Canola futures edged higher on Friday in light trade.
There was no trade at U.S. exchanges because of the Independence Day holiday.
Canola is caught between concerns about the crop damage and lost acreage caused by last weekend’s heavy rain in the eastern Prairies and the negative price impact of the bumper soybean crop expected in the United States.
Analysts are trying to get a handle on just how many acres have been severely hurt by the excess moisture. The number is at least a million and some estimates are as high as six million.
But on the western Prairies things are much better. Alberta Agriculture reported today that 83 percent of its crops are rated good to excellent, ahead of the five-year average.
Over the week, the most traded November canola contract fell $10 per tonne or about two percent. July, which will soon expire, fell $9.50 or about two percent.
That was better though than November soybeans, which fell almost eight percent because of the large acreage and good Midwest growing conditions.
For a full video wrap of the week’s grain and livestock markets, see Producer.com.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jul 2014 476.50 +1.50 +0.32%
Canola Nov 2014 457.40 +1.50 +0.33%
Canola Jan 2015 460.80 +1.30 +0.28%
Canola Mar 2015 461.50 +1.30 +0.28%
Canola May 2015 460.20 +1.10 +0.24%
Milling Wheat Jul 2014 193.00 unch 0.00%
Milling Wheat Oct 2014 193.00 unch 0.00%
Milling Wheat Dec 2014 197.00 unch 0.00%
Durum Wheat Jul 2014 239.00 unch 0.00%
Durum Wheat Oct 2014 230.00 unch 0.00%
Durum Wheat Dec 2014 232.00 unch 0.00%
Barley Jul 2014 125.00 unch 0.00%
Barley Oct 2014 132.50 unch 0.00%
Barley Dec 2014 134.50 unch 0.00%
American markets were closed
The Canadian dollar at noon was 93.99 cents US, down from 94.04 cents the previous trading day. The U.S. dollar at noon was $1.0639 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 7.85 points, or 0.05 percent, at 15,214.96, not far off the all time high set earlier in the week.
For the week, the TSX composite rose 0.8 percent, the Dow climbed 1.3 percent, the S&P 500 was up 1.25 percent and the Nasdaq jumped two percent.