Canola futures ended a stinky week with a stinky end, losing a further $3.50 per tonne Friday.
Over the week, Winnipeg November canola futures lost $38, or 86 cents per bushel, ending up at $13.90 per bu.
Yet canola did not collapse or experience the type of three day limit down moves that tend to signal the end of a bull market.
Analysts and traders are now busily debating whether the highs are in for all the main crops, including canola. Some think there could be another leg higher in this historical rally, while others think there is much more room for downside if South American seeding goes well and U.S. corn and soybean yields get bigger, which tends to happen in the U.S. Department of Agriculture’s October and November reports.
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It was a flat day for corn and soybeans, the two megacrops that have led the recent rally, but all three main types of wheat futures rose about 16 cents per bu.
Most other commodities were slightly higher Friday.
Despite some glum days recently, stock markets were higher in most parts of the globe. American stock markets continued to feel the expansive effects of QE3, and investors piled into Apple shares, driving them higher than $700 per share, after seeing evidence that thousands of people would line up in cool weather to buy an updated cellphone.
