Canola rose Friday with support from exceptionally strong U.S. soybean crush.
January canola closed at $598.00, up $7.80.
For the week the contract was down 60 cents.
The U.S. National Oilseed Processors Association on Friday reported the November U.S. soybean crush at 157.3 million bushels, the largest monthly total in nearly three years.
Analysts said the strong pace was because of high profit margins, fueled in part by the strongest demand for U.S. soybean meal since 2009-10.
Soybeans were also supported from news that manufacturing in China, the world’s second-largest economy, grew at its fastest pace in 14 months in December.
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Steady commercial demand helped lift canola.
The Canadian Oilseed Processors Association said it too had a better week with members crushing 145,258 tonnes of canola, an increase of about 10 percent.
That represented a crush capacity use of 87.4 percent, still shy of the year to date pace of 88.6 percent.
Winnipeg (per tonne)
Canola Jan 13 $598.00, up $7.80 +1.32%
Canola Mar 13 $594.50, up $7.50 +1.28%
Canola May 13 $593.60, up $7.90 +1.35%
Canola Jul 13 $590.20, up $9.60 +1.65%
Milling Wheat Mar 13 $290.50, unchanged
Milling Wheat May 13 $293.50, unchanged
Milling Wheat Jul 13 $295.50, unchanged
Durum Wheat Mar 13 $312.40, down 3.60 -1.14%
Durum Wheat May 13 $316.40, down 3.60 -1.13%
Durum Wheat Jul 13 $319.40, down 3.60 -1.11%
Barley Mar 13 $248.00, unchanged
Barley May 13 $249.00, unchanged
Barley Jul 13 $249.50, unchanged
Chicago (per bushel)
Soybeans (P) Jan 13 $1496, up 19.5 +1.32%
Soybeans (P) Mar 13 $14.915, up 19.0 +1.29%
Soybeans (P) May 13 $14715, up 15.0 +1.03%
Soybeans (P) Jul 13 $1453, up 13.75 +0.96%
Corn (P) Mar 13 $73075, up 10.5 +1.46%
Corn (P) May 13 $73375, up 9.75 +1.35%
Corn (P) Jul 13 $73025, up 9.0 +1.25%
Oats (P) Mar 13 $38975, up 2.75 +0.71%
Oats (P) May 13 $39525, up 3.75 +0.96%
Oats (P) Jul 13 $3.945, up 3.25 +0.83%
Minneapolis (per bushel)
Spring Wheat Mar 13 $9.03, up 3.25 +0.36%
Spring Wheat May 13 $9.14, up 3.25 +0.36%
Spring Wheat Jul 13 $9.2175, up 3.0 +0.33%
Spring Wheat Sep 13 $9.205, up 2.0 +0.22%
The Bank of Canada noon rate for the loonie was 1.0142, down from $1.0155 the day before.
The U.S. buck was 98.65 cents Cdn.
Nearby crude oil in New York continued to trade in a narrow range, up 84 cents at $86.73 per barrel.
The Toronto Stock Exchange’s S&P/TSX composite index climbed 7.55 points, or 0.06 percent, to close at 12,296.72.
It rose 1.1 percent on the week.
The Dow Jones industrial average fell 35.71 points, or 0.27 percent, to 13,135.01 at the close.
The Standard & Poor’s 500 Index fell 5.87 points, or 0.41 percent, to 1,413.58.
The Nasdaq Composite Index lost 20.83 points, or 0.70 percent, to close at 2,971.33.
For the week, the Dow slipped 0.2 percent, while the S&P 500 fell 0.3 percent and the Nasdaq declined 0.2 percent.
