Crusher buying lifts canola futures

Crusher buying helped canola futures rise Monday in light trade

May closed at $575.20 per tonne, up $4.70.

November closed at $539.90, up $4.40.

Corn edged higher but soybeans were lower in choppy trade in Chicago.

• News that China cut is annual growth target to 7.5 percent from eight percent weighed on markets.

• The head of ABARES, Australia’s statistics agency said the planted area for wheat in 2012-14 is likely to fall to 33.85 million acres compared with 34.59 million last year.

Canola area is seen increasing to 4.45 million acres, up from 4.20 million last year and production rising five percent to 2.9 million tonnes.

• A couple of Brazilian forecasters cut their estimate of their country’s soybean crop to less than 70 million tonnes. USDA currently pages it at 72 million tonnes, but it will update its forecasts in a report due March 9.

Winnipeg (per tonne)

Canola Mar 12 $582.70, up $4.60 (+0.80%)

Canola May 12 $575.20, up $4.70 (+0.82%)

Canola Jul 12 $575.90, up $4.10 (+0.72%)

Canola Nov 12 $539.90, up $4.40 (+0.82%)

The previous trading day’s best basis in the par region improved again to $5.60 per tonne over the May contract, said the ICE Futures Canada exchange in Winnipeg.

The 14-day relative strength index was 77.

Western Barley Mar 12 $214.00, unchanged

Western Barley May 12 $220.00, unchanged

Milling Wht Oct 12 $260.50, unchanged

Milling Wht Dec 12 $265.50, unchanged

Milling Wht Mar 13 $270.50, unchanged

Durum Wht Oct 12 $265.90, unchanged

Durum Wht Dec 12 $270.40, unchanged

Durum Wht Mar 13 $276.60, unchanged

Barley Oct 12 $185.00, unchanged

Barley Dec 12 $188.50, unchanged

Barley Mar 13 $190.00, unchanged

Chicago (per bushel)

Soybeans Mar 12 $13.1925, down 9.0 cents (-0.68%)

Soybeans May 12 $13.25, down 8.0 (-0.60%)

Soybeans Nov 12 $12.89, down 9.0 (-0.69%)

Corn Mar 12 $6.6625, up 7.25 (+1.10%)

Corn May 12 $6.6075, up 5.75 (+0.88%)

Corn Dec 12 $5.7125, up 1.25 (+0.22%)

Oats Mar 12 $3.32, up 4.0 (+1.22%)

Oats May 12 $3.0825, up 2.5 (+0.82%)

Oats Dec 12 $3.19, up 3.25 (+1.03%)

Minneapolis (per bushel)

Spring Wht Mar 12 $8.3125, up 3.5 cents (+0.42%)

Spring Wht May 12 $8.3475, up 3.25 (+0.39%)

Spring Wht Dec 12 $8.1075, up 1.75 (+0.22%)

Nearby light crude oil in New York closed 2 cents higher at $106.72 per barrel

The Canadian dollar at noon was at $1.0064 US, down from $1.0113 the previous trading day. The U.S. dollar at noon was 99.36 cents Cdn.

The Toronto Stock Exchange composite ended the day down 119.87 points, or 0.95 percent, at 12,523.95,

The Dow Jones industrial average fell 14.76 points, or 0.11 percent, to 12,962.81 at the close. The Standard & Poor’s 500 Index lost 5.30 points, or 0.39 percent, to 1,364.33. The Nasdaq Composite Index dropped 25.71 points, or 0.86 percent, to close at 2,950.48.