Talk of fresh canola export business to Pakistan and stronger soybean prices supported canola futures on Monday but front month March closed steady with Friday’s close.
Deferred contracts, that is May, July, November and those further out, rose.
Expectations for a bumper South American soybean crop continue to weigh on the market, but recent heavy rain in some areas of Brazil and Argentina delayed early harvest and raised worries about plant disease.
March canola closed steady at $384.70 per tonne on 6,423 trades.
May rose 90 cents to $392 on 8,018 trades. New crop November rose $1.50 to $401.60 per tonne on 616 trades.
The Canadian dollar at noon Monday was 95.90 cents US, down from 95.97 cents at noon the previous trading day. The U.S. dollar at noon was $1.0428.
The Winnipeg March barley contract rose $1 at $141.30 per tonne with no trades. May rose $1 to $151 on 34 trades.
March soybeans rose 16.5 cents to $9.615 US per bushel. November soybeans rose 9.75 cents to $9.3575 per bu.
Light crude oil in New York for March delivery in the afternoon was $80.16 US per barrel, up from 81.10 at the close Friday.
The first Pool Return Outlook for 2010-11 is down about $5 per tonne for wheat and durum from the latest 2009-10 PRO and down a lot more than that when compared to the first 2009-10 PRO published 12 months ago.
The Canadian Wheat Board says large wheat stocks will continue to depress prices in the next crop year. Wheat and durum seeded area will be down, but so far winter wheat crops around the world are in good condition.
Malting barley is down about $3 from the current 2009-10 PRO. The stronger loonie is also a factor in the lower price projections.
The 2010-11 PRO for No. 1 hard red spring wheat 13.5 percent protein is $224 per tonne at port.
The PRO for No. 1 durum 13 percent protein is $197 per tonne.
No. 1 feed barley is $150 per tonne.
Designated select two-row barley is $208 and select six-row is $190.
