Canola futures held up well against falling soybeans and soy oil on Monday.
November canola closed at $528.40 per tonne, down 10 cents or 0.02 percent and January closed at $528.60, down $1.90 or 0.36 percent.
Slow farmer selling helped to support canola.
Soybeans fell on good South American planting conditions, slow U.S. soybean exports and uncertainty about the European debt situation.
On Monday, attention shifted from Greece to Italy, where the government is being forced to pay high interest rates on its bonds to attract investors who are wary about heavy debt burden in Europe’s third largest economy.
USDA releases an update on its supply and demand forecasts on Wednesday.
Winnipeg (per tonne)
Canola Nov 11 $528.40, down $0.10 (-0.02%)
Canola Jan 12 $528.60, down $1.90 (-0.36%)
Canola Mar 12 $532.30, down $4.70 (-0.88%)
Canola May 12 $536.30, down $5.00 (-0.92%)
The previous day’s best basis was $15 under the January contract.
The November contract’s 14-day Relative Strength Index was 48.
Western Barley Dec 11 $216 unchanged
Chicago (per bushel)
Soybeans Nov 11 $11.9225, down 20.25 cents (-1.67%)
Soybeans Jan 12 $12.0175, down 19.25 (-1.58%)
Soybeans Mar 12 $12.115, down 18.5 (-1.50%)
Corn Dec 11 $6.5325, down 2.5 (-0.38%)
Corn Mar 12 $6.6525, down 1.0 (-0.15%)
Oats Dec 11 $3.255 down 3.5 (-1.06%)
Oats Mar 12 $3.34, down 3.5 (-1.04%)
Minneapolis (per bushel)
Spring Wheat Dec 11 $9.2825, up 4.5 cents (+0.49%)
Spring Wheat Mar 12 $8.6375, down 7.75 (-0.89%)
Spring Wheat May 12 $8.3625, down 8.25 (-0.98%)
Light crude oil nearby futures in New York rose $1.26 to $95.52 US per barrel.
The Canadian dollar at noon was 98.31 cents US, up from 98.23 the previous trading day. The U.S. dollar at noon was $1.0172 Cdn.
In an early tally, the Toronto Stock Exchange composite index ended up 53.73 points, or 0.43 percent, at 12,461.98.
The Standard & Poor’s 500 Index was up 7.75 points, or 0.62 percent, at 1,260.98.
