Wheat posted strong gains Friday while canola edged a little higher as currency exchange rates became a big factor in the markets.
The U.S. dollar fell against most currencies Friday on a downward revision to its fourth quarter gross domestic product and on news that inflation in the European Union held steady this month, a sign the European Central Bank might not have to ease monetary policy soon.
The weaker buck supported all U.S. crop prices. The loonie rose a half cent, limiting the rally in canola.
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U.S. grains: Soy futures top one-week high, US crop outlook limits gains
Chicago Board of Trade soybean futures hit their highest level in more than a week on Thursday as technical buying helped the market recover from a three-month low reached on Monday, analysts said.
March canola closed at $418.00 per tonne, down $1.20 while new crop November rose $1.40 to $456.20.
Over the week March climbed $3.40 and November climbed $4.40.
March spring wheat jumped more than three percent higher while new crop December rose about two percent. Chicago and Kansas City were also up.
The cold weather, reaching deep into the U.S., presents a small risk to the winter wheat crop. Snow is expected to accompany the cold and that should provide insulation.
The unrest in Ukraine, a major wheat producer and exporter, also supported wheat.
Over the month Chicago rose 7.8 percent, Kansas climbed 7.6 percent and Minneapolis jumped 11.1 percent.
The stronger wheat price supported corn, which was also lifted by estimates of Brazilian analysts for a smaller corn crop there.
Safras and Mercado cut its corn crop estimate to 71.2 million tonnes from 75.6 million previously.
Corn posted its sixth straight week of gains, rising 0.8 percent over the five days and rising 5.2 percent in February.
Soybeans rose on Friday on the currency support and reductions to the Brazilian soybean crop due to the dry weather there his growing season.
Safras and Mercado pegged the crop at 86.1 million tonnes, down 6.2 percent from its previous estimate.
Funds stepped in for some buying on a technical signal and on month end buying.
March soybeans rose 3.2 percent on the week and for February climbed 10.3 percent.
Soy oil edged higher today.
ICE Futures Canada, dollars per tonne
Canola Mar 2014 418.00 -1.20 -0.29%
Canola May 2014 429.90 +0.10 +0.02%
Canola Jul 2014 439.70 +0.40 +0.09%
Canola Nov 2014 456.20 +1.40 +0.31%
Canola Jan 2015 463.60 +1.60 +0.35%
Milling Wheat Mar 2014 193.00 +5.00 +2.66%
Milling Wheat May 2014 194.00 +5.00 +2.65%
Milling Wheat Jul 2014 194.00 +4.00 +2.11%
Durum Wheat Mar 2014 245.00 unch 0.00%
Durum Wheat May 2014 249.00 unch 0.00%
Durum Wheat Jul 2014 250.00 unch 0.00%
Barley Mar 2014 126.50 unch 0.00%
Barley May 2014 128.50 unch 0.00%
Barley Jul 2014 128.50 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 2014 1414.25 +20.75 +1.49%
Soybeans May 2014 1414 +24 +1.73%
Soybeans Jul 2014 1385.25 +18.5 +1.35%
Soybeans Aug 2014 1331 +18 +1.37%
Soybeans Sep 2014 1233.75 +17.5 +1.44%
Soybeans Nov 2014 1169.25 +13.75 +1.19%
Soybean Meal Mar 2014 467.9 +3.9 +0.84%
Soybean Meal May 2014 457.7 +6.1 +1.35%
Soybean Meal Jul 2014 443.6 +5.4 +1.23%
Soybean Oil Mar 2014 41.52 +0.62 +1.52%
Soybean Oil May 2014 41.79 +0.64 +1.56%
Soybean Oil Jul 2014 41.87 +0.58 +1.40%
Corn Mar 2014 457.5 +9.5 +2.12%
Corn May 2014 463.5 +9 +1.98%
Corn Jul 2014 467.5 +9 +1.96%
Corn Sep 2014 468 +9.5 +2.07%
Corn Dec 2014 471.5 +10.5 +2.28%
Oats Mar 2014 510.5 unch 0.00%
Oats May 2014 462.5 -1.5 -0.32%
Oats Jul 2014 403.25 -1.25 -0.31%
Oats Sep 2014 355 +4.75 +1.36%
Oats Dec 2014 347 +4 +1.17%
Wheat Mar 2014 599 +16.75 +2.88%
Wheat May 2014 602.25 +13 +2.21%
Wheat Jul 2014 608.25 +12.5 +2.10%
Wheat Sep 2014 616.5 +12.5 +2.07%
Wheat Dec 2014 629 +12.75 +2.07%
Minneapolis
Spring Wheat Mar 2014 670.75 +15.25 +2.33%
Spring Wheat May 2014 656.25 +13 +2.02%
Spring Wheat Jul 2014 654.25 +10.25 +1.59%
Spring Wheat Sep 2014 662 +10.25 +1.57%
Spring Wheat Dec 2014 673 +10 +1.51%
Kansas City
KCBT Red Wheat Mar 2014 677 +14.75 +2.23%
KCBT Red Wheat May 2014 674 +8.5 +1.28%
KCBT Red Wheat Jul 2014 670.5 +9.25 +1.40%
KCBT Red Wheat Sep 2014 677.5 +8.75 +1.31%
KCBT Red Wheat Dec 2014 689 +9.25 +1.36%
Light crude oil nearby futures in New York rose 19 cents at $102.59 US per barrel.
The Bank of Canada noon rate for the loonie was 90.29 cents US, up from 89.77 cents the previous trading day. The U.S. dollar at noon was $1.1075 Cdn.
The U.S. government said the economy expanded at a 2.4 percent annual rate, down sharply from the 3.2 percent pace it reported last month and the 4.1 percent logged in the third quarter.
The Toronto Stock Exchange’s S&P/TSX composite index closed down 5.15 points, or 0.04 percent, at 14,209.59.
On the week, the TSX was almost unchanged.
The Dow Jones industrial average on Friday rose 49.06 points or 0.3 percent, to 16,321.71.
The S&P 500 gained 5.16 points or 0.28 percent, to 1,859.45
The Nasdaq Composite dropped 10.814 points or 0.25 percent, to 4,308.119.
All three major U.S. indexes posted strong gains for the month
The Dow was up four percent, the S&P up 4.3 percent and the Nasdaq up five percent in February
It was the best month for the Dow in more than a year.
