Canola joined the other main North American grains and oilseeds in a massive rout Friday, plunging $10.40 per tonne to $468 for the November Winnipeg futures contract.The March contract fell $10.10 to 481.80.The situation in Chicago was poor Friday, with December corn futures falling the 30 cent limit to $4.65 after a bearish United States Department of Agriculture report Thursday.Chicago wheat fell in concert, dropping beneath a six-week low to $6.55 per bushel for the December contract.Soybeans suffered too, with the November contract falling almost 50 cents to $10.57 per bushel.Overall crop market weakness is being attributed to extra domestic corn stocks being found by USDA and to excellent harvest weather across most of the U.S. Midwest, which should allow farmers to collect the maximum potential of the crops that are left in the field. Good harvest conditions in Western Canada are causing much flow of new crop canola into the elevator system, softening prices, traders said. And some traders have drawn in their horns before Monday’s Canadian crop production estimates.The Canadian dollar was up sharply Friday, closing at about 98 cents against the U.S. dollar.Crude oil was up $1.61 to $81.58 per barrel. Gold was up $8.30 to $1,316 per troy ounce.Toronto’s TSX was slightly weaker and New York’s Dow Jones Industrial Average was up four-tenths of a percent.
Canola plunges
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