A weaker loonie and hopes for a resolution to the export issue with China lifted Winnipeg canola futures Friday.
At noon, the Bank of Canada said the Canadian dollar was worth 92.82 cents US, down from 93.41 Thursday. The U.S. dollar was worth $1.0774 Cdn.
November canola gained $4.90 to settle at $395.60 per tonne Friday on a volume of 2,921 contracts.
January rose $4.40 to settle at $402.10 with a volume of 9,113 contracts.
March closed at $408, up $4.20 on a volume of 229 trades.
Winnipeg November barley futures rose $2 to $167 per tonne. January fell $2.50 to close at $156.
Reuters News Service reported that Canadian and Chinese officials met Friday to discuss China’s concerns about blackleg in canola seed. China had said it wanted shipments certified as blackleg free by Nov. 15, a goal that Canada can’t meet. The meetings were expected to resume Monday.
The Canadian Oilseed Processors Association reported Friday that 66,388 tonnes of canola were crushed in the week ending Oct. 28. That equals 63.8 percent of crush capacity compared to 91.3 percent a year ago.
Crush is lagging last year’s pace by 8.4 percent, partly because four Canadian crushing plants are restricted in exporting meal to the United States due to salmonella problems.
Chicago soybeans ended lower because of the stronger U.S. dollar as investor confidence was hurt by a report that American consumers cut spending in September. Monthly job losses are slowing but the unemployment rate in the U.S. remains high, sapping consumer confidence.
