Canola futures closed higher Friday, supported by regular demand from exporters and crushers and by slow farmer selling.
The loonie fell by about half a cent to a 2-½ month low and that also supported canola futures.
November closed at $618.90 per tonne, up $1.90.
January closed at $619.90, up $3.20.
For the week November gained $7 per tonne.
Canola is supported generally by good demand, smaller than expected crop, lower than expected oil content of this year’s canola seed.
Oilseeds have generally been supported by good exports of U.S. soybeans although this week’s export sales were below expectations.
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The expectation of a bumper South American soybean bean crop limits gains. The forecast for the next six to 10 days for South America is for drier weather in wet Argentina and rain in dry parts of central Brazil.
• There have been reports that crush margins are weaker than they were in the summer, but that is not slowing crushing activity.
The Canadian Oilseed Processors Association said members crushed 155,239 tonnes of canola in the week ending Oct 24, up almost five percent from the previous week.
That represents an excellent capacity use of more than 93 percent.
Winnipeg (per tonne)
Canola Nov 12 $618.90, up 1.90 +0.31%
Canola Jan 13 $619.90, up 3.20 +0.52%
Canola Mar 13 $617.70, up 2.90 +0.47%
Canola May 13 $613.00, up 2.70 +0.44%
Milling Wheat Dec 12 $308.50, unchanged
Milling Wheat Mar 13 $318.00, unchanged
Milling Wheat May 13 $321.00, unchanged
Durum Wheat Dec 12 $312.40, unchanged
Durum Wheat Mar 13 $319.00, unchanged
Durum Wheat May 13 $323.00, unchanged
Barley Dec 12 $250.00, unchanged
Barley Mar 13 $253.00, unchanged
Barley May 13 $254.00, unchanged
Chicago (per bushel)
Soybeans (P) Nov 12 $15.6125, down 2.75 -0.18%
Soybeans (P) Jan 13 $15.6375, down 2.25 -0.14%
Soybeans (P) Mar 13 $15.37, unchanged
Soybeans (P) May 13 $14.88, up 4.25 +0.29%
Corn (P) Dec 12 $7.3775-6, down 4.25 -0.57%
Corn (P) Mar 13 $7.3975, down 4.25 -0.57%
Corn (P) May 13 $7.37, down 3.75 -0.51%
Oats (P) Dec 12 $3.8975, up 2.0 +0.52%
Oats (P) Mar 13 $3.965, up 1.75 +0.44%
Oats (P) May 13 $3.9625, up 1.0 +0.25%
Minneapolis (per bushel)
Spring Wheat Dec 12 $9.40, down 5.25 -0.56%
Spring Wheat Mar 13 $9.44, down 5.75 -0.61%
Spring Wheat May 13 $9.51, down 4.5 -0.47%
Spring Wheat Jul 13 $9.52, down 5.0 -0.52%
The Bank of Canada noon rate for the loonie was $1.0010 US, down from $1.0058.
The U.S. buck was 99.90 cents Cdn.
Nearby crude oil in New York closed up 23 cents at $86.28 per barrel.
In early tallies:
Toronto Stock Exchange S&P/TSX composite index rose 0.07 points, or 0.00 percent, to close at 12,300.30.
The Dow Jones industrial average rose 3.53 points, or 0.03 percent, to close at 13,107.21.
The Standard & Poor’s 500 Index edged down 1.03 points, or 0.07 percent, to finish at 1,411.94.
The Nasdaq Composite Index rose 1.83 points, or 0.06 percent, to close at 2,987.95.
