Nearby canola futures edged higher on Friday, wrapping up a week when they gained two percent.
Canola gained on Friday despite a slightly negative U.S. Department of Agriculture supply and demand report that put the U.S. corn, soybeans and wheat 2010-11 ending stocks forecast slightly higher than what analysts had predicted.
Canola was supported by good demand and talk that China had bought canola.
Chicago and Kansas City wheat fell on the USDA report but Minneapolis spring wheat edged higher, still supported by weather damage to Australia’s wheat crop.
Soybeans fell on the USDA data, but corn closed steady. It was supported by hope that the U.S. congress will work out in a major tax bill a deal to include extending ethanol subsidies past their Dec. 31 expiry date.
In Winnipeg, the January canola contract rose 50 cents to $565.40 per tonne on 6,004 trades. Over the week, the contract gained $12.10.
The March contract on Friday rose 60 cents to $573.30 on 8,922 trades.
The November 2011 contract fell 50 cents to $515.50.
The previous day’s best basis was $24 under the nearby contract.
The January contract 14-day Relative Strength Index was 67. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
December barley futures were steady at $188 per tonne. March was steady at $194.
Chicago January soybeans fell 8.5 cents to $12.73 US per bushel.
December corn ended the day unchanged at $5.6025 per bu. March rose 0.25 cent to $5.7425
December oats rose 6 cents to $4 per bu. March rose three cents to $3.85
December Minneapolis hard spring wheat rose 0.25 cents to $8.5425 per bu. March fell 4.5 cents to $8.695.
In New York, crude oil for January delivery fell 58 cents to $88.37 US per barrel.
The Canadian dollar at noon was 99.08 cents US, little changed from 99.03 cents the previous trading day. The U.S. dollar at noon was $1.0093.
The TSX composite index rose 72.53 points to close at 13,239.47. It closed the week up 0.5 percent.
The Standard & Poor’s 500 rose 4.72 points to 1,233.
For the week, the Dow was up 0.2 percent, the S&P 500 rose 1.3 percent and the Nasdaq climbed 1.8 percent.
