March canola falls 2.7 percent on week

Canola futures outperformed soybeans though most of the week but they gave back a little ground on Friday on position squaring before the long weekend.

Trade Feb. 19-22 will like be again dominated by weather: how much rain did Argentina get?

Also dry Nebraska is expected to get heavy snow next Thursday.

March canola closed Friday at $630.20, down $2.30. November closed at $555.80, unchanged.

For the week, March fell $17.20 per tonne or 2.7 percent while November fell $4.10 or 0.7 percent.

March soybeans fell 4.2 percent over the week and November fell 4.7 percent.

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U.S. Grains: Wheat ends up after hitting five-year low

Chicago Board of Trade wheat futures ended higher on Tuesday after falling to a five-year low on abundant global supplies. Corn also higher, while soybeans end down.

Forecast of weekend rain in Argentina pressured oilseeds and corn on Friday.

An expectation for a big snowstorm in the U.S. Plains next week pressured wheat Friday, but that was offset by weekly U.S. wheat exports that handily topped expectations.

Markets are closed Monday.

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• The CWB announced final payments for 2011-12 crops.

No. 1 CW red spring wheat 12.5 percent protein has a final payment of $13.79 to make the total payment $290.49 per tonne at port.

No. 1 CW amber durum 12.5 percent protein receives a final payment of $14.54 to make a total payment of $345.24.

The final payment for Select two-row barley is $16.34 for a total of $312.94.

Direct deposits will be made on Feb. 26. Cheques should begin arriving in mailboxes March 7.

A complete list of payments for all grades and types is available at www.cwb.ca.

Winnipeg ICE Futures (per tonne)

Canola Mar 13 $630.20, down $2.30 -0.36%

Canola May 13 $615.80, down $1.80 -0.29%

Canola Jul 13 $602.20, down $1.50 -0.25%

Canola Nov 13 $555.80, unchanged

Milling Wheat Mar 13 $291.00, unchanged

Milling Wheat May 13 $294.00, unchanged

Milling Wheat Jul 13 $296.00, unchanged

Milling Wheat Oct 13 $296.00, unchanged

Durum Wheat Mar 13 $304.20, up $1.00 +0.33%

Durum Wheat May 13 $308.20, up $1.00 +0.33%

Durum Wheat Jul 13 $311.20, up $1.00 +0.32%

Durum Wheat Oct 13 $296.50, up $1.00 +0.34%

Barley Mar 13 $241.50, unchanged

Barley May 13 $242.50, unchanged

Barley Jul 13 $243.00, unchanged

Barley Oct 13 $243.00, unchanged

Chicago (per bushel)

Soybeans (P) Mar 13 $14.245, up 6.5 +0.46%

Soybeans (P) May 13 $14.1475, up 6.25 +0.44%

Soybeans (P) Jul 13 $14.0475, up 5.5 +0.39%

Soybeans (P) Aug 13 $13.69, up 5.75 +0.42%

Soybeans (P) Sep 13 $13.05, up 2.25 +0.17%

Soybeans (P) Nov 13 $12.6175, down 3.0 -0.24%

Corn (P) Mar 13 $6.9875, up 4.0 +0.58%

Corn (P) May 13 $6.97, up 4.25 +0.61%

Corn (P) Jul 13 $6.8525, up 3.0 +0.44%

Corn (P) Sep 13 $5.8225, down 0.75 -0.13%

Corn (P) Dec 13 $5.63, down 0.75 -0.13%

Oats (P) Mar 13 $3.79, down 1.0 -0.26%

Oats (P) May 13 $3.795, up 4.5 +1.20%

Oats (P) Jul 13 $3.7825, up 5.75 +1.54%

Oats (P) Sep 13 $3.73, up 1.25 +0.34%

Oats (P) Dec 13 $3.6825, up 1.25 +0.34%

Minneapolis (per bushel)

Spring Wheat Mar 13 $8.235, up 4.25 +0.52%

Spring Wheat May 13 $8.3975, up 4.75 +0.57%

Spring Wheat Jul 13 $8.4975, up 6.0 +0.71%

Spring Wheat Sep 13 $8.525, up 4.75 +0.56%

Spring Wheat Dec 13 $8.60, up 6.0 +0.70%

The Bank of Canada noon rate for the loonie was 99.30 cents US, down from 99.92 cents the day before.

The U.S. greenback was $1.007 Cdn.

Crude oil in New York fell $1.45 to $95.86.

The Toronto Stock Exchange’s S&P/TSX composite index fell 35.16 points, or 0.28 percent, at 12,686.63 after earlier dropping to 12,667.70, its lowest point since Jan. 17.

The Dow Jones industrial average was up 8.37 points, or 0.06 percent, at 13,981.76.

The Standard & Poor’s 500 Index was down 1.59 points, or 0.10 percent, at 1,519.79.

The Nasdaq Composite Index was down 6.63 points, or 0.21 percent, at 3,192.03.

For the week, the TSX fell 0.9 percent, the Dow fell 0.1 percent, the S&P 500 rose 0.1 percent and the Nasdaq fell 0.1 percent.