Sustained support from last week’s USDA production report and a more optimistic stock market pushed crop futures higher, including canola.
November canola closed at $555.50 per tonne, up $5.30.
Soybeans were supported by a slightly weaker U.S. dollar and by developing dryness in some spots in the Midwest.
After the market close, the USDA released its weekly crop status update. It left corn and soybeans unchanged. Both are considerably behind last year’s condition.
That could start Tuesday’s trade off on a weak note.
Winnipeg (per tonne)
Canola Nov 11 $555.50, up $5.30
Canola Jan 12 $563.90, up $5.00
Canola Mar 12 $571.20, up $5.00
Canola May 12 $576.60, up $5.50
The previous day’s best basis was $10.01 under the November contract according to ICE Futures Canada in Winnipeg.
Western Barley Oct 11 $200.00, down $5.00
Chicago (per bushel)
Soybeans Sep 11 $13.435, up 15.75 cents
Soybeans Nov 11 $13.5125, up 16.5
Soybeans Jan 12 $13.6225, up 16.5
Corn Sep 11 $7.0725, up 5.5
Corn Dec 11 $7.20, up 5.5
Oats Sep 11 $3.465, up 1.5
Oats Dec 11 $3.58, up 3.0
Minneapolis (per bushel)
Spring Wheat Sep 11 $8.7275, up 11.5 cents
Spring Wheat Dec 11 $8.7425, up 10.75
Spring Wheat Mar 12 $8.795, up 11.25
Light crude oil nearby futures in New York rose $2.50 to $87.88 US per barrel.
The Canadian dollar at noon was $1.0165 US, up from $1.0122 the previous trading day. The U.S. dollar at noon was 98.38 cents Cdn.
The Toronto Stock Exchange composite index closed up 141.41 points, or 1.13 percent, at 12,683.61.
The Standard & Poor’s 500 Index up 25.68 points, or 2.18 percent, at 1,204.49.
News that Google offered to buy Motorola Mobility Holdings for about $12.5 billion fueled a rebound in U.S. stocks as did better than expected news on Japan’s economy, as it climbed back from the damage created by the earthquake and tsunami.
French president Nicolas Sarkozy and German chancellor Angela Merkel will meet Tuesday to try to find solutions to Europe’s debt issues.
