Canola futures dipped on Friday but rose three percent on the week after a four-day rally.
For a full wrap of the week’s agricultural markets and news in video form, turn to Producer.com later this weekend.
Weakness in canola today was associated with farmer selling, commercial hedging and weaker soybeans.
May canola closed at $453.50 per tonne, down $5.30.
November closed at $478.70, down $5.70.
For the week, May canola rose $13 per tonne and November climbed $12.20.
U.S. markets were adjusting ahead of the U.S. Department of Agriculture reports on quarterly stocks and seeding intentions on Monday.
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Chicago Board of Trade soybean futures jumped on hopes for U.S. export demand on Wednesday, while corn futures rose for a third day to extend a recovery from contract lows, analysts said.
Wheat fell on new weather forecasts that increased the expected coverage of rain next week in the southern Plains.
Although the outlook for rain improved a little, about 40 percent of the hard red winter belt will still face “significant dryness” afterwards, a meteorologist told Reuters.
Exports from Ukraine are still uninterrupted despite the tensions there. It shipped about 2.5 million tonnes so far this month, the agriculture ministry said.
Spring wheat futures were pressured by expectations that improved rail movement in Canada will increase the export pace.
For the week, Chicago soft winter wheat rose 0.25 percent, its fourth straight weekly advance. Kansas City hard red winter wheat fell 0.97 percent and Minneapolis spring wheat dropped 0.44 percent.
Corn futures dipped on positioning ahead of the USDA reports and on weaker wheat.
Chicago May corn rose about three percent for the week.
Soybeans also edged lower Friday but on the week the May contract rose 1.9 percent.
Traders expect that high prices for soybeans will encourage farmers in the U.S. to seed a record soybean crop of about 81.8 million acres. Corn area is expected slightly decrease.
Soyoil today edged higher on bargain buying, snapping a seven day losing streak that saw the May contract fall 4.4 percent.
Brazilian analysts Safras & Mercado today pegged the soybean crop there at a record 86.924 million tonnes, up from the previous estimate of 86.144 million.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2014 453.50 -5.30 -1.16%
Canola Jul 2014 463.10 -5.10 -1.09%
Canola Nov 2014 478.70 -5.70 -1.18%
Canola Jan 2015 486.20 -5.70 -1.16%
Canola Mar 2015 493.50 -5.70 -1.14%
Milling Wheat May 2014 222.00 -5.00 -2.20%
Milling Wheat Jul 2014 219.00 -6.00 -2.67%
Milling Wheat Oct 2014 221.00 -5.00 -2.21%
Durum Wheat May 2014 250.00 unch 0.00%
Durum Wheat Jul 2014 250.00 unch 0.00%
Durum Wheat Oct 2014 252.00 unch 0.00%
Barley May 2014 130.50 unch 0.00%
Barley Jul 2014 128.50 unch 0.00%
Barley Oct 2014 128.50 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans May 2014 1436.5 unch 0.00%
Soybeans Jul 2014 1407.75 +0.75 +0.05%
Soybeans Aug 2014 1351.5 +4 +0.30%
Soybeans Sep 2014 1247 -1.5 -0.12%
Soybeans Nov 2014 1190.5 -2.25 -0.19%
Soybeans Jan 2015 1195.5 -2.25 -0.19%
Soybean Meal May 2014 468.4 -2.1 -0.45%
Soybean Meal Jul 2014 453.7 -0.9 -0.20%
Soybean Meal Aug 2014 430.9 +0.4 +0.09%
Soybean Oil May 2014 40.48 +0.05 +0.12%
Soybean Oil Jul 2014 40.71 +0.06 +0.15%
Soybean Oil Aug 2014 40.66 +0.04 +0.10%
Corn May 2014 492 unch 0.00%
Corn Jul 2014 496.25 unch 0.00%
Corn Sep 2014 491.25 -0.25 -0.05%
Corn Dec 2014 487.25 -0.75 -0.15%
Corn Mar 2015 495.25 -0.5 -0.10%
Oats May 2014 402 -4.75 -1.17%
Oats Jul 2014 358.75 -1.25 -0.35%
Oats Sep 2014 343.25 +2.5 +0.73%
Oats Dec 2014 339 +4 +1.19%
Oats Mar 2015 334.25 +1.5 +0.45%
Wheat May 2014 695.5 -15 -2.11%
Wheat Jul 2014 699.25 -15.25 -2.13%
Wheat Sep 2014 706.75 -15.5 -2.15%
Wheat Dec 2014 716.25 -16 -2.19%
Wheat Mar 2015 723.75 -15 -2.03%
Minneapolis
Spring Wheat May 2014 739.75 -14.5 -1.92%
Spring Wheat Jul 2014 739 -14 -1.86%
Spring Wheat Sep 2014 742.25 -14.25 -1.88%
Spring Wheat Dec 2014 750.25 -14.5 -1.90%
Spring Wheat Mar 2015 755.25 -14.75 -1.92%
Kansas City
KC HRW Wheat May 2014 763.5 -20.25 -2.58%
KC HRW Wheat Jul 2014 763.75 -20.25 -2.58%
KC HRW Wheat Sep 2014 766.75 -21 -2.67%
KC HRW Wheat Dec 2014 775.5 -19.75 -2.48%
KC HRW Wheat Mar 2015 776.75 -18.5 -2.33%
Light crude oil nearby futures in New York rose 39 cents at $101.67 US per barrel.
The Canadian dollar at noon was 90.38 cents US, down from 90.44 cents the previous trading day. The U.S. dollar at noon was $1.1064 Cdn.
Expectations the Chinese government will come up with a stimulus package to support the economy lifted the Toronto Stock Exchange composite.
Blackberry shares initially rose on quarterly losses that were not as bad as expected, but then fell hard and closed down 6.5 percent on the weak quarterly report.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 81.88 points, or 0.58 percent, at 14,260.72
The Dow Jones industrial average rose 58.83 points or 0.36 percent, to end at 16,323.06.
The S&P 500 gained 8.58 points or 0.46 percent, to finish at 1,857.62.
The Nasdaq Composite added 4.526 points or 0.11 percent, to close at 4,155.759.
For the week, the TSX composite was down 0.5 percent, the Dow rose 0.1 percent, while the S&P 500 was off 0.5 percent and the Nasdaq was down 2.8 percent.
