Markets were fairly quiet Friday as traders assessed whether the EU debt program would be enough to settle the crisis.
The debt deal caused a strong rally on Thursday.
November canola closed at $529.70 per tonne, down 80 cents and the more heavily traded January contract closed at $530.80, down $4.70, giving back almost all of the gains made on Thursday.
For the week, the January contract fell 20 cents.
Soybeans on Friday settled lower on the poor weekly exports posted on Thursday. Soybean exports were the slowest in four months. Also, oilseeds were pressured by rapid planting in South America.
Corn settled slightly higher and spring wheat was mixed on the day.
The U.S. winter wheat crop has seen rain showers in recent days. The winter crop in Ukraine is deteriorating because of drought.
The U.S. dollar rose against most major currencies.
The Canadian Oilseed Processors Association said members crushed 126,681 tonnes of canola in the week ending Oct. 26. That was up 9.8 percent from the week before and represented 86.4 percent of capacity.
The euphoria over European leaders agreement on a debt fighting package cooled as analysts doubt that the fund is large enough if debt problems in Italy and Spain tip over into crisis.
Winnipeg (per tonne)
Canola Nov 11 $529.70, down $0.80 (-0.15%)
Canola Jan 12 $530.80, down $4.70 (-0.88%)
Canola Mar 12 $538.80, down $4.50 (-0.83%)
Canola May 12 $543.80, down $4.60 (-0.84%)
The previous day’s best basis narrowed to $10 under the November contract, according to ICE Futures Canada in Winnipeg.
The November contract’s 14-day Relative Strength Index was 48. The rule of thumb is an RSI of 30 indicates an over sold and 70 is over bought.
Western Barley Dec 11 $216 unchanged
Chicago (per bushel)
Soybeans Nov 11 $12.17, down 18.0 cents (-1.46%)
Soybeans Jan 12 $12.26, down 18.0 (-1.45%)
Soybeans Mar 12 $12.3575, down 17.75 (-1.42%)
Corn Dec 11 $6.55, up 3.5 (+0.54%)
Corn Mar 12 $6.67, up 3.5 (+0.53%)
Oats Dec 11 $3.3625, up 2.75 (+0.82%)
Oats Mar 12 $3.47, up 3.0 (+0.87%)
Minneapolis (per bushel)
Spring Wheat Dec 11 $9.205, down 2.5 cents (-0.27%)
Spring Wheat Mar 12 $8.6325, up 4.25 (+0.49%)
Spring Wheat May 12 $8.4675, up 4.25 (+0.50%)
Light crude oil nearby futures in New York fell 64 cents to $93.32 US per barrel.
The Canadian dollar at noon was $1.0043 US, down from $1.0058 the previous trading day. The U.S. dollar at noon was 99.57 cents Cdn.
In a preliminary tally, the Toronto Stock Exchange composite index closed up 54.07 points, or 0.43 percent, at 12,519.51.
The Standard & Poor’s 500 Index closed up 0.38 points, or 0.03 percent, to 1,284.97.
On the week the TSX gained 4.8 percent and the S&P 500 gained 3.8 percent.
