Canola rose on Wednesday along with most grains, buoyed by good news in the economy and new soybean sales to China.
March canola settled at $523.80 per tonne, up $3.90.
Wheat posted solid gains for a second straight day, as a brutal cold snap hit Europe, threatening the winter wheat crop. On Thursday Russia will say whether it will curb exports for the rest of the crop year.
Bitter cold and lack of insulating snow are hurting Ukraine’s wheat crop. The head of the agricultural department of Ukraine’s meteorological service told Reuters that the cold could cut the winter grain crop by 42 to 58 percent from last year, to between 10 and 14 million tonnes.
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• Corn and soybeans rose for the second day, buoyed along with wheat by a weak US dollar (the Canadian dollar rose above par), stronger-than-expected economic data from China and Germany and optimism that Greece’s debt crisis will be resolved.
Firm U.S. cash soy and news that China bought a couple cargoes of U.S. soybeans supported oilseed futures.
• A Reuters survey of traders and analysts found that observers think there was a little less canola around in farm bins and elevators on Dec. 31 than there was a year earlier.
The average of traders’ guesses was 9.1 million tonnes, down 3.5 percent from last year at the same time.
The reason was the rapid pace of exports and domestic crush in the first half of the crop year.
Statistic’s Canada reports on Dec. 31 grain stocks on Friday.
• Drought has hammered Mexico this year and various agencies and analysts are reducing their forecasts for corn production there.
Winnipeg (dollars per tonne)
Canola Mar 12 $523.80, up $3.90 +0.75%
Canola May 12 $529.40, up $3.60 +0.68%
Canola Jul 12 $531.50, up $4.50 +0.85%
Canola Nov 12 $510.00, up $5.90 +1.17%
The previous trading day’s best basis was $7.27 per tonne off the March contract, said the ICE Futures Canada exchange in Winnipeg.
The 14-day relative strength index was 53.
Western Barley Mar 12 $212.00, unchanged
Western Barley May 12 $216.00, unchanged
Milling Wheat Oct 12 $266.20, up $4.20 +1.60%
Milling Wheat Dec 12 $270.70, up $3.70 +1.39%
Milling Wheat Mar 13 $277.70, up $3.70 +1.35%
Durum Wheat Oct 12 $268.50, unchanged
Durum Wheat Dec 12 $273.00, unchanged
Durum Wheat Mar 13 $278.00, unchanged
Barley Oct 12 $180.50, down $0.50 -0.28%
Barley Dec 12 $184.00, unchanged
Barley Mar 13 $185.50, unchanged
Chicago (dollars per bushel)
Soybeans Mar 12 $12.1525, up 16.25 cents +1.36%
Soybeans May 12 $12.2425, up 15.75 +1.30%
Soybeans Nov 12 $12.1825, up 16.75 +1.39%
Corn Mar 12 $6.42, up 3.0 +0.47%
Corn May 12 $6.4825, up 3.0 +0.46%
Corn Dec 12 $5.7675, up 7.25 +1.27%
Oats Mar 12 $3.05, up 7.0 +2.35%
Oats May 12 $3.0125, up 8.5 +2.90%
Oats Dec 12 $3.1275, up 0.5 +0.16%
Minneapolis (dollars per bushel)
Spring Wheat Mar 12 $8.3675, up 9.0 cents +1.09%
Spring Wheat May 12 $8.2425, up 9.0 +1.10%
Spring Wheat Dec 12 $7.975, up 8.25 +1.05
Nearby light crude oil in New York fell 87 cents to settle at $97.61 a barrel.
The Canadian dollar at noon climbed above parity to $1.0029 US, up from 99.48 cents the previous trading day. The U.S. dollar at noon was 99.71 cents Cdn.
The Toronto Stock Exchange composite unofficially closed up 65.51 points, or 0.53 percent, at 12,517.66.
The Dow Jones industrial average rose 83.55 points, or 0.66 percent, to 12,716.46. The Standard & Poor’s 500 rose 11.65 points, or 0.89 percent, to 1,324.06. The Nasdaq Composite Index added 34.43 points, or 1.22 percent, to 2,848.27.
