Spring wheat futures rose again Friday but canola, oats, corn and soy oil all fell.
After a strong week of gains, traders took profits going into the weekend and that provided some of the downward pressure.
That profit taking and increased farmer selling weighed on canola but the May contract posted a 4.7 percent gain on the week.
Wheat remained supported by the tensions in Ukraine and concerns about dry soils in the U.S. hard red winter wheat region. The spring wheat contract was supported by strong commercial demand for deliverable supplies.
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The Canadian government announced today it will force railways to up their game in delivering grain to export position.
If the railways actually improve service it should start to the narrow the canola basis.
Minneapolis wheat didn’t react much to the news from Canada.
However that was seen to be a factor in the limit down move in Chicago oats.
Chicago soybeans closed higher on expectation that the USDA on Monday will increase its forecast of U.S. soybean sales and trim its outlook for year end stocks.
The weather problems in South America that have trimmed production and slowed transportation to port also supported soybeans.
On the week, May soybeans rose 3.1 percent.
Palm oil rose again today on concerns about dry weather in Malaysia and Indonesia. Palm traders will closely watch export numbers released next week.
Corn closed lower as investors took profits and farmers sold grain after the benchmark May contract rose above $5 a bushel for the first time since September. The volume of deliveries was among the most since the post harvest rush.
On the week, May corn rose 5.5 percent.
The Canadian Oilseed Processors Association said members crushed 140,792 tonnes of canola in the week ending March 5, an increase of 6.3 percent.
That represented a capacity use of just over 80 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2014 439.30 -7.00 -1.57%
Canola May 2014 450.20 -7.00 -1.53%
Canola Jul 2014 459.60 -7.20 -1.54%
Canola Nov 2014 476.40 -7.20 -1.49%
Canola Jan 2015 483.10 -7.80 -1.59%
Milling Wheat Mar 2014 205.00 +3.00 +1.49%
Milling Wheat May 2014 211.00 +4.00 +1.93%
Milling Wheat Jul 2014 210.00 +4.00 +1.94%
Durum Wheat Mar 2014 245.00 unch 0.00%
Durum Wheat May 2014 249.00 unch 0.00%
Durum Wheat Jul 2014 250.00 unch 0.00%
Barley Mar 2014 126.50 unch 0.00%
Barley May 2014 128.50 unch 0.00%
Barley Jul 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 Mar 2014 1457.5 +20 +1.39%
Soybeans May 2014 1457.75 +19.75 +1.37%
Soybeans Jul 2014 1424.75 +15.25 +1.08%
Soybeans Aug 2014 1373 +14.75 +1.09%
Soybeans Sep 2014 1255.5 +4.25 +0.34%
Soybeans Nov 2014 1187.25 +1.25 +0.11%
Soybean Meal Mar 2014 465 +6.6 +1.44%
Soybean Meal May 2014 457.8 +6.9 +1.53%
Soybean Meal Jul 2014 445 +5.4 +1.23%
Soybean Oil Mar 2014 44.09 -0.18 -0.41%
Soybean Oil May 2014 44.32 -0.17 -0.38%
Soybean Oil Jul 2014 44.44 -0.12 -0.27%
Corn Mar 2014 481 -4.75 -0.98%
Corn May 2014 489 -2 -0.41%
Corn Jul 2014 493 -2.25 -0.45%
Corn Sep 2014 487.5 -3 -0.61%
Corn Dec 2014 484.75 -4.5 -0.92%
Oats Mar 2014 490 -25 -4.85%
Oats May 2014 446.25 -20 -4.29%
Oats Jul 2014 376 -20 -5.05%
Oats Sep 2014 331 -19.75 -5.63%
Oats Dec 2014 322.75 -20 -5.84%
Wheat Mar 2014 646.25 +4.75 +0.74%
Wheat May 2014 654 +8 +1.24%
Wheat Jul 2014 659 +9.5 +1.46%
Wheat Sep 2014 666.25 +9.25 +1.41%
Wheat Dec 2014 678 +9.25 +1.38%
Minneapolis
Spring Wheat Mar 2014 752 +10.75 +1.45%
Spring Wheat May 2014 705 +9.75 +1.40%
Spring Wheat Jul 2014 701 +11.5 +1.67%
Spring Wheat Sep 2014 705 +11.75 +1.69%
Spring Wheat Dec 2014 714.25 +12.5 +1.78%
Kansas City
KCBT Red Wheat Mar 2014 715.25 +9 +1.27%
KCBT Red Wheat May 2014 721.25 +8 +1.12%
KCBT Red Wheat Jul 2014 715 +9.25 +1.31%
KCBT Red Wheat Sep 2014 720.75 +9.5 +1.34%
KCBT Red Wheat Dec 2014 731.5 +9.5 +1.32%
Light crude oil nearby futures in New York rose $1.02 at $102.58 US per barrel.
The Canadian dollar at noon was 90.18 cents US, almost steady from 91.19 cents the previous trading day. The U.S. dollar at noon was $1.1089 Cdn.
The employment picture in the U.S. improved, supporting markets but the Canadian jobs report was a disappointment.
U.S. jobs growth picked up sharply in February despite an unusually cold winter, with 175,000 new jobs created, topping expectations. However, the unemployment rate rose to 6.7 percent, up 0.1 percent, as more Americans re-entered the market searching for employment.
Canada lost 7,000 jobs in February. It was a mixed showing, with a sizeable increase in full-time jobs, offset by the disappearance of even more part-time positions.
The unemployment rate held steady at 7.0 percent.
The Toronto Stock Exchange’s S&P/TSX composite index closed 27.16 points, or 0.2 percent higher, to end the session at 14,299.08.
The Dow Jones industrial average rose 30.83 points or 0.19 percent, to end at 16,452.72.
The S&P 500 gained 1.01 points or 0.05 percent, to finish at 1,878.04.
The Nasdaq Composite dropped 15.903 points or 0.37 percent, to close at 4,336.223.
On the week, the TSX rose 0.7 percent, the Dow was up 0.8 percent, the S&P 500 climbed one percent and the Nasdaq recorded its fifth straight weekly advance, up 0.7 percent.
