Canola futures fell on Friday, pressured by a stronger loonie and weaker soybean futures.
November canola closed at $518.60 per tonne, down $4.20.
On the week, the contract fell $5.20.
Many markets fell after a credit rating agency lowered its ranking of Italian and Spanish debt, renewing fears about the global economy.
Offsetting the negativity were strong Canadian and U.S. monthly jobs reports.
• Weather continues favourable for the advancing U.S. Midwest harvest. Rain in the dry southern plains was welcome by farmers hoping to seed winter wheat.
• Recent rain in Brazil has helped offset a dry September and set up soybean farmers who are about to seed.
• The Canadian Oilseed Processors Association reported members crushed 121,185 tonnes in the week ending Oct. 5, up 0.4 percent from the week before. That represented about 83 percent of capacity.
• Alliance Grain announced today it would build a $50 million pulse and durum milling plant in Regina. It would produce semolina for the company’s Arbella pasta line. It will process pulses into flour, protein, starch and fibre.
Winnipeg (per tonne)
Canola Nov 11 $518.60, down $4.20 (-0.80%)
Canola Jan 12 $528.50, down $4.30 (-0.81%)
Canola Mar 12 $537.60, down $4.10 (-0.76%)
Canola May 12 $543.30, down $4.50 (-0.82%)
The previous day’s best basis was $22.00 under the November contract according to ICE Futures Canada in Winnipeg.
The November contract’s 14-day Relative Strength Index was 33. The rule of thumb is an RSI of 30 indicates an over sold and 70 is over bought.
Western Barley Oct 11 $210, unchanged
Chicago (per bushel)
Soybeans Nov 11 $11.5825, down 5.5 cents (-0.47%)
Soybeans Jan 12 $11.70, down 5.75 (-0.49%)
Soybeans Mar 12 $11.7925, down 5.75 (-0.49%)
Corn Dec 11 $6.00, down 5.5 (-0.91%)
Corn Mar 12 $6.1275, down 5.5 (-0.89%)
Oats Dec 11 $3.21, down 3.75 (-1.08%)
Oats Mar 12 $3.315, down 4.0 (-1.19%)
Minneapolis (per bushel)
Spring Wheat Dec 11 $9.195, up 24.5 cents (+2.74%)
Spring Wheat Mar 12 $8.395, up 4.0 (+0.48%)
Spring Wheat May 12 $8.20, up 4.0 (+0.49%)
Light crude oil nearby futures in New York rose 39 cents to $82.95 US per barrel.
The Canadian dollar at noon was 96.82 cents US, up from 95.88 cents the previous trading day. The U.S. dollar at noon was $1.0328 Cdn.
Statistics Canada reported the country added 60,900 jobs in September, far more than expected. The U.S. added 103,000 jobs in the month, slightly exceeding expectations.
The Toronto Stock Exchange composite index unofficially ended down 191.71 points, or 1.63 percent, at 11,588.36.
The Standard & Poor’s 500 Index fell 9.51 points, or 0.82 percent, to 1,155.46.
