Canola and other crop futures rose Monday on a technical bounce, a weaker U.S. dollar and hope that U.S. politicians will compromise to put in place a strategy to address the fiscal cliff.
January canola closed at $580 per tonne, up $4.30 or 0.75 percent.
Canola movement to date in this crop year is starting slip behind last year’s pace.
Oilseeds were also supported by news that China was temporarily halting soybean sales from its government-owned stores while it started to buy from domestic farmers to rebuild stocks.
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Gains were limited by improved, drier weather in Argentina in the last week that allowed soybean seeding to proceed after delays caused by excessive rain.
• The weekly U.S. winter wheat condition rating reports fell more than expected to 34 percent good to excellent, from 36 percent the week before. That is the worst rating for this time of year since the report began in the mid 1980s.
The Kansas rating is only 30 percent good to excellent an in Nebraska it is only 17 percent.
Normally, fall condition has little bearing on the final performance of the winter wheat crop, but one has to wonder if these particularly poor ratings will set a new trend.
Generally, investors were more willing to take on risk in commodities and equities after sharp losses last week. They were heartened that U.S. lawmakers appear willing to compromise in negotiations to avert $600 billion in tax increases and spending cuts due to start kicking in January, a situation that has come be known as the fiscal cliff.
Winnipeg (per tonne)
Canola Jan 13Â $580.00, up $4.30Â Â Â Â Â Â +0.75%
Canola Mar 13Â $577.40, up $4.10Â Â Â Â Â Â +0.72%
Canola May 13Â $576.20, up $4.60Â Â Â Â Â Â +0.80%
Canola Jul 13Â $572.90, up $4.60Â Â Â Â Â Â +0.81%
Milling Wheat Dec 12Â $300.20, down $3.30Â Â Â Â Â Â -1.09%
Milling Wheat Mar 13Â $309.70, down $3.30Â Â Â Â Â Â -1.05%
Milling Wheat May 13Â $312.70, down $3.30Â Â Â Â Â Â -1.04%
Durum Wheat Dec 12Â $311.90, down $0.50Â Â Â Â Â Â -0.16%
Durum Wheat Mar 13Â $318.50, down $0.50Â Â Â Â Â Â -0.16%
Durum Wheat May 13Â $322.50, down $0.50Â Â Â Â Â Â -0.15%
Barley Dec 12Â $250.00, unchanged
Barley Mar 13Â $253.00, unchanged
Barley May 13Â $254.00, unchanged
Chicago (per bushel)
Soybeans (P) Jan 13Â $13.9475, up 11.5Â Â Â Â Â Â +0.83%
Soybeans (P) Mar 13Â $13.82, up 14.0Â Â Â Â Â Â +1.02%
Soybeans (P) May 13Â $13.6575, up 14.251.05%
Soybeans (P) Jul 13Â $13.58-6, up 15.25Â Â Â Â Â Â +1.14%
Corn (P) Dec 12 $7.3875, up 11.75 (+1.62%)
Corn (P) Mar 13Â $7.425, up 11.5 (+1.57%)
Corn (P) May 13Â $7.3775, up 11.0 (+1.51%)
Oats (P) Dec 12Â $3.755, up 11.0Â Â Â Â Â Â +3.02%
Oats (P) Mar 13Â $3.86, up 11.5Â Â Â Â Â Â +3.07%
Oats (P) May 13Â $3.875, up 10.25Â Â Â Â Â Â +2.72%
Minneapolis (per bushel)
Spring Wheat Dec 12Â $9.1025, up 0.5Â Â Â Â Â Â +0.05%
Spring Wheat Mar 13Â $9.2125, up 0.25Â Â Â Â Â Â +0.03%
Spring Wheat May 13Â $9.295, up 2.75Â Â Â Â Â Â +0.30%
Spring Wheat Jul 13Â $9.32, up 4.25Â Â Â Â Â Â +0.46%
The Bank of Canada noon rate for the loonie climbed back above par at $1.0036 US, up from 99.72 cents on Friday.
The U.S. buck was 99.64 cents Cdn.
Nearby light crude in New York rose 2.36 to settle at $89.28 per barrel.
In early tallies:
The Toronto Stock Exchange’s S&P/TSX composite index closed up 162.68 points, or 1.37 percent, at 12,040.40.
The Dow Jones industrial average gained 207.65 points, or 1.65 percent, at 12,795.96.
The Standard & Poor’s 500 Index rose 27.01 points, or 1.99 percent, at 1,386.89.
The Nasdaq Composite Index climbed 62.94 points, or 2.21 percent, to close at 2,916.07.
