Canola and other crop futures rose on Monday supported by renewed optimism that Greece will meet its debt obligations.
Greek legislators passed a new austerity program weekend needed to get bailout package from the European Union and International Monetary Fund, but there were protests and riots on the streets against the sharp cuts.
March canola rose to $538.80 per tonne, up $3.50.
The Greek vote broke the tension in world markets, giving investors more confidence to shift money out of safe haven U.S. Treasuries and into commodities.
• The lack of moisture on the Canadian prairies is still on the minds of traders.
• Rain and snow is expected in the U.S. Plains this week, boosting soil moisture conditions in wheat-growing areas. The accompanying cold is not expected to be enough to damage winter wheat.
• Parts of North Africa last week got moisture, helped to reduce worries following weeks of dry weather. The region is a major durum producer and importer.
• U.S. president Barack Obama released a proposed budget today. For the third year running he proposed deep cuts to agricultural spending, including the elimination of the $5 billion a year in direct payments to farmers.
But Congress, which has the ultimate say on spending, has yet to agree on how to reform the farm bill.
• Hedge funds and other big investors have been increasing their bets on commodities, including crops, in recent weeks, buoyed by gradually improving news on the U.S. economy.
Winnipeg (per tonne)
Canola Mar 12Â $538.80, up $3.50Â Â Â Â Â Â (+0.65%)
Canola May 12Â $542.50, up $4.60Â Â Â Â Â Â (+0.86%)
Canola Jul 12Â $545.30, up $5.00Â Â Â Â Â Â (+0.93%)
Canola Nov 12Â $521.20, up $4.40Â Â Â Â Â Â (+0.85%)
The previous trading day’s best basis was $5.27 per tonne off the March contract, said the ICE Futures Canada exchange in Winnipeg.
The 14-day relative strength index was 66.
Western Barley Mar 12Â $212.00, unchanged
Western Barley May 12Â $217.00, unchanged
Milling Wht Oct 12Â $259.80, unchanged
Milling Wht Dec 12Â $264.50, unchanged
Milling Wht Mar 13Â $269.50, unchanged
Durum Wht Oct 12Â $265.00, down $4.00Â Â Â Â Â Â (-1.49%)
Durum Wht Dec 12Â $269.70, down $3.80Â Â Â Â Â Â (-1.39%)
Durum Wht Mar 13Â $274.70, down $3.80Â Â Â Â Â Â (-1.36%)
Barley Oct 12Â $180.00, unchanged
Barley Dec 12Â $184.00, unchanged
Barley Mar 13Â $185.50, unchanged
Chicago (per bushel)
Soybeans Mar 12 $12.52, up 23.0 cents      (+1.87%)
Soybeans May 12Â $12.60, up 22.5Â Â Â Â Â Â (+1.82%)
Soybeans Nov 12Â $12.59, up 19.5Â Â Â Â Â Â (+1.57%)
Corn Mar 12Â $6.395, up 7.75Â Â Â Â Â Â Â Â Â Â Â Â (+1.23%)
Corn May 12Â $6.43, up 7.5Â Â Â Â Â Â Â Â Â Â Â Â (+1.18%)
Corn Dec 12Â $5.67, up 7.25Â Â Â Â Â Â Â Â Â Â Â Â (+1.30%)
Oats Mar 12Â $3.25, up 7.0Â Â Â Â Â Â Â Â Â Â Â Â (+2.20%)
Oats May 12Â $3.14, up 4.5Â Â Â Â Â Â Â Â Â Â Â Â (+1.45%)
Oats Dec 12Â $3.155, up 0.5Â Â Â Â Â Â Â Â Â Â Â Â (+0.16%)
Minneapolis (per bushel)
Spring Wht Mar 12Â $8.155, up 1.25 cents (+0.15%)
Spring Wht May 12Â $8.0675, up 3.75 (+0.47%)
Spring Wht Dec 12Â $7.745, up 7.75Â (+1.01%)
Nearby light crude oil in New York settled at $100.91 a barrel, up $2.24.
The Canadian dollar at noon rose back above par at $1.0004 US, up from 99.84 cents the previous trading day. The U.S. dollar at noon was 99.96 cents Cdn.
The Toronto Stock Exchange composite unofficially closed up 9.27 points, or 0.07 percent, at 12,398.69.
In an early tally, the Dow Jones industrial average was up 71.52 points, or 0.56 percent, at 12,872.75. The Standard & Poor’s 500 Index was up 9.03 points, or 0.67 percent, at 1,351.67. The Nasdaq Composite Index was up 27.15 points, or 0.93 percent, at 2,931.03.