Winnipeg canola futures rose Friday, a surprise given that most of the news was negative for prices.
China’s restrictions on Canadian canola with blackleg come into effect Nov. 15.
The Canadian Oilseeds Crushers Association said 78,423 tonnes of canola had been crushed in the week ending Nov. 11. The crush capacity use rate was 74.4 percent, a little better than the average of the year to date, but down from last year’s 92.2 percent.
Saskatchewan Agriculture said 92 percent of the provincial harvest is complete, up from 80 percent a week ago.
Canola harvest completion ranges from 67 percent in the northeast to 97 percent in the southeast.
Few farmers are delivering canola, hoping the price will rise.
The Chicago November soybean contract expired today, closing up 1.75 cents at $9.84 US per bushel. January closed down three cents at $9.87.
Vomitoxin in U.S. corn and dried distillers grain has some analysts thinking feeders will increase the amount of oilseed meal in livestock rations.
January canola closed at $390.70 Cdn per tonne, up $3 from Thursday on a volume of 5,118 contracts.
March rose $2.70 to settle at $396.30 on a volume of 339 contracts.
At noon, the Bank of Canada said the Canadian dollar was worth 95.17 cents US, up from 95.07 on Thursday. The U.S. dollar was worth $1.0508 Cdn.
Winnipeg November barley, under the old contract, was steady at $175.60 per tonne. January, under the new contract, was steady at $156.50. March was down 10 cents at $157.90.
