Canola weakened Friday going into the long weekend, as caution among traders and a strengthening Canadian dollar cut support from under the market. Canola closed at $461.10, a drop of $1.50 on the day, for the November Winnipeg futures contract and $466.70 for the January.Concerns about poor harvesting weather and strength in other crop markets helped canola prices early in the day, but traders said profit taking after recent higher prices helped push down prices near the close of the session.Chicago corn rose 18 cents to $4.65 per bushel for the December futures contract, soybeans rose 27 cents to $10.36, and Chicago wheat rose 27 cents to $7.40.Minneapolis wheat rose 23 cents to $7.58 for the December contract.American equity markets roared ahead Friday following a slightly positive U.S. jobs report. Traders had anticipated a slightly negative report. The Dow Jones Industrial Average rose 0.99 percent to 10,421 – a strong weekly surge from earlier sub-10,000 levels.Toronto’s TSX shot higher on the open and rose briefly before crashing back to earth and crawling through the session to a 0.06 percent gain, to 12,118.Crude oil fell 63 cents to $74.39. Gold fell $10.70 to $1,240 as the necessity for a last resort currency replacement diminished on the good economic news.The Canadian dollar leapt to 96.2 cents compared to the U.S. dollar, a surge of more than a penny.
Canola weakens
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