Most grain and oilseed prices on Wednesday bounced back on a technical rally after heavy losses on Tuesday.
Canola gained 2.9 percent on the day.
Very little has changed in the grain supply and demand fundamentals.
Markets remain on edge over the violence in Libya, but some thought the grain price melt down on Tuesday was overdone.
Crude oil continued to climb, with U.S. prices hitting $100 per barrel for the first time since October 2008. Traders are worried that high oil prices will slow the nascent recovery in the U.S. and world economy.
Grain markets will be watching the U.S. Department of Agriculture’s Outlook Conference Thursday and Friday.
The Canadian Wheat Board on Thursday will release its latest Pool Return Outlook for the current crop year and on Monday it begins its outlook conference and will deliver the first PRO for the 2011-12 crop year.
Winnipeg
Canola Mar 11 $572 per tonne, up $15.90
Canola May 11 $580.50, up $16.40
Canola Jul 11 $588.30, up $16.60
Canola Nov 11 $564.60 up $19.10
The previous day’s best basis was $16.50 under the March contract according to ICE Futures Canada in Winnipeg.
The March contract 14-day Relative Strength Index was 42. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
Western Barley Mar 11 $194 per tonne unchanged
Western Barley May 11 $205 unchanged
Chicago
Soybeans Mar 11 $13.20 US per bushel, up 22 cents
Soybeans May 11 $13.315, up 20.5 cents
Corn Mar 11 $6.915 per bu., up 11.75 cents
Corn May 11 $7.0225, up 12 cents
Oats Mar 11 $3.7525 per bu., down 14.5 cents
Oats May 11 $3.85, down 12.5 cents
Minneapolis
Spring Wheat Mar 11 $9.0675 per bu., up 0.5 cents
Spring Wheat May 11 $9.195, up 2.75 cents
Spring Wheat Dec 11 $9.37, up 2.25 cents
Light crude oil in New York for April delivery rose $2.68 US per barrel to $98.10, but did trade at $100 for part of the day.
The Canadian dollar at noon was $1.0077 US, down from $1.0143 the previous trading day. The U.S. dollar at noon was 99.24 cents Cdn.
The Toronto Stock Exchange composite index fell 7.49 points to 13,956.19.
The S&P 500 fell 8.04 points to 1,307.40.
