Bargain buying in oilseeds helped lift Winnipeg canola futures on Tuesday.
The January canola contract settled at $513.60 per tonne, up $1.10.
Soybeans were also supported by bargain buying, short covering and thoughts that increasing biodiesel demand would support soybean oil prices.
Good weather continues to benefit the South American soybean crop, putting a cap on price gains.
Corn edged slightly higher.
Minneapolis wheat fell sharply as traders readjusted the spread between it and wheat contracts on the Chicago and Kansas City exchanges. The spread had become unusually wide as competition from cheap Black Sea wheat drove down Chicago, but Minneapolis hung on thanks to a relative shortage of high protein wheat.
Read Also
Agriculture, agri-food groups make bid for spot in Carney’s economic agenda
A coalition of producer and agri-business groups is calling on Prime Minister Mark Carney to make Canadian agriculture part of his economic agenda.
Weakness in the global economy and worries about European and U.S. debt continued to add general downward pressure on all markets.
The U.S. economy grew at a two percent annual rate in the third quarter, the U.S. commerce department said Tuesday in a revised estimate, below the initial estimate of a 2.5 percent growth rate and below expectations for 2.5 percent.
Winnipeg (per tonne)
Canola Jan 12 $513.60, up $1.10 (+0.21%)
Canola Mar 12 $518.50, up $0.40 (+0.08%)
Canola May 12 $522.10, up $0.70 (+0.13%)
Canola Jul 12 $527.20, up $0.10 (+0.02%)
The previous day’s best basis narrowed to $3 under the January contract.
The January contract’s 14-day Relative Strength Index was 37.
Western Barley Dec 11 $217.00, unchanged
Chicago (per bushel)
Soybeans Jan 12 $11.53, up 5.0 cents (+0.44%)
Soybeans Mar 12 $11.6275, up 4.75 (+0.41%)
Soybeans May 12 $11.72, up 4.25 (+0.36%)
Corn Dec 11 $5.99, up 1.25 (+0.21%)
Corn Mar 12 $6.0575, up 0.75 (+0.12%)
Oats Dec 11 $3.035, up 3.5 (+1.17%)
Oats Mar 12 $2.945, down 0.5 (-0.17%)
Minneapolis (per bushel)
Spring Wheat Dec 11 $8.6025, down 36.25 cents (-4.04%)
Spring Wheat Mar 12 $8.3725. Down 25.25 (-2.93%)
Spring Wheat May 12 $8.1625, down 18.0 (-2.16%)
Light crude oil nearby futures in New York rose $1.09 to $98.01 US per barrel.
The Canadian dollar at noon was 96.45 cents US, up from 96.29 the previous trading day. The U.S. dollar at noon was $1.0368 Cdn.
The Toronto Stock Exchange composite closed up 10.47 points, or 0.09 percent, at 11,795.19.
The Standard & Poor’s 500 Index was down 4.85 points, or 0.41 percent, at 1,188.13.
