Oilseeds settled slightly lower on Tuesday, pressured mostly by a general weakness in commodities after China reported slower economic growth in the third quarter.
November canola closed at $531.30 per tonne, down $2.40.
The decline in oilseed prices was partly offset by U.S. farmers are hanging on tightly to their soybeans waiting for prices to rise.
Corn edged higher on bargain buying.
Minneapolis wheat rose on tight supply of high protein wheat.
Traders were generally concerned by news that China’s gross domestic product grew 9.1 percent from a year earlier, the third consecutive quarterly slowdown in growth after 9.5 percent in the second quarter and 9.7 percent in the first.
On the other hand, better than expected quarterly profits at big American banks supported Wall Street and crude oil prices.
Also, a European newspaper reported that France and Germany have agreed to enlarge the euro zone rescue fund to two trillion euros from 440 billion.
Winnipeg (per tonne)
Canola Nov 11 $531.30, down $2.40 (-0.45%)
Canola Jan 12 $541.40, down $2.80 (-0.51%)
Canola Mar 12 $550.30, down $2.90 (-0.52%)
Canola May 12 $557.50, down $3.30 (-0.59%)
The previous day’s best basis narrowed to $16.50 under the November contract, according to ICE Futures Canada in Winnipeg.
The November contract’s 14-day Relative Strength Index was 46. The rule of thumb is an RSI of 30 indicates an over sold and 70 is over bought.
Western Barley Dec 11 $215, unchanged
Chicago (per bushel)
Soybeans Nov 11 $12.5075, down 2.25 cents (-0.18%)
Soybeans Jan 12 $12.5625, down 4.25 (-0.34%)
Soybeans Mar 12 $12.625, down 5.25 (-0.41%)
Corn Dec 11 $6.44, up 3.5 (+0.55%)
Corn Mar 12 $6.5275, up 1.5 (+0.23%)
Oats Dec 11 $3.39, down 0.5 (-0.15%)
Oats Mar 12 $3.49, down 0.5 (-0.14%)
Minneapolis (per bushel)
Spring Wheat Dec 11 $9.065, up 10.75 cents (+1.20%)
Spring Wheat Mar 12 $8.485, up 8.75 (+1.04%)
Spring Wheat May 12 $8.295, up 7.75 (+0.94%)
Light crude oil nearby futures in New York rose $1.96 to $88.34 US per barrel.
The Canadian dollar at noon was 98.40 cents US, down from 98.50 cents the previous trading day. The U.S. dollar at noon was 1.0163 Cdn.
The Toronto and New York stock markets were up in late trade.
