Signs of progress in addressing Europe’s debt crisis and a better than expected report on China’s economy helped support crop futures on Monday.
Canola was unable to hold on to early gains and settled mixed. The stronger loonie took some of the shine off canola.
• China’s manufacturing sector expanded moderately in October, snapping three months of contraction. Markets were cheered by the news because it indicates a reduced change of an abrupt slowdown in the world’s second-largest economy.
• Brazil’s soy farmers are seeding at full speed after recent rains. About 26 percent of the intended acreage is now in the ground.
Progress is well ahead of last year’s pace in Mato Grosso, the top producing state.
• The USDA released its first U.S. winter wheat condition rating of the year and it said the crop was in surprisingly good shape, considering the drought. It said that 47 percent was good to excellent, the same as last year.
• Rice futures jumped the 50-cent daily limit on flooding that is hurting crops in Thailand.
• European leaders meet again on Wednesday for a critical meeting on the debt situation.
Winnipeg (per tonne)
Canola Nov 11 $522.60, up $0.50 (+0.10%)
Canola Jan 12 $530.60, down $0.40 (-0.08%)
Canola Mar 12 $538.90, down $0.90 (-0.17%)
Canola May 12 $545.80, down $1.30 (-0.24%)
The previous day’s best basis narrowed to $10.10 under the November contract, according to ICE Futures Canada in Winnipeg.
The November contract’s 14-day Relative Strength Index was 40. The rule of thumb is an RSI of 30 indicates an over sold and 70 is over bought.
Western Barley Dec 11 $215, unchanged
Chicago (per bushel)
Soybeans Nov 11 $12.2675, up 14.5 cents (+1.20%)
Soybeans Jan 12 $12.3525, up 14.5 (+1.19%)
Soybeans Mar 12 $12.4475, up 15.25 (+1.24%)
Corn Dec 11 $6.51, up 1.75 (+0.27%)
Corn Mar 12 $6.6225, up 2.25 (+0.34%)
Oats Dec 11 $3.41, up 4.0 (+1.19%)
Oats Mar 12 $3.51, up 4.0 (+1.15%)
Minneapolis (per bushel)
Spring Wheat Dec 11 $9.1725, down 2.0 cents (-0.22%)
Spring Wheat Mar 12 $8.5425, down 0.75 (-0.09%)
Spring Wheat May 12 $8.335, down 1.5 (-0.18%)
Light crude oil nearby futures in New York rose $3.87 to $91.27 US per barrel.
The Canadian dollar at noon was 99.61 cents US, up from 99.10 cents the previous trading day. The U.S. dollar at noon was $1.0039 Cdn.
In a preliminary tally, the Toronto Stock Exchange composite index ended up 212.79 points, or 1.78 percent, at 12,162.28.
The Standard & Poor’s 500 Index was up 15.94 points, or 1.29 percent, at 1,254.19.
