Canola closes down slightly

Canola slid slightly Tuesday, reflecting the weakness that entered the soybean markets last night when Chinese trading opened. But rather than weakness, it revealed a market taking a breather from the recent heady rally and reconsidering its position.

November canola closed down $1.20 per tonne at $633.30 and January closed down $1.30 at $636.

A generally flat day in world crop markets was joined by canola, which is experiencing good growing conditions in Western Canada and has strong price support from the crop market rally caused by the U.S. Midwest drought.

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Cooler weather on the eastern prairies has alleviated worries that the canola crops flowers would be prematurely toasted.

The big U.S. crop markets have been running up against resistance, with eight dollar corn tantalizingly close and all-time record soybean prices just a couple of dozen cents away. But so far the resistance level above the biggest two U.S. crops has not been overcome.

It was a generally cheery day on Wall Street, with corporate earnings coming in better than expected.

No new European debt injuries were suffered Tuesday, so markets gazed briefly elsewhere for interest.

Winnipeg (per tonne)

Canola Nov 12    $633.30, down $1.20    -0.19%

Canola Jan 13    $636.00, down $1.30    -0.20%

Canola Mar 13    $636.00, up $0.10    +0.02%

Canola May 13    $633.10, up $0.30    +0.05%

Western Barley Oct 12    $251.00, unchanged

Western Barley Dec 12    $255.00, unchanged

Milling Wheat Oct 12    $312.50, unchanged

Milling Wheat Dec 12    $320.00, unchanged

Milling Wheat Mar 13    $330.00, unchanged

Durum Wheat Oct 12    $325.50, unchanged

Durum Wheat Dec 12    $330.00, unchanged

Durum Wheat Mar 13    $336.60, unchanged

Barley Oct 12    $265.00, up $3.00    +1.15%

Barley Dec 12    $270.00, up $3.00    +1.12%

Barley Mar 13    $273.00, up $3.00    +1.11%

Chicago (per bushel)

Soybeans (P) Aug 12    $16.3900, up 5.25 cents    +0.32%

Soybeans (P) Sep 12    $16.1275, up 3.25    +0.20%

Soybeans (P) Nov 12    $15.9050, unchanged

Soybeans (P) Jan 13    $15.8600, down 0.25    -0.02%

Corn (P) Sep 12    $7.7950, up 2.75    +0.35%

Corn (P) Dec 12    $7.7250, unchanged

Corn (P) Mar 13    $7.7175, down 0.75    -0.10%

Oats (P) Sep 12    $3.7775, down 2.50    -0.66%

Oats (P) Dec 12    $3.8025, down 2.00    -0.52%

Oats (P) Mar 13    $3.8525, down 1.50    -0.39%

Minneapolis (per bushel)

Spring Wheat Sep 12    $9.8575, up 2.75 cents    +0.28%

Spring Wheat Dec 12    $9.8450, up 6.00    +0.61%

Spring Wheat Mar 13    $9.8900, up 8.25    +0.84%

Spring Wheat May 13    $9.8750, up 10.25    +1.05%

The previous day’s best canola basis was $14 over the November contract according to ICE Futures Canada in Winnipeg.

Light crude oil nearby futures in New York rose 79 cents at $89.22 US per barrel.

The Canadian dollar at noon was 98.61 cents US, up from 98.45 cents the previous trading day. The U.S. dollar at noon was $1.0141 cents Cdn.

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