Most markets Friday bounced back from Thursday’s losses but canola closed lower after spending the morning higher.
Hot dry weather in the Midwest that is sapping the yield potential of corn and soybeans was the reason for the stronger U.S. grain markets.
Wheat rose, supported by corn and also recent downgraded wheat production forecasts from Russia and Australia.
But corn and soybeans closed off their peak as the latest run of weather forecasts indicated a better chance of rain and cooler weather late next week.
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Canola was pressured by good growing weather in Western Canada.
July canola closed at $617.70, down $3.
November closed at $575.10, down $1.60.
For the week, July canola rose $15.80 and November gained $15.40.
Outside markets shook off Thursday’s string of disappointing economic reports and are focusing on new efforts to address Europe’s debt problems.
The leaders of Germany, France, Italy and Spain agreed today on a 130 billion euro package to revive economic growth in the region but they disagreed on a plan that would allow the issuing of eurozone bonds that would have a lower interest rate than what Spain or Italy can get on their own.
• Saskatchewan Agriculture’s weekly crop report said that as of June 18 wet and cool weather has delayed crop development.
Spring cereals are two percent ahead of normal, 55 percent normal and 43 percent behind.
Oilseeds are one percent ahead, 50 percent normal and 49 percent behind.
Pulses are two percent ahead, 67 percent normal and 31 percent behind.
Fall cereals are 18 percent ahead, 70 percent normal and 12 percent behind.
• Oilseed crushing rebounded last week. The Canadian Oilseed Processors Association said members crushed 119,523 tonnes of canola in the week to June 20. That was up about 21 percent and represented a capacity use of about 72 percent, still down from the year’s average of 87.2 percent.
The ICE milling wheat contract moved up strongly but there were only 10 trades
Winnipeg (per tonne)
Canola Jul 12 $617.70, down $3.00 -0.48%
Canola Nov 12 $575.10, down $1.60 -0.28%
Canola Jan 13 $577.80, down $1.70 -0.29%
Canola Mar 13 $579.60, down $2.10 -0.36%
The previous day’s best basis in the par region was $14 above the July contract.
The 14-day relative strength index for the July contract was 73.
Western Barley Jul 12 $237.00, unchanged
Western Barley Oct 12 $208.00, unchanged
Milling Wheat Oct 12 $265.00, up $12.30 +4.87%
Milling Wheat Dec 12 $272.30, up $12.30 +4.73%
Milling Wheat Mar 13 $281.30, up $12.30 +4.57%
Durum Wheat Oct 12 $275.50, unchanged
Durum Wheat Dec 12 $280.00, unchanged
Durum Wheat Mar 13 $286.60, unchanged
Barley Oct 12 $183.00, unchanged
Barley Dec 12 $185.70, unchanged
Barley Mar 13 188.70, unchanged
Chicago (per bushel)
Soybeans (P) Jul 12 $14.425, up 4.0 cents +0.28%
Soybeans (P) Aug 12 $14.26, up 3.0 +0.21%
Soybeans (P) Sep 12 $13.9425, up 2.75 +0.20%
Soybeans (P) Nov 12 $13.755, up 4.25 +0.31%
Corn (P) Jul 12 $5.91, up 4.5 +0.77%
Corn (P) Sep 12 $5.5125, up 1.0 +0.18%
Corn (P) Dec 12 $5.54, up 4.0 +0.73%
Oats (P) Jul 12 $3.29, up 14.75 +4.69%
Oats (P) Sep 12 $3.0425, up 4.25 +1.42%
Oats (P) Dec 12 $2.97, up 1.5 +0.51%
Minneapolis (per bushel)
Spring Wheat Jul 12 $7.59, up 15.25 cents +1.81%
Spring Wheat Sep 12 $7.785, up 8.75 +1.14%
Spring Wheat Dec 12 $7.8325, up 7.75 +1.00%
Nearby crude oil in New York closed at $79.76, up $1.56.
The Bank of Canada noon rate for the loonie was 97.47 cents US, down from 97.55 the day before.
The U.S. dollar was $1.0260 Cdn.
In early tallies:
The Toronto Stock Exchange’s S&P/TSX composite index rose 27.22 points, or 0.24 percent, at 11,435.54.
The Dow Jones industrial average was up 67.21 points, or 0.53 percent, at 12,640.78.
The Standard & Poor’s 500 Index was up 9.51 points, or 0.72 percent, at 1,335.02.
The Nasdaq Composite Index was up 33.33 points, or 1.17 percent, at 2,892.42.
For the week, the TSX composite fell 0.8 percent, the Dow fell 0.9 percent and the S&P 500 lost 0.6 percent while the Nasdaq rose 0.7 percent.
