Canola dips on month end profit taking

Traders took month-end profits Thursday after the price of canola and other crops hit multi-month highs on Wednesday.

Slight revisions in South American weather forecasts — a little less dry in Argentina, a little less wet in Brazil — contributed to the pull back.

A stronger loonie also weighed on canola. However, the oilseed closed the month with a 3.5 percent gain since Jan. 1.

March canola closed at $622.90, down $1.90. New crop November closed at $560.60, down $1.50.

Forecasts for dry weather to continue into February in the U.S. Plains provided background support to crop prices.

Read Also

U.S. livestock: Live cattle hit contract highs on cash market strength

Chicago | Reuters – Chicago Mercantile Exchange live cattle futures climbed to fresh contract highs on Thursday as a firm…

Winnipeg ICE Futures (per tonne)

Canola Mar 13 $622.90, down $1.90 -0.30%

Canola May 13 $612.70, down $1.50 -0.24%

Canola Jul 13 $602.30, down $1.70 -0.28%

Canola Nov 13 $560.60, down $1.50 -0.27%

Milling Wheat Mar 13 $291.00, unchanged

Milling Wheat May 13 $294.00, unchanged

Milling Wheat Jul 13 $296.00, unchanged

Durum Wheat Mar 13 $312.40, unchanged

Durum Wheat May 13 $316.40, unchanged

Durum Wheat Jul 13 $319.40, unchanged

Durum Wheat Oct 13 $304.70, unchanged

Barley Mar 13 $241.50, unchanged

Barley May 13 $242.50, unchanged

Barley Jul 13 $243.00, unchanged

Barley Oct 13 $243.00 unchanged

Chicago (per bushel)

Soybeans (P) Mar 13 $14.685, down 10.25 cents -0.69%

Soybeans (P) May 13 $14.5975, down 7.75 -0.53%

Soybeans (P) Jul 13 $14.495, down 7.75 -0.53%

Soybeans (P) Aug 13 $14.1925, down 7.0 -0.49%

Soybeans (P) Sep 13 $13.6775, down 7.5 -0.55%

Soybeans (P) Nov 13 $13.2775, down 5.0 -0.38%

Corn (P) Mar 13 $7.405, up 0.25 +0.03%

Corn (P) May 13 $7.42, up 1.0 +0.13%

Corn (P) Jul 13 $7.3325, up 1.25 +0.17%

Corn (P) Sep 13 $6.1525, down 1.5 -0.24%

Corn (P) Dec 13 $5.91, down 2.0 -0.34%

Oats (P) Mar 13 $3.60, down 2.0 -0.55%

Oats (P) May 13 $3.67, down 2.25 -0.61%

Oats (P) Jul 13 $3.72, down 3.0 -0.80%

Oats (P) Sep 13 $3.7125, down 2.0 -0.54%

Oats (P) Dec 13 $3.69, down 2.0 -0.54%

Minneapolis (per bushel)

Spring Wheat Mar 13 $8.65, down 4.0 -0.46%

Spring Wheat May 13 $8.775, down 3.0 -0.34%

Spring Wheat Jul 13 $8.87, down 1.75 -0.20%

Spring Wheat Sep 13 $8.8875, down 1.75 -0.20%

Canada’s economy grew faster than expected in November, rising 0.3 percent after climbing only 0.1 percent in October and no gain in September, Statistics Canada said.

That helped lift the loonie.

The Bank of Canada noon rate for the Canuck buck was $1.0008, up about 0.4 cent from Wednesday.

The U.S. buck was 99.92 cents Cdn.

Nearby crude oil in New York fell 45 cents to $97.49 per barrel.

Weaker Potash Corp and gold company shares pressured the TSX lower. The early market mover on Friday will be U.S. government statistics on employment.

The Toronto Stock Exchange’s S&P/TSX composite index finished down 109.20 points, or 0.85 percent, at 12,685.24.

The Dow Jones industrial average dropped 45.62 points, or 0.33 percent, to 13,864.80.

The Standard & Poor’s 500 Index dropped 3.69 points, or 0.25 percent, to 1,498.27.

The Nasdaq Composite Index dropped 0.18 point, or 0.01 percent, to 3,142.13.