Canola closes mixed, new crop up

United States Department of Agriculture

Old crop canola futures closed lower but new crop contracts rose on Monday

May canola closed at $620.80 per tonne, down $1.70. At one point it touched $630, the highest point for a nearby contract since July 2008, but then farmer selling, commercial hedging and profit taking pressured the prices lower.

November closed at $578.00, up $2.80.

Markets were still being moved by Friday’s USDA report that showed American farmers intended to seed fewer soybean acres than expect continued to support soybean prices.

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Grain prices were also generally supported by tight old crop stocks.

Soybeans climbed by more than one percent Monday as the market scrambles to encourage seeding and ration demand.

Unusually warm weather is encouraging an early start to seeding in the U.S. Midwest and that favours corn over soybeans.

Chicago wheat dipped, but Minneapolis hard red spring wheat rose, reflecting the USDA seeding report that showed farmers expected to seed less spring wheat than expected.

Winnipeg (per tonne)

Canola May 12 $620.80, down $1.70 -0.27%

Canola Jul 12 $618.10, down $1.80 -0.29%

Canola Nov 12 $578.00, up $2.80 +0.49%

Canola Jan 13 $581.70, up $2.80 +0.48%

The 14-day RSI was 74.

Western Barley May 12 $230.00, up 1.00 +0.44%

Western Barley Jul 12 $233.00, up 1.00 +0.43%

Milling Wheat Oct 12 $270.00, unchanged

Milling Wheat Dec 12 $275.00, unchanged

Milling Wheat Mar 13 $280.00, unchanged

Durum Wheat Oct 12 $275.00, unchanged

Durum Wheat Dec 12 $279.50, unchanged

Durum Wheat Mar 13 $286.10, unchanged

Barley Oct 12 $186.50, unchanged

Barley Dec 12 $190.00, unchanged

Barley Mar 13 $191.50, unchanged

Chicago (per bushel)

Soybeans May 12 $14.21, up 18.0 cents +1.28%

Soybeans Jul 12 $14.2725, up 19.0 +1.35%

Soybeans Nov 12 $13.8525, up 27.25 +2.01%

Corn May 12 $6.55, up 11.0 +1.71%

Corn Jul 12 $6.51, up 7.75 +1.20%

Corn Dec 12 $5.45, up 4.75 +0.88%

Oats May 12 $3.3475, down 6.5 -1.90%

Oats Jul 12 $3.36, down 6.0 -1.75%

Oats Dec 12 $3.385 -5.5 -1.60%

Minneapolis (per bushel)

Spring Wheat May 12 $8.4925, up 11.75 cents +1.40%

Spring Wheat Jul 12 $8.4325, up 9.75 +1.17%

Spring Wheat Sep 12 $8.33, up 11.5 +1.40%

Spring Wheat Dec 12 $8.2925, up 7.25 +0.88%

The nearby New York light sweet crude contract rose $2.21 to $105.23.

The Canadian dollar at noon was $1.0084 US, up from $1.0009 the previous trading day. The U.S. dollar at noon was 0.9917 Cdn.

Upbeat Chinese and U.S. manufacturing data overshadowed a report showing continued softness in Europe and slow U.S. construction activity.

In unofficial tallies:

The Toronto Stock Exchange’s S&P/TSX composite index rose 114.88 points, or 0.93 percent, at 12,507.06.

The Dow Jones industrial average rose 52.45 points, or 0.40 percent, to end at 13,264.49, its highest close since Dec. 31, 2007. The Standard & Poor’s 500 Index was up 10.42 points, or 0.74 percent, to 1,418.89, its highest close since mid-May 2008. The Nasdaq Composite Index climbed 28.13 points, or 0.91 percent, to close at 3,119.70.