Canola futures again barely changed on Friday but the January contract eked out a 0.6 percent gain over the week, the second weekly gain in a row.
Wheat dropped sharply today on profit taking.
Oilseeds were under pressure from forecasts for rain in South America that would improve prospects for soybean growth.
January canola rose 30 cents to $442.40 per tonne. March fell 50 cents to $437.10 per tonne.
ICE Futures Canada will trade usual hours on Monday and Tuesday. On Wednesday it will close early at noon CST. It will be closed Christmas and Boxing Day.
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The Canadian Oilseed Processors Association said members crushed 136,336 tonnes of canola in the week ending Dec. 17, down six percent from the week before.
That represented a capacity use of about 75 percent, down from 81 percent in the year so far.
The Louis Dreyfus plant at Yorkton, Sask., is operating but not at full capacity. It was closed for several weeks following an accident Oct. 24.
The improved rain prospects in South American weighed on soybeans, with January dropping about a half percent.
For the week, January soybeans fell 1.6 percent. Soy meal dropped 4.1 percent and soy oil was flat.
U.S. wheat futures were hammered down 3.5 percent on Friday, as traders decided the rally, with prices driven to a six month high over concerns about a slowdown in Russian exports, was overdone. Traders took profits ahead of the holiday-shortened week.
Over the week Chicago wheat rose 25 ¾ cents or 4.2 percent. Minneapolis spring wheat rose 27 ½ cents or 4.4 percent.
Wheat’s decline today weighed on corn, but signs of strong export demand limited selling.
For the week, March corn gained 0.8 percent, the smallest weekly gain during the four-week rally.
Informa Economics on Friday projected 2015 U.S. soybean plantings at 88.78 million acres, up from its previous outlook of 88.3 million. U.S. farmers seeded 84.2 million acres of soybeans in 2014.
Light crude oil nearby futures in New York rose $1.74 to US$55.85 per barrel.
The Canadian dollar at noon was US85.99 cents, down from 86.25 cents the previous trading day. The U.S. dollar at noon was C$1.1629.
In unofficial tallies —
Stronger oil prices supported the Toronto Stock Exchange’s S&P/TSX composite index, which closed up 121.51 points, or 0.85 percent, at 14,468.26.
The Dow Jones industrial average rose 29.22 points, or 0.16 percent, to 17,807.37, the S&P 500 gained 9.5 points, or 0.46 percent, to 2,070.73 and the Nasdaq Composite added 16.98 points, or 0.36 percent, to 4,765.38.
For the week, the TSX composite soared 5.4 percent, the Dow gained three percent, the S&P 500 rose 3.4 percent and the Nasdaq climbed 2.4 percent.
ICE Futures Canada, dollars per tonne
Canola Jan 2015 442.40 +0.30 +0.07%
Canola Mar 2015 437.10 -0.50 -0.11%
Canola May 2015 436.10 -0.80 -0.18%
Canola Jul 2015 435.70 -2.00 -0.46%
Canola Nov 2015 429.60 -2.20 -0.51%
Milling Wheat Mar 2015 235.00 -9.00 -3.69%
Milling Wheat May 2015 238.00 -8.00 -3.25%
Milling Wheat Jul 2015 239.00 -8.00 -3.24%
Durum Wheat Mar 2015 357.50 unch 0.00%
Durum Wheat May 2015 357.50 unch 0.00%
Durum Wheat Jul 2015 357.50 unch 0.00%
Barley Mar 2015 177.00 unch 0.00%
Barley May 2015 179.00 unch 0.00%
Barley Jul 2015 181.00 unch 0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Jan 2015 1030.5 -4.5 -0.43%
Soybeans Mar 2015 1038.5 -4.75 -0.46%
Soybeans May 2015 1046 -4.25 -0.40%
Soybeans Jul 2015 1052 -4 -0.38%
Soybeans Aug 2015 1050.75 -3 -0.28%
Soybeans Sep 2015 1032.5 -2 -0.19%
Soybean Meal Jan 2015 363.5 -1.8 -0.49%
Soybean Meal Mar 2015 352 -1.9 -0.54%
Soybean Meal May 2015 347.1 -1.3 -0.37%
Soybean Oil Jan 2015 31.97 +0.08 +0.25%
Soybean Oil Mar 2015 32.16 +0.08 +0.25%
Soybean Oil May 2015 32.38 +0.08 +0.25%
Corn Mar 2015 410.5 -0.5 -0.12%
Corn May 2015 419 -0.5 -0.12%
Corn Jul 2015 426 -0.25 -0.06%
Corn Sep 2015 428.25 -0.25 -0.06%
Corn Dec 2015 435 +0.25 +0.06%
Oats Mar 2015 310.5 -5.75 -1.82%
Oats May 2015 313.5 -6 -1.88%
Oats Jul 2015 315.75 -2.75 -0.86%
Oats Sep 2015 315.25 -2.75 -0.86%
Oats Dec 2015 311.5 unch 0.00%
Wheat Mar 2015 632.25 -23 -3.51%
Wheat May 2015 635 -21.75 -3.31%
Wheat Jul 2015 634.25 -19.75 -3.02%
Wheat Sep 2015 641.25 -19.5 -2.95%
Wheat Dec 2015 650.75 -19.25 -2.87%
Minneapolis
Spring Wheat Mar 2015 648.25 -12.75 -1.93%
Spring Wheat May 2015 654 -13 -1.95%
Spring Wheat Jul 2015 660.75 -12.5 -1.86%
Spring Wheat Sep 2015 664.25 -12.5 -1.85%
Spring Wheat Dec 2015 672.5 -13.25 -1.93%
Kansas City
Hard Red Wheat Mar 2015 666 -17.75 -2.60%
Hard Red Wheat May 2015 670.25 -17.25 -2.51%
Hard Red Wheat Jul 2015 672 -16.25 -2.36%
Hard Red Wheat Sep 2015 680 -15.25 -2.19%
Hard Red Wheat Dec 2015 690.75 -15 -2.13%
