A potential downgrading of European credit ratings knocked most crop futures lower on Monday, but canola bucked the trend.
New exports to China and steady crusher buying supported canola. The January contract closed at $503 per tonne, up 70 cents.
There are expectations for an increase in the canola production number in the Statistics Canada November crop production report to be released Tuesday.
Analysts expect the estimate will be about one million tonnes more than the September report.
Markets generally were pushed lower when Standard and Poor’s said it was considering lowering within 90 days the credit rating of Germany and five other euro zone countries to below the current AAA ratings.
That overshadowed earlier enthusiasm for the solution to the euro zone debt crisis that is developing in advance of a critical meeting of the bloc on Dec. 8 and 9.
Improved moisture levels in the southern plains after snow on the weekend pressured wheat futures lower.
Winnipeg (per tonne)
Canola Jan 12 $503.00, up 0.70 (+0.14%)
Canola Mar 12 $502.70, up 0.50 (+0.10%)
Canola May 12 $503.90, up 0.70 (+0.14%)
Canola Jul 12 $506.00, up 2.00 (+0.40%)
The previous day’s best basis was $5.57 under the January contract, said ICE Canada in Winnipeg.
The January contract’s 14-day Relative Strength Index was 36.
Western Barley Dec 11 $217, unchanged
Chicago (per bushel)
Soybeans Jan 12 $11.2625, down 9.5 cents (-0.84%)
Soybeans Mar 12 $11.365, down 9.75 (-0.85%)
Soybeans May 12 $11.47, down 9.25 (-0.80%)
Corn Dec 11 $5.8025, down 6.25 (-1.07%)
Corn Mar 12 $5.91, down 4.25 (-0.71%)
Oats Dec 11 $3.00, down 18.0 (-5.66%)
Oats Mar 12 $3.07, down 8.0 (-2.54%)
Minneapolis (per bushel)
Spring Wheat Dec 11 $8.4825, down 7.75 cents (-0.91%)
Spring Wheat Mar 12 $8.3075, down 13.75 (-1.63%)
Spring Wheat May 12 $8.095, down 15.5 (-1.88%)
Nearby light crude oil in New York rose three cents to $100.99 per barrel.
The Canadian dollar at noon was 98.61 cents US, up from 98.38 the previous trading day. The U.S. dollar at noon was $1.0141 Cdn.
The Toronto Stock Exchange composite unofficially closed up 44.24 points, or 0.37 percent, at 12,119.33.
The Standard & Poor’s 500 Index was up 12.80 points, or 1.03 percent, at 1,257.08.
