Canola futures edged higher on Monday, lifted by routine exporter and crusher buying and a weaker loonie.Farmers have slowed deliveries and so hedge pressure has fallen.Soybeans fell on a stronger U.S. dollar and rain in Brazil.Corn was steady but wheat rose on dry conditions in the U.S. hard red wheat belt and too much rain in eastern Australia, where wheat yields are rising, but quality and protein is declining.Crude oil rose on a cold snap in Europe.European bankers and finance ministers worked out a bail out for Ireland, but investors remained anxious about debt in eurozone countries.In Winnipeg, the January canola contract rose $2.50 to $531.90 per tonne on 8,528 trades.The March contract rose $3.50 to $538.70 on 6,207 trades.The November 2011 contract rose $1.50 to $495.90.The previous day’s best basis was $21.13 under the January contract.The January contract 14 day Relative Strength Index was 50. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.December barley futures were unchanged at $185 per tonne. March was unchanged at $185.Chicago January soybeans fell 3.5 cents to $12.35 US per bushel.December corn was steady at $5.3825 per bu.December oats fell 6.5 cents to $3.3775 per bu.Minneapolis hard spring wheat rose 2.5 cents to $7.365 per bu.In New York, crude oil for January delivery rose $1.97 to $85.73 US per barrel.The Canadian dollar at noon was 97.78 cents US, down from 98.13 cents the previous trading day. The U.S. dollar at noon was $1.0227.The TSX composite index rose 2.94 points to close at 12,895.65. The Standard & Poor’s 500 slipped 1.61 points to 1,187.79.
Canola creeps upward
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