Oilseeds rose on Thursday on hope that Greece will not follow through on a plan to hold a referendum on its debt bailout and austerity plan.
November canola settled at $529.30 per tonne, up $7.70 or 1.48 percent. January closed at $531.30, up $6.80 or 1.30 percent.
Greece is in political and social turmoil as prime minister George Papandreou backed down from a pledge to hold a citizen vote on the debt bailout package. He faces a vote of no confidence in parliament on Friday.
Germany and France have put strong pressure on Papandreou to drop the referendum plan.
• Wet weather is slowing the tail end of the U.S. Midwest harvest. The moisture is also falling in the southern plains, helping the winter wheat crop.
• Weekly U.S. soybean and wheat export figures were below expectations but corn exports were better than expected. Normally, exports of American crops pick up at this point as the freshly harvested crop is becoming available.
• A fast start to soybean seeding in South American has traders expecting that there will be an early harvest with good yields, presenting early competition for American soybeans and pressuring oilseed prices.
• The market continues to feel the effects of the bankruptcy of MF Global Holdings Ltd.
Winnipeg (per tonne)
Canola Nov 11 $529.30, up $7.70 (+1.48%)
Canola Jan 12 $531.30, up $6.80 (+1.30%)
Canola Mar 12 $538.10, up $6.30 (+1.18%)
Canola May 12 $542.40, up $6.70 (+1.25%)
The previous day’s best basis was $15 under the January contract.
The November contract’s 14-day Relative Strength Index was 47. The rule of thumb is an RSI of 30 indicates an over sold and 70 indicates over bought.
Western Barley Dec 11 $216, unchanged
Chicago (per bushel)
Soybeans Nov 11 $12.1925, up 25.75 (+2.16%)
Soybeans Jan 12 $12.2725, up 24.5 (+2.04%)
Soybeans Mar 12 $12.365, up 24.25 (+2.00%)
Corn Dec 11 $6.535, up 8.5 (+1.32%)
Corn Mar 12 $6.6375, up 7.75 (+1.18%)
Oats Dec 11 $3.32, down 2.5 (-0.75%)
Oats Mar 12 $3.41, down 2.5 (-0.73%)
Minneapolis (per bushel)
Spring Wheat Dec 11 $9.17, up 6.75 (+0.74%)
Spring Wheat Mar 12 $8.68, up 3.5 (+0.40%)
Spring Wheat May 12 $8.435, down 0.75 (-0.09%)
Light crude oil nearby futures in New York rose $1.56 to $94.07 US per barrel.
The Canadian dollar at noon was 98.75 cents US, steady with the previous trading day. The U.S. dollar at noon was $1.0127 Cdn.
In a preliminary tally, the Toronto Stock Exchange composite index closed up 226.59 points, or 1.85 percent, at 12,468.35.
The Standard & Poor’s 500 Index was up 22.99 points, or 1.86 percent, at 1,260.89.
