Oilseeds rose on Friday, lifted by good soybean export news and optimism about the world economy.
March canola closed at $554.50 per tonne, up $5.30.
Over the week, the contract rose $19.20 per tonne.
• USDA confirmed that China is following through on its commitments made earlier in the week to buy large quantities of U.S. soybeans. Most of the sales registered Friday were for new crop soybeans.
Al told, China signed agreements for 13.4 million tonnes valued at $6.7 billion, the U.S. Soybean Export Council said.
Read Also
China soybean imports hit record June high on strong Brazil shipments
China’s soybean imports hit the highest level ever for the month of June, a Reuters calculation of customs data showed on Monday, driven by a surge in shipments from top supplier Brazil.
• There is growing optimism that Greece and European leaders will make moves by Monday to approve a 130 billion euro rescue package for Greece. That lifted spirits that were already up after several weekly and monthly reports on the American economy came in better than expected.
• Good rainfall amounts are expected in Argentina and southern Brazil in the next few days.
• Just two days after Ukraine’s agriculture minister said there was no reason to talk about export curbs because of large stocks and already slow exports, Reuters is quoting a Ukraine newspaper story that said Ukrainian grain traders have agreed to limit wheat exports to 1.7 million tonnes in February-July following a request from the government which is concerned about domestic supply.
The newspaper quoted traders as saying that only 800,000 tonnes of wheat would be exported by March and the agreed cap will limit total wheat exports for 2011-12 to 4.8 million tonnes, or a half of what traders had planned to ship abroad.
• Talk in the market of China looking to buy large quantities of wheat lent further support to wheat prices.
• The Canadian Oilseed Processors Association said members crushed 154,225 tonnes of canola in the week ending Feb. 15, down 3.4 percent from the week before.
Crushing is about 10 percent ahead of where it was last year at the same time.
Winnipeg (per tonne)
Canola Mar 12 $554.50, up $5.30 (+0.97%)
Canola May 12 $556.00, up $4.50 (+0.82%)
Canola Jul 12 $558.40, up $5.20 (+0.94%)
Canola Nov 12 $526.60, up $1.60 (+0.30%)
The previous trading day’s best basis in the par region narrowed to 10 cents per tonne off the March contract, said the ICE Futures Canada exchange in Winnipeg. Several crushing plants have positive basis.
The 14-day relative strength index was 76. Several indicators show canola to be very strong technically.
Western Barley Mar 12 $213.00 unchanged
Western Barley May 12 $217.00 unchanged
Milling Wht Oct 12 $264.00 unchanged
Milling Wht Dec 12 $268.50 unchanged
Milling Wht Mar 13 $273.50 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 $182.40, up 0.40 (+0.22%)
Barley Dec 12 $185.90, up 0.40 (+0.22%)
Barley Mar 13 $187.40, up 0.40 (+0.21%)
Chicago (per bushel)
Soybeans Mar 12 $12.675, up 9.25 cents (+0.74%)
Soybeans May 12 $12.7375, up 8.75 (+0.69%)
Soybeans Nov 12 $12.62, up 6.75 (+0.54%)
Corn Mar 12 $6.4175, up 5.5 (+0.86%)
Corn May 12 $6.4525, up 5.5 (+0.86%)
Corn Dec 12 $5.6825, up 0.25 (+0.04%)
Oats Mar 12 $3.2375 unchanged
Oats May 12 $3.2025, up 2.0 (+0.63%)
Oats Dec 12 $3.18, up 0.5 (+0.16%)
Minneapolis (per bushel)
Spring Wht Mar 12 $8.2225, up 4.5 cents (+0.55%)
Spring Wht May 12 $8.1725, up 2.75 (+0.34%)
Spring Wht Dec 12 $7.935, down 6.25 (-0.78%)
Nearby light crude oil in New York settled at $103.24 a barrel, up 93 cents.
The Canadian dollar at noon was $1.0030 US, down slightly from $1.0038 the previous trading day. The U.S. dollar at noon was 99.70 cents Cdn.
In an early tally, the Toronto Stock Exchange composite closed down 27.29 points, or 0.22 percent, to 12,458.30.
The Dow Jones industrial average gained 45.87 points, or 0.36 percent, to 12,949.95. The Standard & Poor’s 500 Index gained 3.21 points, or 0.24 percent, to 1,361.25. The Nasdaq Composite Index dropped 8.07 points, or 0.27 percent, to 2,951.78.
For the week, the TSX rose about 0.6 percent, the Dow rose 1.2 percent, the S&P 500 gained 1.4 percent and the Nasdaq advanced 1.7 percent.
