Canola rises on soy sales to China, South American weather

Oilseeds rose Tuesday on news that China was buying soybeans and on forecasts for heavy rain in central Brazil that could delay harvest.

Dry weather in southern Brazil and down into Argentina that is stressing crops is also a factor in the market.

Canola rose with soybeans. The $600 level was breached and there was enough support to keep it above that level despite late day profit taking. The November contract hit $550, which is also a key technical point.

March canola closed at $605, up $7.50.

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November closed at $550.00, up $6.80.

Oilworld cut its forecast for Argentina’s soybean crop by one million tonnes to 52 million but raised Brazil’s forecast by 500,000 tonnes to 81.5 million.

Traffic on the Mississippi was halted north of St. Louis after a vessel hit a gate at a lock. It was not known how long it would take to repair the gate.

Recent rain helped keep the river a little higher than had been feared, allowing traffic to continue despite the drought that has dropped the water level well below normal.

Corn rose as traders increased their risk insurance to account for dry weather in Argentina and the continuing U.S. Great Plains drought.

Wheat fell after the Chicago contract failed to break through a key resistance level of $8 per bushel.

Winnipeg ICE (per tonne)

Canola Mar 13 $605.00, up $7.50 +1.26%

Canola May 13 $594.50, up $7.80 +1.33%

Canola Jul 13 $582.30, up $5.60 +0.97%

Canola Nov 13 $550.00, up $6.80 +1.25%

Milling Wheat Mar 13 $291.00, unchanged

Milling Wheat May 13 $294.00, unchanged

Milling Wheat Jul 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

Barley Mar 13 $241.50, unchanged

Barley May 13 $242.50, unchanged

Barley Jul 13 $243.00, unchanged

Chicago (per bushel)

Soybeans (P) Mar 13 $14.5175, up 22.5 cents +1.57%

Soybeans (P) May 13 $14.3925, up 22.5 +1.59%

Soybeans (P) Jul 13 $14.3075, up 20.75 +1.47%

Soybeans (P) Aug 13 $14.0475, up 19.75 +1.43%

Corn (P) Mar 13 $7.285, up 1.0 +0.14%

Corn (P) May 13 $7.3025, up 1.0 +0.14%

Corn (P) Jul 13 $7.2225, up 0.75 +0.10%

Oats (P) Mar 13 $3.59, up 3.5 +0.98%

Oats (P) May 13 $3.65, up 3.75 +1.04%

Oats (P) Jul 13 $3.705, up 4.5 +1.23%

Minneapolis (per bushel)

Spring Wheat Mar 13 $8.6425, down 9.75 cents -1.12%

Spring Wheat May 13 $8.76, down 9.25 -1.04%

Spring Wheat Jul 13 $8.8475, down 8.5 -0.95%

Spring Wheat Sep 13 $8.83, down 9.25 -1.04%

The Bank of Canada noon rate for the loonie was $1.0066, little changed from $1.0067 the day before.

The U.S. dollar was 99.34 cents Cdn.

Nearby crude oil in New York rose 68 cents to $96.24 per barrel.

Stock markets rose on signs of global financial recovery and the likelihood that the U.S. House of Representatives will push the deadline for a deal on the debt ceiling back four months to allow the Senate time to draft a cost cutting budget.

In early tallies —

The Toronto Stock Exchange’s S&P/TSX composite index rose 30.38 points, or 0.24 percent, to close at 12,824.63. F

The Dow Jones industrial average rose 62.43 points or 0.46 percent, to close at 13,712.13.

The S&P 500 gained 6.52 points or 0.44 percent to finish at 1,492.50.

The Nasdaq Composite rose 8.47 points or 0.27 percent to close at 3,143.18.