Canola gains on tight stocks and worries over Argentine soy crop

Old crop canola closed higher on Tuesday, lifted by confirmation of tight stocks and worries about Argentina’s soybean crop.

Statistics Canada pegged Dec. 31 canola stocks at 7.37 million tonnes, within the range of analysts’ pre report estimates.

The stocks are down from 9.69 million tonnes at the same time last year and are the lowest in six years.

Canola also received support from rising soybeans, which were lifted by worries about what hot, dry weather is doing to the Argentine crop.

Thoughts that the USDA on Friday will lower its forecast of year end 2012-13 U.S. soybean stocks also lifted oilseeds.

March canola closed at $637.80, up $4.70.

Novermber closed at $564.50, down $1.

Corn was pressured lower by expectations that USDA will increase its year end stocks forecast because of slow domestic and export demand.

Also, a weekend weather system is expected to deliver between 0.5 and two centimetres of moisture from northeast Colorado and northern Kansas into Iowa and Wisconsin.

StatsCan pegged Dec. 31 oats stocks lower than expectation. This helped Chicago oats post modest gains in the March and May contracts today despite falling corn futures.

 

Winnipeg ICE Futures (per tonne)

Canola Mar 13  $637.80, up $4.70       +0.74%

Canola May 13  $625.90, up $4.30       +0.69%

Canola Jul 13  $614.20, up $2.90       +0.47%

Canola Nov 13  $564.50, down $1.00       -0.18%

 

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  $312.40, unchanged

Durum Wheat May 13  $316.40, unchanged

Durum Wheat Jul 13  $319.40, unchanged

Durum Wheat Oct 13  $304.70, 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  $14.955, up 6.75 cents       +0.45%

Soybeans (P) May 13  $14.8575, up 5.5       +0.37%

Soybeans (P) Jul 13  $14.765, up 6.0       +0.41%

Soybeans (P) Aug 13  $14.4875, up 6.75       +0.47%

Soybeans (P) Sep 13  $13.9425, up 5.25       +0.38%

Soybeans (P) Nov 13  $13.4825, up 4.25       +0.32%

 

Corn (P) Mar 13  $7.29, down 5.25 -0.72%

Corn (P) May 13  $7.3075, down 5.5       -0.75%

Corn (P) Jul 13  $7.22, down 5.5       -0.76%

Corn (P) Sep 13  $6.13, down 4.75       -0.77%

Corn (P) Dec 13  $5.90, down 3.75       -0.63%

 

Oats (P) Mar 13  $3.6625, up 6.5       +1.81%

Oats (P) May 13  $3.6775, up 2.5       +0.68%

Oats (P) Jul 13  $3.6925, down 1.0       -0.27%

Oats (P) Sep 13  $3.685, down 1.0       -0.27%

Oats (P) Dec 13  $3.6575, down 1.0       -0.27%

 

Minneapolis (per bushel)

Spring Wheat Mar 13  $8.4175, down 5.25 cents       -0.62%

Spring Wheat May 13  $8.5475, down 5.0       -0.58%

Spring Wheat Jul 13  $8.64, down 5.5       -0.63%

Spring Wheat Sep 13  $8.67, down 4.25       -0.49%

Spring Wheat Dec 13  $8.7075, down 5.5       -0.63%

 

Nearby crude oil in New York rose 47 cents to $96.64 per barrel.

The Bank of Canada noon rate for the loonie was $1.0028 US, up slightly from $1.0023.

The U.S. buck was 99.72 cents Cdn.

Continuing better-than-expected quarterly earning reports put the bounce back in stock traders’ step and equity markets gained back a lot of the ground lost in Monday’s steep decline.

A bounce back in Research in Motion, on strong sales reports for the new BlackBerry, helped the TSX index as did rebound in oil prices.

The Toronto Stock Exchange’s S&P/TSX composite index climbed 28.03 points, or 0.22 percent, ending at 12,745.65.

The Dow Jones industrial average was up 121.49 points, or 0.88 percent, at 14,001.57.

The Standard & Poor’s 500 Index rose 16.95 points, or 1.13 percent, finishing at 1,512.66.

The Nasdaq Composite Index climbed 40.79 points, or 1.30 percent, to close at 3,171.96.

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