Canola futures rose Thursday on stronger than expected weekly U.S. soybean exports and thoughts that recent losses in canola were overdone.
The upside was limited by the strong Canadian dollar and falling soy oil futures.
Palm oil prices in Malaysia hit a new three-year low.
January canola closed at $590.20, up $3.70.
Stronger than expected weekly wheat exports were not enough to lift wheat, which fell on technical weakness. Chicago wheat is very close to a 50 percent retracement from the high set in July.
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The Buenos Aires Grains Exchange cut its forecast for Argentina’s 2012-13 wheat harvest to 9.8 million tonnes from 10.1 million tonnes due to heavy rains that swamped fields.
Corn also fell on technical weakness.
Commodities generally were under pressure, as U.S. policy makers appear to be making little progress on finding a solution to the “Fiscal Cliff” acceptable to Democrats and Republicans.
Winnipeg (per tonne)
Canola Jan 13 $590.20, up $3.70 +0.63%
Canola Mar 13 $587.00, up $3.70 +0.63%
Canola May 13 $585.70, up $4.00 +0.69%
Canola Jul 13 $580.60, up $4.10 +0.71%
Milling Wheat Dec 12 $270.70, unchanged
Milling Wheat Mar 13 $290.50, unchanged
Milling Wheat May 13 $293.50, unchanged
Durum Wheat Dec 12 $312.00, unchanged
Durum Wheat Mar 13 $316.00, unchanged
Durum Wheat May 13 $320.00, unchanged
Barley Dec 12 $240.00, down 5.00 -2.04%
Barley Mar 13 $248.00, unchanged
Barley May 13 $249.00, unchanged
Chicago (0er bushel)
Soybeans (P) Jan 13 $14.765, up 3.0 cents +0.20%
Soybeans (P) Mar 13 $14.725, up 2.0 +0.14%
Soybeans (P) May 13 $14.565, up 1.5 +0.10%
Soybeans (P) Jul 13 $14.3925, down 1.5 -0.10%
Corn (P) Dec 12 $7.1225, down 8.75 -1.21%
Corn (P) Mar 13 $7.2025, down 5.25 -0.72%
Corn (P) May 13 $7.24, down 4.5 -0.62%
Oats (P) Dec 12 $3.6975, up 0.5 +0.14%
Oats (P) Mar 13 $3.87, up 1.75 +0.45%
Oats (P) May 13 $3.915, up 1.5 +0.38%
Minneapolis (per bushel)
Spring Wheat Dec 12 $8.8475, down 5.25 cents -0.59%
Spring Wheat Mar 13 $8.9975, down 4.25 -0.47%
Spring Wheat May 13 $9.1075, down 3.75 -0.41%
Spring Wheat Jul 13 $9.1875, down 3.25 -0.35%
The Bank of Canada noon rate for the loonie was $1.0155, up from $1.0148 the day before.
The U.S. dollar was 98.47 cents Cdn.
Nearby crude oil in New York fell 88 cents to $85.89 per barrel.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 63.92 points, or 0.52 percent, at 12,289.17.
The Dow Jones industrial average tumbled 74.73 points, or 0.56 percent, to close at 13,170.72.
The Standard & Poor’s 500 Index fell 9.03 points, or 0.63 percent, to 1,419.45.
The Nasdaq Composite Index slid 21.65 points, or 0.72 percent, to end at 2,992.16.
