Slow deliveries, weaker loonie support canola on Tuesday

Canola rose on Tuesday on slow farmer selling, routine exporter buying and a weaker loonie.

Soybeans were again under pressure from the South American harvest.

Corn edged higher on concerns about tight U.S. old crop stocks. The USDA next week issues its March 1 grain stocks reports. It will help to peg just how tight corn stocks really are.

Wheat rose on chart-based technical buying and on thoughts that the slide on Monday would attract some bargain hunting buyers.

As much as one million tonnes of Canadian corn, mostly from Ontario are likely to be sold to American buyers this year, helping to make up for the drought reduced American crop, says Reuters.

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Cyprus’s parliament overwhelmingly rejected a proposed levy on bank deposits as a condition for a European bailout on Tuesday, Reuters reported, throwing euro zone efforts to rescue the latest casualty of the currency area’s debt crisis into disarray. The uncertainty forced oil prices down.

Winnipeg ICE Futures Canada in dollars per tonne

Canola May 2013 623.90 +0.40 +0.06%

Canola Jul 2013 610.40 +2.00 +0.33%

Canola Nov 2013 554.90 +3.00 +0.54%

Canola Jan 2014 556.50 +4.50 +0.82%

Canola Mar 2014 555.30 +3.40 +0.62%

Milling Wheat May 2013 292.00 unch 0.00%

Milling Wheat Jul 2013 294.00 unch 0.00%

Milling Wheat Oct 2013 294.00 unch 0.00%

Durum Wheat May 2013 311.00 unch 0.00%

Durum Wheat Jul 2013 314.00 unch 0.00%

Durum Wheat Oct 2013 299.30 unch 0.00%

Barley May 2013 243.00 unch 0.00%

Barley Jul 2013 243.50 unch 0.00%

Barley Oct 2013 243.50 unch 0.00%

American crop futures priced in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound.

Chicago

Soybeans May 2013 1406.75 -2.75 -0.20%

Soybeans Jul 2013 1388 -6.5 -0.47%

Soybeans Aug 2013 1350 -6.75 -0.50%

Soybeans Sep 2013 1287.75 -8 -0.62%

Soybeans Nov 2013 1255.5 -3 -0.24%

Soybeans Jan 2014 1260.25 -3 -0.24%

Soybean Meal May 2013 411.6 -1.7 -0.41%

Soybean Meal Jul 2013 405.7 -2.3 -0.56%

Soybean Meal Aug 2013 391.2 -1.4 -0.36%

Soybean Oil May 2013 49.48 -0.2 -0.40%

Soybean Oil Jul 2013 49.72 -0.21 -0.42%

Soybean Oil Aug 2013 49.66 -0.26 -0.52%

Corn May 2013 728.5 +8.5 +1.18%

Corn Jul 2013 712 +8.75 +1.24%

Corn Sep 2013 590.25 +2 +0.34%

Corn Dec 2013 562.25 +0.25 +0.04%

Corn Mar 2014 571.25 +0.25 +0.04%

Oats May 2013 396 +0.5 +0.13%

Oats Jul 2013 387 +0.5 +0.13%

Oats Sep 2013 368.5 -6.5 -1.73%

Oats Dec 2013 362 +3 +0.84%

Oats Mar 2014 374 +3 +0.81%

Wheat May 2013 722 +9.25 +1.30%

Wheat Jul 2013 720.75 +7.75 +1.09%

Wheat Sep 2013 726.5 +6.75 +0.94%

Wheat Dec 2013 738.5 +5.75 +0.78%

Wheat Mar 2014 751.25 +5.5 +0.74%

Minneapolis

Spring Wheat May 2013 798.75 +10 +1.27%

Spring Wheat Jul 2013 798 +9.75 +1.24%

Spring Wheat Sep 2013 797 +8.5 +1.08%

Spring Wheat Dec 2013 803.75 +9 +1.13%

Spring Wheat Mar 2014 813.5 +8.25 +1.02%

Kansas City

KCBT Red Wheat May 2013 751.75 +7.5 +1.01%

KCBT Red Wheat Jul 2013 756.75 +7.25 +0.97%

KCBT Red Wheat Sep 2013 768.25 +5.75 +0.75%

KCBT Red Wheat Dec 2013 783.25 +3.75 +0.48%

KCBT Red Wheat Mar 2014 795.5 +4 +0.51%

Crude oil in New York fell $1.58 to $92.16 per barrel.

The Bank of Canada noon rate for the loonie was 97.33 cents US, down from 97.88 on Monday. The U.S. buck was $1.0274 Cdn.

The Toronto Stock Exchange’s S&P/TSX composite index closed down 7.89 points, or 0.06 percent, at 12,773.87.

The Dow Jones industrial average edged up 3.84 points, or 0.03 percent, to end at 14,455.90.

The Standard & Poor’s 500 Index dipped 3.75 points, or 0.24 percent, to finish at 1,548.35.

The Nasdaq Composite Index fell 8.50 points, or 0.26 percent, to close at 3,229.10.

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