Canola edged higher on Friday but posted the first weekly loss in four weeks.
U.S. crop markets rose, providing support.
Volume was heavy as traders roll out of the January contract into March.
Weekly canola crushings were down 5.6 percent from the previous week.
Analytical firm Informa released an acreage forecast for major U.S. crops for next spring. The corn number was smaller than expected.
The U.S. government passed a tax bill that included extending ethanol and biodiesel tax incentives.
In Winnipeg, the January canola contract rose 20 cents to $560.50 per tonne on 12,816 trades. Over the week the contract fell $4.90 per tonne.
On Friday the March contract rose 20 cents to $568.60 on 16,248 trades.
The November 2011 contract rose 30 cents to $517.
The previous day’s best basis widened to $21.03 under the nearby contract.
The January contract 14-day Relative Strength Index was 60.
The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates an over bought market.
March barley futures were steady at $194.
Chicago January soybeans rose 9.75 cents to $12.9875 US per bushel.
March corn rose nine cents to $5.965.
March oats rose one cent to $3.865 per bu.
March Minneapolis hard spring wheat rose 6.75 cents to $8.42 per bu.
In New York, crude oil for January delivery rose 32 cents to $88.02 US per barrel.
The Canadian dollar at noon was 98.78 cents US, down from 99.44 cents the previous trading day. The U.S. dollar at noon was $1.0124 Cdn.
The TSX composite index rose 20.31 points to close at 13,201.54. For the week, the Toronto Stock Exchange composite fell 0.29 percent.
The Standard & Poor’s 500 rose 1.5 points to 1,243.92.
For the week, the Dow was up 0.7 percent, the S&P 500 was up 0.3 percent and the Nasdaq was up 0.2 percent.
