Dow Jones industrial average rose 39.55 points, or 0.30 percent, to 13,074.04 at the close.

The Standard & Poor’s 500 Index climbed 4.66 points, or 0.33 percent, to 1,413.94.

The Nasdaq Composite Index closed up 15.57 points, or 0.52 percent, at 2,989.27.

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