Commodity and stock markets were consumed by concerns about the Middle East.
Thousands rioted in Egypt on Friday and the political crisis threatened to spread to other authoritarian regimes in the Middle East and North Africa.
While canola closed up slightly, supported by talk of more exports and slow farmer selling, Chicago soybeans closed lower.
Oilseeds were supported by a strike affecting shipments from Rosario, the main grain shipping port area in Argentina.
Stronger crude oil also supported oilseeds.
Wheat markets fell.
One concern was that the unrest in Egypt, the world’s largest wheat importer, could disrupt business.
Also, traders are watching U.S. weather.
A winter storm headed for the hard red winter wheat area could deliver heavy snow, 20 centimetres or more, early next week. If large amounts of wet snow accumulate it would help the crop, which has been suffering from dry weather. The prospect of moisture helped to pressure wheat prices lower today.
However, if snow amounts are not as much as expected, a cold front that will follow the storm could damage the wheat.
The Canadian Oilseed Processors Association said members processed 113,745 tonnes in the week ending Jan. 26, up 0.8 percent from the week before. That represents 78 percent capacity use, down from 83 percent so far this crop year.
In Winnipeg on Friday, March canola rose 40 cents to $597.60 on 9,666 trades. For the week, the contract fell $4 per tonne.
May on Friday rose 60 cents to $606.50 on 4,472 trades.
The new crop November 2011 contract fell $2.90 to $567.50.
The previous day’s best basis narrowed to $26 under the March contract according to ICE Futures Canada in Winnipeg.
The March contract 14-day Relative Strength Index was 59. 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 and untraded at $194. May was steady at $200 per tonne.
Chicago March soybeans fell 1.5 cents to $13.98 per bushel.
March corn fell 6.75 cents to $6.44 per bu.
March oats fell 4.5 cents to $3.855 per bu.
March Minneapolis hard spring wheat fell 14.5 cents to $9.61 per bu.
In New York, crude oil for March delivery rose $3.70 to $89.34 US per barrel.
The Canadian dollar at noon was $1.001 US, down from 1.0059 cents the previous trading day. The U.S. dollar at noon was 99.90 cents Can.
The Toronto Stock Exchange composite index rose 27.38 points to 13,437.58.
Standard & Poor’s 500 Index fell 20.56 points to 1,278.98.
For the week, the Dow fell 0.4 percent, the S&P dropped 0.5 percent and the Nasdaq fell 0.1 percent.
The U.S. economy grew at a 3.2 percent annual rate in the final three months of 2010, after expanding at a 2.6 percent pace in the third quarter.
Expectations were for a 3.5 percent gain, but the strongest consumer spending gains in four years moderated disappointment.
