Bargain buying lifted most crop prices on Monday after values last week fell to levels not seen since last summer.
The buying back of positions previously sold, called short covering, helped support the market.
March canola closed at $588.30, up $9.90.
Concerns that canola stocks by the end of the crop year will be exceptionally tight supported the canola market.
However, gains generally were limited by forecasts for rain this week in Brazil’s soybean crop and in the U.S. hard red winter wheat region.
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Crop markets avoided the down trend in other markets. Equities fell as investors believe uncertainty around the fiscal cliff debate in late 2012 might have led to lower corporate profits.
Winnipeg (per tonne)
Canola Jan 13 $609.60, up $11.20 +1.87%
Canola Mar 13 $588.30, up $9.90 +1.71%
Canola May 13 $579.90, up $9.00 +1.58%
Canola Jul 13 $575.30, up $6.90 +1.21%
Milling Wheat Mar 13 $290.50, unchanged
Milling Wheat May 13 $293.50, unchanged
Milling Wheat Jul 13 $295.50, unchanged
Durum Wheat Mar 13 $312.40, unchanged
Durum Wheat May 13 $316.40, unchanged
Durum Wheat Jul 13 $319.40, unchanged
Barley Mar 13 $247.00, unchanged
Barley May 13 $248.00, unchanged
Barley Jul 13 $248.50, unchanged
Chicago (per bushel)
Soybeans (P) Jan 13 $14.1075, up 21.75 cents +1.57%
Soybeans (P) Mar 13 $13.885, up 21.25 +1.55%
Soybeans (P) May 13 $13.7775, up 19.25 +1.42%
Soybeans (P) Jul 13 $13.735, up 18.5 +1.37%
Corn (P) Mar 13 $6.855, up 5.25 +0.77%
Corn (P) May 13 $6.8525, up 4.5 +0.66%
Corn (P) Jul 13 $6.785, up 3.75 +0.56%
Oats (P) Mar 13 $3.315, down 1.25 -0.38%
Oats (P) May 13 $3.375, down 1.0 -0.30%
Oats (P) Jul 13 $3.415, down 2.5 -0.73%
Minneapolis (per bushel)
Spring Wheat Mar 13 $8.465, up 5.5 cents +0.65%
Spring Wheat May 13 $8.55, up 4.75 +0.56%
Spring Wheat Jul 13 $8.6375, up 4.5 +0.52%
Spring Wheat Sep 13 $8.6275, up 4.75 +0.55%
The Bank of Canada noon rate for the loonie was $1.0142, little changed from $1.046 on Friday.
The U.S. dollar was 98.60 cents Cdn.
Light crude oil in New York fell 10 cents to $93.19 per barrel.
Toronto Stock Exchange S&P/TSX composite index fell 41.26 points, or 0.33 percent, at 12,499.55.
The Dow Jones industrial average closed down 50.92 points, or 0.38 percent, to 13,384.29.
The Standard & Poor’s 500 Index fell 4.58 points, or 0.31 percent, to 1,461.89.
The Nasdaq Composite Index dropped 2.84 points, or 0.09 percent, to 3,098.81.
