Canola rises on export talk and stronger palm prices

Canola futures closed up on Monday but off the high point set during morning trade.

Stronger Malaysian palm oil exports lifted palm prices and that in turn helped lift canola futures on Monday. Unconfirmed talk of new export business also supported canola.

Soybean futures edged higher, partly as a result of the wind down of the U.S. harvest and a decrease in deliveries from the combine.

Wheat was up on hopes that Ukraine and Russia will soon be forced by tight supplies to stop exporting, meaning buyers will have to turn to North America for supply.

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November canola closed at $615.20, up $3.30.

January canola closed at $614.20, up $3.60.

After the close, USDA reported that 80 percent of the U.S. soy crop and 87 percent of the corn crop are now harvested. That is significantly ahead of the five-year average.

The winter wheat crop is 81 percent planted, about equal with the five-year average.

Emergence at 49 percent is running behind the five-year average of 56 percent, but recent rain has helped get crops in southern Kansas and Oklahoma going.

Winnipeg (per tonne)

Canola Nov 12 $615.20, up $3.30 +0.54%

Canola Jan 13 $614.20, up $3.60 +0.59%

Canola Mar 13 $612.70, up $3.60 +0.59%

Canola May 13 $606.40, up $2.60 +0.43%

Milling Wheat Dec 12 $307.50, up $2.90 +0.95%

Milling Wheat Mar 13 $317.00, up $2.90 +0.92%

Milling Wheat May 13 $320.00, up $2.90 +0.91%

Durum Wheat Dec 12 $312.40, unchanged

Durum Wheat Mar 13 $319.00, unchanged

Durum Wheat May 13 $323.00, unchanged

Barley Dec 12 $250.00, unchanged