Old crop canola falls but new crop edges higher

Old crop canola futures fell Tuesday but new crop months rose slightly.

May closed at $638.70, down $11.

July closed at $632.10, down $5.60.

November finished at $584.00, up $1.30.

Spread trades are unwinding. Also, the previous run up in old crop contracts to ration demand for tight stocks was perhaps a little overdone.

More moisture is expected across the Prairies today and Wednesday.

On Monday the USDA reported seeding of spring crops is well ahead of the normal pace and that pressured corn and wheat.

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• The European Union rapeseed crop may fall to a six-year low of 18.21 million tonnes, down from 18.48 million in its last forecast and 19.1 million tonnes in 2011, said oilseed analysts Oil World said on Tuesday.

Last week French analysts Strategie Grains pegged the EU rapeseed crop at 17.6 million tonnes.

• U.S. manufacturing growth in April hit the highest level in 10 months, surprising the market and boosting the oil demand outlook. Manufacturing data from China was also positive.

Winnipeg (per tonne)

Canola May 12 $638.70, down $11.00 -1.69%

Canola Jul 12 $632.10, down $5.60 -0.88%

Canola Nov 12 $584.00, up $1.30 +0.22%

Canola Jan 13 $588.70, up $2.10 +0.36%

The previous trading day’s best basis in the par region was -$8.00 under the May contract, said ICE Futures Canada.

The 14-day relative strength index was 75.

Western Barley May 12 $242.00, unchanged

Western Barley Jul 12 $237.00, unchanged

Milling Wheat Oct 12 $252.00, unchanged

Milling Wheat Dec 12 $257.00, unchanged

Milling Wheat Mar 13 267.00, unchanged

Durum Wheat Oct 12 $277.50, unchanged

Durum Wheat Dec 12 $282.00, unchanged

Durum Wheat Mar 13 $288.60, unchanged

Barley Oct 12 $184.50, unchanged

Barley Dec 12 $187.50, unchanged

Barley Mar 13 $189.00, unchanged

Chicago (per bushel)

Soybeans May 12 $14.9775, down 5.25 cents -0.35%

Soybeans Jul 12 $15.035, down 2.0 -0.13%

Soybeans Nov 12 $13.925, up 11.5 +0.83%

Corn May 12 $6.5975, down 0.5 -0.08%

Corn Jul 12 $6.29, down 5.25 -0.83%

Corn Dec 12 $5.3875, down 4.5 -0.83%

Oats May 12 $3.3625, down 0.5 (-0.15%)

Oats Jul 12 $3.4525, down 0.25 (-0.07%)

Oats Dec 12 $3.52, unchanged

Minneapolis (per bushel)

Spring Wheat May 12 $7.67, down 11.25 cents -1.45%

Spring Wheat Jul 12 $7.7425, down 9.25 -1.18%

Spring Wheat Sep 12 $7.7475, down 8.0 -1.02%

Spring Wheat Dec 12 $7.7775, down 7.25 -0.92%

The nearby New York light sweet crude contract rose $1.29 to $106.16 US.

The Canadian dollar noon rate is $1.0164 US, up from $1.0117 the day before.

The U.S. dollar at noon was 98.39 Cdn.

The Toronto Stock Exchange’s S&P/TSX composite index unofficially finished up 40.10 points, or 0.3 percent, at 12,332.79, its highest level since April 3.

The Dow Jones industrial average gained 65.69 points, or 0.50 percent, to close at 13,279.32.

The Standard & Poor’s 500 Index rose 7.91 points, or 0.57 percent, to 1,405.82.

The Nasdaq Composite Index added 4.08 points, or 0.13 percent, to close at 3,050.44.