Oilseed and grain prices fell Friday after the United States Department of Agriculture reported that crops in the U.S. were not quite as bad as expected and stocks by the end of the year will be a little more than expected.
January canola closed at  $591.40, down $8.80 or about 1.5 percent.
Soybeans were hit harder with the nearby contracts down about three percent.
For the week the January canola contract fell $11.70.
USDA pegged the corn crop at 10.725 billion bushels, up 19 million bu. from last month, with a yield increase of 0.3 bu. to 122.3 bu. per acre. The trade had expected 10.647 billion bu.
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USDA estimated the soybean crop at 2.971 billion bu. The trade had expected 2.892 billion bu.
USDA increased its forecast for soybean crushing and exports but not enough to prevent an increase in soybean ending stocks to 140 million bu., up from 130 million in the October report. The trade expected 131 million.
There were no changes to U.S. wheat production but USDA lowered its forecast of exports to 1.1 billion bu., down from 1.15 billion in the October report. That is a surprise because Black Sea region exports are expected to wind down soon and the trade expected more wheat business would come to the U.S.
USDA lowered its estimate of global wheat production by 1.62 million tonnes to 651.43 million tonnes. It cut its forecast of Australian production to 21 million tonnes, a reduction of two million.
However it also lowered its expectation of global consumption and the result was an increase in its forecast for ending stocks, which climbed to 174.18 million tonnes, up 1.18 million tonnes.
Winnipeg (per tonne)
Canola Nov 12Â $593.90, down $8.80Â Â Â Â Â Â -1.46%
Canola Jan 13Â $591.40, down $8.80Â Â Â Â Â Â -1.47%
Canola Mar 13Â $589.40, down $8.60Â Â Â Â Â Â -1.44%
Canola May 13Â $586.50, down $8.20Â Â Â Â Â Â -1.38%
Milling Wheat Dec 12Â $310.30, unchanged
Milling Wheat Mar 13Â $319.80, unchanged
Milling Wheat May 13Â $322.80, unchanged
Durum Wheat Dec 12Â $312.40, unchanged
Durum Wheat Mar 13Â $319.00, unchanged
Durum Wheat May 13Â $323.00, unchanged
Barley Dec 12Â $250.00, unchanged
Barley Mar 13Â $253.00, unchanged
Barley May 13Â $254.00, unchanged
Chicago (per bushel)
Soybeans (P) Nov 12Â $14.52, down 47-2Â -3.15%
Soybeans (P) Jan 13Â $14.5125, down 44-4Â Â Â Â Â Â -2.98%
Soybeans (P) Mar 13Â $14.365, down 40-0Â Â Â Â Â Â -2.71%
Soybeans (P) May 13Â $14.1925, down 36-6Â Â Â Â Â Â -2.52%
Corn (P) Dec 12Â $7.3875, down 2.5Â Â Â Â Â Â -0.34%
Corn Mar 13 Â Â Â Â Â Â 7.42, down 1.25Â Â Â Â Â Â -0.17%
Corn (P) May 13Â $7.3875, down 1.5Â Â Â Â Â Â -0.20%
Oats (P) Dec 12Â $3.635, down 0.25Â Â Â Â Â Â -0.07%
Oats (P) Mar 13Â $3.72, down 0.5Â Â Â Â Â Â -0.13%
Oats (P) May 13Â $3.72, down 0.5Â Â Â Â Â Â -0.13%
Minneapolis (per bushel)
Spring Wheat Dec 12Â $9.505, down 8.25Â Â Â Â Â Â -0.86%
Spring Wheat Mar 13Â $9.585, down 8.0Â Â Â Â Â Â -0.83%
Spring Wheat May 13Â $9.6625, down 7.25Â Â Â Â Â Â -0.74%
Spring Wheat Jul 13Â $9.6275, down 5.5Â Â Â Â Â Â -0.57%
Nearby crude oil in New York rose 98 cents to $86.07 per barrel.
The Bank of Canada noon rate for the loonie fell below par to 99.94 cents US, down from $1.0014 the day before.
The U.S. buck was $1.0013 Cdn.
The Toronto Stock Exchange’s S&P/TSX composite index rose 5.75 points, or 0.05 percent, to close at 12,196.80.
The Dow Jones industrial average rose 3.92 points, or 0.03 percent, to end at 12,815.24.
The Standard & Poor’s 500 Index was up 2.34 points, or 0.17 percent, to close at 1,379.85.
The Nasdaq Composite Index was up 9.29 points, or 0.32 percent, to close at 2,904.87.
For the week, the TSX was down 2.4 percent, Dow fell 2.1 percent, while the S&P 500 lost 2.4 percent and the Nasdaq dropped 2.6 percent.
