Canola futures closed a little lower on Friday after a day of choppy trade.
At work were the same factors that have pushed and pulled canola prices for weeks.
The canola crop is fairly large and it is competing against a record large world soybean crop.
However, the relatively weak Canadian dollar is helping to keep exports moving at a record pace and domestic crush is also running ahead of last year.
January canola today lost 90 cents to close at $464.40 per tonne.
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Over the week it fell 1.5 percent.
The Canadian Grain commission said bulk canola exports to date total 2.837 million tonnes, up 6.3 percent over last year
The Canadian Oilseed Processors Association said members have crushed 2.32 million tonnes to date, up 8.3 percent over last year.
Soybeans today edged lower on weakness in soy meal, but soy oil climbed a little as traders unwound long soymeal/short soyoil spreads.
Soybeans are under pressure from improved moisture in Brazil’s central region.
Also, Sunday’s election in Argentina will likely result in increased exports of soybeans, regardless of who wins.
Both presidential candidates have promised to reduce export taxes on soybeans and grain.
And if pro-business opposition candidate Mauricio Macri wins Argentine farmers are expected to have a freer hand to further expand production and exports
January Chicago soybean futures fell 0.2 pct this week, its fifth straight week of declines.
Soymeal dropped 1.9 percent on the week and front-month soyoil futures rose 3.1 percent, the biggest gain in seven weeks.
Wheat was generally lower on Friday with Kansas hard red winter wheat falling the most on forecasts of additional moisture in the southern Plains next week. Storms this week have already improved the situation there.
Welcome rain is also expected in parts of the Black Sea production region.
For the week, December Chicago wheat fell 7 ¼ cents per bushel or about 1.5 percent, its second straight weekly decline. Kansas City December wheat fell 1.8 percent, and Minneapolis rose about one percent.
Chicago traders took profits in corn after a modest rally in the previous few days.
For the week, December corn climbed 1.5 percent, its biggest weekly gain since late September.
Light crude oil nearby futures in New York were down 15 cents to US$40.39 per barrel.
The Canadian dollar at noon was US74.97 cents, down from 75.37 cents the previous trading day. The U.S. dollar at noon was C$1.3338.
The Standard & Poor’s/TSX Composite Index fell 40.34 points, or 0.3 per cent, to 13,433.49 in Toronto.
The Dow Jones industrial average rose 92.13 points, or 0.52 percent, to 17,824.88, the S&P 500 gained 7.94 points, or 0.38 percent, to 2,089.18 and the Nasdaq Composite added 31.28 points, or 0.62 percent, to 5,104.92.
Stocks had their best week in months with healthcare and consumer stocks rising and investors seeing a widely expected December U.S. interest rate hike as confirmation of a growing healthy economy.
The S&P/TSX rose 2.7 per cent on the week, The S&P gained 3.3 percent, its best showing since December. The Dow rose 3.4 percent and the Nasdaq added 3.6 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Jan 2016 464.40 -0.90 -0.19%
Canola Mar 2016 470.70 -1.30 -0.28%
Canola May 2016 475.70 -0.90 -0.19%
Canola Jul 2016 480.40 -0.60 -0.12%
Canola Nov 2016 473.80 -1.30 -0.27%
Milling Wheat Dec 2015 236.00 unch 0.00%
Milling Wheat Mar 2016 238.00 -1.00 -0.42%
Milling Wheat May 2016 242.00 -1.00 -0.41%
Durum Wheat Dec 2015 320.00 unch 0.00%
Durum Wheat Mar 2016 325.00 unch 0.00%
Durum Wheat May 2016 335.00 unch 0.00%
Barley Dec 2015 188.50 unch 0.00%
Barley Mar 2016 190.50 unch 0.00%
Barley May 2016 195.50 +4.00 +2.09%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2016 857.5 -2.5 -0.29%
Soybeans Mar 2016 860.5 -2.5 -0.29%
Soybeans May 2016 866.75 -2.25 -0.26%
Soybeans Jul 2016 872.5 -2.75 -0.31%
Soybeans Aug 2016 874.25 -2.5 -0.29%
Soybeans Sep 2016 874.5 -1.75 -0.20%
Soybean Meal Dec 2015 283 -3.6 -1.26%
Soybean Meal Jan 2016 283 -3.7 -1.29%
Soybean Meal Mar 2016 283.6 -3.6 -1.25%
Soybean Oil Dec 2015 27.9 +0.35 +1.27%
Soybean Oil Jan 2016 28.18 +0.34 +1.22%
Soybean Oil Mar 2016 28.43 +0.34 +1.21%
Corn Dec 2015 363.25 -1 -0.27%
Corn Mar 2016 369.75 -0.5 -0.14%
Corn May 2016 375.5 -0.25 -0.07%
Corn Jul 2016 380.75 unch 0.00%
Corn Sep 2016 384.25 -0.25 -0.07%
Oats Dec 2015 251 +3.25 +1.31%
Oats Mar 2016 232.25 +2.25 +0.98%
Oats May 2016 229.75 +1.5 +0.66%
Oats Jul 2016 231.5 +1 +0.43%
Oats Sep 2016 235 +1 +0.43%
Wheat Dec 2015 488.5 -2.25 -0.46%
Wheat Mar 2016 490 -2.25 -0.46%
Wheat May 2016 492.75 -2.75 -0.55%
Wheat Jul 2016 495 -3 -0.60%
Wheat Sep 2016 503.25 -3.25 -0.64%
Minneapolis
Spring Wheat Dec 2015 509.5 +0.75 +0.15%
Spring Wheat Mar 2016 508.75 -1 -0.20%
Spring Wheat May 2016 517.75 -1.75 -0.34%
Spring Wheat Jul 2016 527 -2.5 -0.47%
Spring Wheat Sep 2016 537.75 -2.75 -0.51%
Kansas City
Hard Red Wheat Dec 2015 457 -5.5 -1.19%
Hard Red Wheat Mar 2016 470.5 -5.75 -1.21%
Hard Red Wheat May 2016 481 -5.5 -1.13%
Hard Red Wheat Jul 2016 491.5 -5.25 -1.06%
Hard Red Wheat Sep 2016 505.5 -4.75 -0.93%
