Canola futures rose a little Friday, sustained by Thursday’s Statistics Canada report that sharply reduced the crop size forecast.
But after a strong open, prices drifted lower during the day and November canola closed at $609.50, up $3.
The contract rose $11.80 from the close the previous Friday.
Canola’s gains were limited by a sharp gain in the loonie. The Bank of Canada noon rate for the Canuck buck was $1.0243 US, up from $1.0181 on Thursday.
The U.S. dollar was 97.63 cents Cdn.
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Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
The loonie’s rise against the U.S. buck was attributed to very strong employment growth in Canada and surprising improvement in the U.S. jobs picture.
Canadian business added 52,100 jobs in Sept, well above the expected 10,000.
In the U.S., 114,000 jobs were created and the unemployment rate fell to 7.8 percent.
• Crop futures were pressured by a report from Informa that pegged the U.S. corn crop at 11.194 billion bushels, based on a yield of 127 bushels per acre.
The September USDA report had pegged the corn crop at 10.73 billion bu., and yield at 122.8 bu. per acre.
Informa expects soybean production will be 2.86 billion bushels, based on a yield of 37.8 bushels per acre.
USDA’s forecast, to be updated next week, is 2.634 billion bu. and yield of 35.3 bu. per acre.
• The Canadian Oilseed Processors Association said members crushed 152,781 tonnes of canola in the week ending Oct. 3, an increase of almost four percent from the previous week. That represented a crush capacity of almost 92 percent.
To date, crushers have handled 1.17 million tonnes, up from 1.04 million last year at the same time
Winnipeg (per tonne)
Canola Nov 12 $609.50, up $3.00 +0.49%
Canola Jan 13 $608.20, up $3.70 +0.61%
Canola Mar 13 $604.10, up $3.40 +0.57%
Canola May 13 $594.20, up $1.50 +0.25%
Milling Wheat Oct 12 $289.80, down $3.50 -1.19%
Milling Wheat Dec 12 $295.00, down $3.50 -1.17%
Milling Wheat Mar 13 $304.50, down $3.50 -1.14%
Durum Wheat Oct 12 $309.00, unchanged
Durum Wheat Dec 12 $313.50, unchanged
Durum Wheat Mar 13 $320.10, unchanged
Barley Oct 12 $245.00, unchanged
Barley Dec 12 $250.00, unchanged
Barley Mar 13 $253.00, unchanged
Chicago (per bushel)
Soybeans (P) Nov 12 $15.515, unchanged
Soybeans (P) Jan 13 $15.51, unchanged
Soybeans (P) Mar 13 $15.13, down 5.5 cents -0.36%
Soybeans (P) May 13 $14.605, down 9.5 -0.65%
Corn (P) Dec 12 $7.48, down 9.0 -1.19%
Corn (P) Mar 13 $7.485, down 8.75 -1.16%
Corn (P) May 13 $7.4375, down 9.5 -1.26%
Oats (P) Dec 12 $3.6725, down 3.5 -0.94%
Oats (P) Mar 13 $3.7125, down 3.5 -0.93%
Oats (P) May 13 $3.7125, down 2.75 -0.74%
Minneapolis (per bushel)
Spring Wheat Dec 12 $9.195, down 6.75 cents -0.73%
Spring Wheat Mar 13 $9.275, down 7.75 -0.83%
Spring Wheat May 13 $9.345, down 7.75 -0.82%
Spring Wheat Jul 13 $9.33, down 7.75 -0.82%
Nearby crude oil in New York fell $1.83 to $89.88.
The Toronto Stock Exchange’s S&P/TSX composite index fell 28.69 points, or 0.23 percent, to 12,418.99.
The TSX ended the week 0.8 percent stronger,
The Dow Jones industrial average rose 34.79 points, or 0.26 percent, to close at 13,610.15.
The Standard & Poor’s 500 Index dipped just 0.47 of a point, or 0.03 percent, to 1,460.93.
The Nasdaq Composite Index fell 13.27 points, or 0.42 percent, to end at 3,136.19.
For the week, the Dow rose 1.3 percent, the S&P 500 climbed 1.4 percent and the Nasdaq edged 0.6 percent higher.
