Canola prices rose Monday, following soybean prices higher, on a day generally good for commodities but lackluster for stock markets.
Canola rose on the March contract by 1.36 percent to $526.90 per tonne and up 1.76 percent on the November contract.
It was a day of strong vegetable oil prices, which some saw as a reaction to oversold conditions that followed the release of the January supply and demand figures earlier this month. Chicago soybeans rose 30 cents per bushel and Winnipeg canola rose 16 to 18 cents per bushel depending on the contract.
Read Also
U.S. grains: Chicago wheat futures dip on global supply pressure; corn, soybeans fall
Chicago | Reuters – Chicago Board of Trade wheat futures fell on Friday and notched a weekly loss, as plentiful…
Grains were weaker, with Chicago corn rising eight to nine cents, Minneapolis spring wheat rising more than four cents per bushel and oats rising a penny.
USDA revised the yield, production and stocks of some crops higher than in previous estimates, but did not fundamentally change the supply and demand balance for most crops.
Continuing dryness in Argentina and slipping production in Brazil is concerning buyers again and allowing a risk premium to be reimposed on prices. Continuing demand from China, now celebrating the Year of the Dragon, also underpins fundamental strength.
Oil prices were up, as were most energy commodities and metals rose in general.
Equity markets seemed to take a break Monday, looking back upon three weeks of rising values and wondering if it was all justified.
Europe still seems stressed, America still seems to be recovering, and China still seems to be gently landing.
In Canada some cheer was brought by news that Research In Motion’s co-CEOs have agreed to step down after months of demands by shareholders outraged by the plunge of the company’s stock by about 90 percent in the past year.
Winnipeg (per tonne)
Canola Mar 12 $526.90, up $7.00 (+1.35%)
Canola May 12 $531.60, up $8.10 (+1.55%)
Canola Jul 12 $531.10, up $8.20 (+1.57%)
Canola Nov 12 $507.80, up $8.70 (+1.74%
Western Barley Mar 12 $212.00, unchanged (unch)
Chicago (per bushel)
Soybeans Mar 12 $12.1750, up 30.50 cents (+2.57%)
Soybeans May 12 $12.2550, up 30.00 (+2.51%)
Soybeans Nov 12 $12.0750, up 23.75 (+2.01%)
Corn Mar 12 $6.2000, up 8.50 (+1.39%)
Corn Dec 12 $5.5625, up 4.50 (+0.82%)
Oats Mar 12 $2.9550, up 1.00 (+0.34%)
Oats Dec 12 $3.0975, up 1.50 (+0.49%)
Minneapolis (per bushel)
Spring Wheat Mar 12 $8.0325, up 4.50 cents (+0.56%)
Spring Wheat May 12 $7.8600, up 4.50 (+0.58%)
Spring Wheat Dec 12 $7.6200, up 2.50 (+0.33%)
