Old crop canola edged up but new crop fell on Tuesday

Old crop canola rose on Tuesday, supported by tight old crop supplies and rising soybeans but July and new crop contracts fell.

Gains were stronger in the morning as canola followed soybeans higher following word of strong U.S. soy exports. Crusher demand also supported canola early.

But markets gave back some of the ground late when non-commercials sold.

Most traded May closed at $628.40, up $1.20. November closed at $564.50, down $2.

Warm weather this week is expected to melt much of the snow that fell in the U.S. Plains last week. Rain and snow is expected again this coming weekend.

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The experiment with longer crop futures trading hours is being scaled back, CME Group plans to cut its trading cycle for grains and oilseeds to 17½ hours per session from 21 after traders complained a move to extend activity had hurt liquidity.

Trade was light in the non traditional trading hours and it was expensive to keep trading desks staffed.

Currently, electronic trading runs non-stop from 5 p.m. CST to 2 p.m. the following day

The exchange proposes moving the start time for electronic trading to 7 p.m.

It will then run to 7:45 a.m. After a pause for 45 minutes the pit and electronic trading will run from 8 a.m. to 1:15 p.m.

USDA updates its supply and demand outlooks on Friday. Analysts generally expect the forecast for old crop U.S. soybean stocks will be trimmed while old crop wheat stocks will increase.

Closing prices

Winnipeg ICE Futures

Canola Mar 13 $635.90 +$5.60 +0.89%

Canola May 13 $628.40 +$1.20 +0.19%

Canola Jul 13 $618.70 -$0.70 -0.11%

Canola Nov 13 $564.50 -$2.00 -0.35%

Milling Wheat Mar 13 $291.00, unchanged

Milling Wheat May 13 $294.00, unchanged

Milling Wheat Jul 13 $296.00, unchanged

Milling Wheat Oct 13 $296.00, unchanged

Durum Wheat Mar 13 $307.00, unchanged

Durum Wheat May 13 $311.00, unchanged

Durum Wheat Jul 13 $314, unchanged

Durum Wheat Oct 13 $299.30, unchanged

Barley Mar 13 $241.50, unchanged

Barley May 13 $242.50, unchanged

Barley Jul 13 $243.00, unchanged

Barley Oct 13 $243.00, unchanged

Chicago (per bushel)

Soybeans (P) Mar 13 $14.965, +6.25 cents +0.42%

Soybeans (P) May 13 $14.665 +4.0 +0.27%

Soybeans (P) Jul 13 $14.4775 +4.5 +0.31%

Soybeans (P) Aug 13 $14.065 +4.25 +0.30%

Soybeans (P) Sep 13 $13.31 +4.25 +0.32%

Soybeans (P) Nov 13 $12.755 +6.75 +0.53%

Corn (P) Mar 13 $7.32 +9.0 +1.24%

Corn (P) May 13 $7.09 +5.75 +0.82%

Corn (P) Jul 13 $6.86 +4.25 +0.62%

Corn (P) Sep 13 $577 -1.0 -0.17%

Corn (P) Dec 13 $5.52 +1.75 +0.32%

Oats (P) Mar 13 $3.975 -75.0 -1.49%

Oats (P) May 13 $3.8875 +4.5 +1.17%

Oats (P) Jul 13 $3.8375 +11.25 +3.02%

Oats (P) Sep 13 $3.7525 +8.25 +2.25%

Oats (P) Dec 13 $3.68 +4.0 +1.10%

Minneapolis (per bushel)

Spring Wheat Mar 13 $8.08, +0.5, cents +0.06%

Spring Wheat May 13 $7.9575 +3.5 +0.44%

Spring Wheat Jul 13 $8.0025 +4.5 +0.57%

Spring Wheat Sep 13 $799 +3.75 +0.47%

Spring Wheat Dec 13 $8.0525 +2.5 +0.31%

The Bank of Canada noon rate for the loonie rose to $97.18 cents US, from 97.11 on Monday. The U.S. buck was $1.029 Cdn.

Light crude in New York rose 70 cents to $90.82 per barrel.

The S&P/TSX composite rose 28.63 points or 0.23 percent to close at 12,736.04.

The Dow rose to an all time high, breaking through the previous record set in October 2007 on general optimism about U.S. economic prospects.

Stocks are at values seen as more attractive than expensive bonds. Markets seem little worried about the government spending cuts that were triggered March 1.

The Dow jumped 125.95 points, or 0.89 percent, to 14,253.77 at the close.

The Standard & Poor’s 500 Index climbed 14.59 points, or 0.96 percent, to 1,539.79.

The Nasdaq Composite Index climbed 42.10 points, or 1.32 percent, to 3,224.13.