Canola and soybean futures rose Tuesday ignoring a down day in corn and wheat.
March canola settled at $558.30 per tonne, up $3.80. November settled at $531.50, up $4.90.
• The Europeans agreed on a Greek bailout package removing the threat of an imminent default, but there are still concerns that Greece could cause problems in the months ahead.
• Oil World said it might again scale back its forecast for Brazilian soybean production because of continuing dryness. It warned of a potential global soy production deficit because of the South American shortfall. However, it did rain in Argentina over the weekend.
• Rising crude oil prices also help support vegetable oil values.
• Traders today sold corn and bought soybeans to balance their bets ahead of the USDA outlook conference later this week. Profit taking after last week’s gains was also a feature.
Expectations are that USDA will forecast corn seeding at about 94 million acres, the most since the Second World War and record large production.
• Wheat also fell, pressured by corn and by forecasts for snow across the northern plains this week and next. However, expected snow accumulations are not expected to be large.
• The Canadian Wheat Board will issue its February Pool Return Outlook on Thursday.
• Reuters polled Canadian grain industry watchers on spring seeding expectations. The results are similar to the Agriculture Canada forecast released last week.
The average of the responses sees canola acres rising more than three percent to 19.5 million acres and all-wheat area climbing by 10 percent to 23.6 million acres.
Barley area would rise by 19 percent to 7.7 million acres and oat acres should climb nine percent to 3.4 million acres, according to the survey.
Pea area, on average, was pegged at three million acres and flax at one million acres.
Winnipeg (per tonne)
Canola Mar 12Â $558.30, up $3.80 (+0.69%)
Canola May 12Â $560.10, up $4.10 (+0.74%)
Canola Jul 12Â $562.80, up $4.40 (+0.79%)
Canola Nov 12Â $531.50, up $4.90 (+0.93%)
The previous trading day’s best basis in the par region was 90 cents per tonne off the March contract, said the ICE Futures Canada exchange in Winnipeg. Several crushing plants have positive basis.
The 14-day relative strength index was 73.
Western Barley Mar 12Â $213.00, unchanged
Western Barley May 12Â $217.00, unchanged
Milling Wheat Oct 12Â $264.00, unchanged
Milling Wheat Dec 12Â $268.50, unchanged
Milling Wheat Mar 13Â $273.50, unchanged
Durum Wheat Oct 12Â $265.90, unchanged
Durum Wheat Dec 12Â $270.40, unchanged
Durum Wheat Mar 13Â $276.60, unchanged
Barley Oct 12Â $182.40, unchanged
Barley Dec 12Â $185.90, unchanged
Barley Mar 13Â $187.40, unchanged
Chicago (per bushel)
Soybeans Mar 12Â $12.71, up 3.5 cents (+0.28%)
Soybeans May 12Â $12.77, up 3.25 (+0.26%)
Soybeans Nov 12Â $12.6225, up 0.25 (+0.02%)
Corn Mar 12Â $6.295, down 12.25Â (-1.91%)
Corn May 12Â $6.335, down 11.75Â (-1.82%)
Corn Dec 12Â $5.6375, down 4.5Â (-0.79%)
Oats Mar 12Â $3.205, down 3.25Â (-1.00%)
Oats May 12Â $3.1725, down 3.0 (-0.94%)
Oats Dec 12Â $3.18, unchanged
Minneapolis (per bushel)
Spring Wheat Mar 12Â $8.1675, down 5.5 cents (-0.67%)
Spring Wheat May 12Â $8.13, down 4.25 (-0.52%)
Spring Wheat Dec 12Â $7.88, down 5.5 (-0.69%)
Nearby light crude oil in New York settled at $105.84 a barrel, up $2.60 and supported by the Greek debt deal and rising tensions with Iran.
The Canadian dollar at noon was $1.0045 US, up slightly from $1.0030 the previous trading day. The U.S. dollar at noon was 99.55 cents Cdn.
In an early tally, the Toronto Stock Exchange composite rose 165.06 points, or 1.3 percent, to 12,623.36, its biggest one-day gain since Jan. 3 and its highest level since Sept. 8, 2011.
The Dow Jones industrial average was up 16.12 points, or 0.12 percent, at 12,965.99. At one point it topped 13,000, the highest since May 2008, The Standard & Poor’s 500 Index was up one point, or 0.07 percent, at 1,362.23. The Nasdaq Composite Index ended down 3.21 points, or 0.11 percent, at 2,948.57.
