Growing worries about the ability of Europe and the United States to contain their debt problems pushed crop futures lower, including canola.
Canola fell for the fourth straight day. The drop in the value of the loonie lessened its fall.
January closed at $512.50 per tonne, down $6.20.
News that the “super committee” of the U.S. Congress appeared unlikely to find a compromise on cutting the deficit caused investors to scale back their holdings in commodities and equities.
Soybean seeding in Brazil is slightly ahead of the long-term average. Rain was forecast in some growing regions for this week. After good rain in October, November has been a little dry in many parts of Brazil.
Winnipeg (per tonne)
Canola Jan 12 $512.50, down $6.20 (-1.20%)
Canola Mar 12 $518.10, down $6.60 (-1.26%)
Canola May 12 $521.40, down $6.10 (-1.16%)
Canola Jul 12 $527.10, down $6.20 (-1.16%)
The previous day’s best basis widened to $9.25 under the January contract.
The January contract’s 14-day Relative Strength Index was 37.
Western Barley Dec 11 $217.00, unchanged
Chicago (per bushel)
Soybeans Jan 12 $11.48, down 20.25 cents (-1.73%)
Soybeans Mar 12 $11.58, down 20.25 (-1.72%)
Soybeans May 12 $11.6775, down 20.25 (-1.70%)
Corn Dec 11 $5.9775, down 12.5 (-2.05%)
Corn Mar 12 $6.05, down 13.0 (-2.10%)
Oats Dec 11 $3.00, down 4.0 (-1.32%)
Oats Mar 12 $2.95, down 9.0 (-2.96%)
Minneapolis (per bushel)
Spring Wheat Dec 11 $8.965, down 20.75 cents (-2.26%)
Spring Wheat Mar 12 $8.625, down 12.75 (-1.46%)
Spring Wheat May 12 $8.3425, down 8.75 (-1.04%)
Light crude oil nearby futures in New York fell 75 cents to $96.92 US per barrel.
The Canadian dollar at noon was 96.29 cents US, down from 97.45 the previous trading day. The U.S. dollar at noon was $1.0385 Cdn.
The Toronto Stock Exchange composite closed down 107.76 points, or 0.9 percent, at 11,784.68.
The Standard & Poor’s 500 Index was down 22.66 points, or 1.86 percent, at 1,192.99.
