Canola edges higher on Monday

Canola futures dipped and then rose, closing slightly higher on Monday.

Exporter and crusher buying were credited for the increase. Also, the loonie was a little weaker.

The market will keenly watch the USDA world supply and demand report to be released Tuesday morning.

• Seeding is rushing ahead in the U.S. As of Sunday, seven percent of the corn was in the ground, a record pace and up from the five-year average of two percent.

Crop insurance kicks in this week and that should speed seeding even more.

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A whopping 21 percent of the U.S. spring wheat crop is seeded, well ahead of the five-year average of five percent.

North Dakota has 17 percent of the spring wheat crop in the ground, according to the USDA. Last year at this time, there was no seeding done.

Three percent of the spring wheat crop in North Dakota has already emerged.

• Because of the holiday, the Canadian Oilseed Processors Association crush number came out today. The weekly crush to April 4 was 142,754 tonnes, down almost six percent from the week before. That represents a capacity use of about 86 percent, down from the year’s average of 90 percent.

Winnipeg (per tonne)

Canola May 12 $623.10, up $1.50 +0.24%

Canola Jul 12 $619.40, up $2.30 +0.37%

Canola Nov 12 $583.30, up $2.60 +0.45%

Canola Jan 13 587.40, up $2.20 +0.38%

The best basis for the previous day was +$2.40 over the May contract said Ice Futures Canada.

The 14-day RSI was 75.

Western Barley May 12 $230.00, unchanged

Western Barley Jul 12 $230.00, unchanged

Milling Wheat Oct 12 $272.00, up $2.00 +0.74%

Milling Wheat Dec 12 $277.00, up $2.00 +0.73%

Milling Wheat Mar 13 $282.00, up $2.00 +0.71%

Durum Wheat Oct 12 $277.50, up $2.50 +0.91%

Durum Wheat Dec 12 $282.00, up $2.50 +0.89%

Durum Wheat Mar 13 $288.60, up $2.50 +0.87%

Barley Oct 12 $186.50, unchanged

Barley Dec 12 $190.00, unchanged

Barley Mar 13 $191.50, unchanged

Chicago (per bushel)

Soybeans May 12 $14.31, down 3.0 cents -0.21%

Soybeans Jul 12 $14.3475, down 3.0 -0.21%

Soybeans Nov 12 $13.82, up 0.5 +0.04%

Corn May 12 $6.49, down 9.25 -1.41%

Corn Jul 12 $6.4125, down 11.0 -1.69%

Corn Dec 12 $5.5025, unchanged

Oats May 12 $3.3825 +1.25 +0.37%

Oats Jul 12 $3.37 +1.5 +0.45%

Oats Dec 12 $3.42 +2.75 +0.81%

Minneapolis (per bushel)

Spring Wheat May 12 $8.47, up 1.0 cent +0.12%

Spring Wheat Jul 12 $8.405, up 1.5 +0.18%

Spring Wheat Sep 12 $8.2625, up 2.0 +0.24%

Spring Wheat Dec 12 $8.1475, up 0.25 +0.03%

The nearby New York light sweet crude contract fell 85 cents to $102.46.

The Canadian dollar at noon was $1.0028 US, down from $1.0073 the previous trading day. The U.S. dollar at noon was 0.9972 Cdn.

The weaker than expected job creation numbers in the U.S. announced on Friday weakened stock markets today.

The Toronto Stock Exchange’s S&P/TSX composite index ended down 84.61 points, or 0.70 percent, at 12,018.50. The TSX is up only 0.5 percent so far in 2012 versus a nearly 10 percent gain in the S&P 500

The Dow Jones industrial average fell 130.55 points, or 1.00 percent, to end at 12,929.59.

The Standard & Poor’s 500 Index slid 15.88 points, or 1.14 percent, to 1,382.20.

The Nasdaq Composite Index dropped 33.42 points, or 1.08 percent, to close at 3,047.08.