Canola closed on a slightly down note on Friday, capping a week when crop prices were generally under pressure.
March canola closed at $467.40, down $1.40 or 0.3 percent while May canola closed at $476.20, down $1.10 or 0.23 percent.
Watch this week’s markets video to learn about shrinking Canadian wheat stocks
New crop November canola closed a $483.30, down $2.20.
For the week, March canola fell only $1.30 but back on Tuesday had fallen as low as $457 at one point.
The usual January slump in canola exports is over.
Week 27 of the crop year, Feb. 1-7, saw 273,600 tonnes of canola exported, up from 98,000 the previous week, Canadian Grain Commission figures show.
The domestic weekly crush also recovered to 162,067 tonnes, up 5.1 percent from previous week, represents 78.5 percent of capacity vs. 81.2 percent in the year to date.
Markets are closed on Monday.
Wheat continued to struggle with ample supply and slow U.S. exports.
For the week, CBOT March wheat fell 9 ¼ cents or two percent, its second straight weekly decline. Kansas City March winter wheat fell 9 ¾ cents or 2.1 percent and MGEX March spring wheat fell 6 ¼ cents or 1.3 percent.
Corn and soybeans closed slightly lower on technical selling
For the week, soybean futures rose 0.6 percent. Soymeal was down 1.1 percent and soyoil was up 1.9 percent.
Soyoil futures have risen for five straight weeks, their longest winning streak since a six-week stretch ended March 7, 2014.
Corn on a continuous chart fell 1.8 percent for the week in a second straight weekly drop.
The big surprise in the markets today was oil’s 12 percent rally on comments from the UAE energy minister.
He said many players are willing to engage in a production cut if all exporters were willing to co-operate. The trouble is that Iran is not willing. Iran is freshly freed from years of sanctions and wants to get back into the oil market.
It was one of the most volatile weeks ever for oil prices.
Light crude oil nearby futures today in New York jumped $3.23 to US$29.44 per barrel.
The Canadian dollar at noon was US72.28 cents, up from 71.79 cents the previous trading day. The U.S. dollar at noon was C$1.3835.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 293.87 points, or 2.43 percent, at 12,381.24.
The Dow Jones industrial average was up 313.45 points, or two percent, to 15,973.63, the S&P 500 had gained 35.52 points, or 1.94 percent, to 1,864.6 and the Nasdaq Composite had added 70.68 points, or 1.66 percent, to 4,337.51.
Over the week, the TSX composite fell almost there percent, the Dow shed 1.43 percent, the S&P fell 1.95 percent and the Nasdaq lost 0.58 percent.
Winnipeg ICE Futures Canada dollars per tonne
Canola Mar 2016 467.40 -1.40 -0.30%
Canola May 2016 476.20 -1.10 -0.23%
Canola Jul 2016 480.70 -1.90 -0.39%
Canola Nov 2016 483.30 -2.20 -0.45%
Canola Jan 2017 486.10 -1.90 -0.39%
Milling Wheat Mar 2016 225.00 -1.00 -0.44%
Milling Wheat May 2016 228.00 -1.00 -0.44%
Milling Wheat Jul 2016 232.00 -1.00 -0.43%
Durum Wheat Mar 2016 317.00 unch -0.0.0%
Durum Wheat May 2016 325.00 unch 0.00%
Durum Wheat Jul 2016 325.00 unch 0.00%
Barley Mar 2016 188.00 unch -0.00%
Barley May 2016 192.00 unch -0.00%
Barley Jul 2016 194.00 unch -0.00%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Mar 2016 872.75 -0.75 -0.09%
Soybeans May 2016 876.5 -1.25 -0.14%
Soybeans Jul 2016 881.75 -1.25 -0.14%
Soybeans Aug 2016 883.5 -1.25 -0.14%
Soybeans Sep 2016 883.25 -1.75 -0.20%
Soybeans Nov 2016 886 -1.75 -0.20%
Soybean Meal Mar 2016 262 -1.7 -0.64%
Soybean Meal May 2016 264.1 -2 -0.75%
Soybean Meal Jul 2016 266.5 -2.2 -0.82%
Soybean Oil Mar 2016 31.8 +0.21 +0.66%
Soybean Oil May 2016 32.02 +0.21 +0.66%
Soybean Oil Jul 2016 32.24 +0.2 +0.62%
Corn Mar 2016 358.75 -1.5 -0.42%
Corn May 2016 363.5 -1.5 -0.41%
Corn Jul 2016 368.5 -1.25 -0.34%
Corn Sep 2016 373.5 -1 -0.27%
Corn Dec 2016 381.75 -1 -0.26%
Oats Mar 2016 196.25 +4.75 +2.48%
Oats May 2016 200 +3.5 +1.78%
Oats Jul 2016 209 +3.5 +1.70%
Oats Sep 2016 213.5 +3.25 +1.55%
Oats Dec 2016 209.25 +0.75 +0.36%
Wheat Mar 2016 457.5 -0.75 -0.16%
Wheat May 2016 462.5 -1 -0.22%
Wheat Jul 2016 467.75 -1 -0.21%
Wheat Sep 2016 477 -1 -0.21%
Wheat Dec 2016 491 -2 -0.41%
Minneapolis
Spring Wheat Mar 2016 485 -1.25 -0.26%
Spring Wheat May 2016 487.5 -3.25 -0.66%
Spring Wheat Jul 2016 495.25 -4.25 -0.85%
Spring Wheat Sep 2016 505.75 -4.25 -0.83%
Spring Wheat Dec 2016 520.75 -5 -0.95%
Kansas City
Hard Red Wheat Mar 2016 444.25 +0.25 +0.06%
Hard Red Wheat May 2016 453.75 unch 0.00%
Hard Red Wheat Jul 2016 464.5 +0.25 +0.05%
Hard Red Wheat Sep 2016 478.5 +0.5 +0.10%
Hard Red Wheat Dec 2016 499 unch 0.00%