Canola closed the day higher on Friday, bucking a lower trend in soybeans and corn.
The main gains were in old crop, which is in very tight supply.
Support also came from technical factors as the price broke above moving averages and held.
New crop rose only marginally.
Recent gains in soybeans due to delivery delays in Brazil had pushed its price into overbought territory and traders took profits today. New crop contracts were pressured by private forecasts for record large U.S., soybean
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Also, weekend weather systems are expected to drop more moisture in the U.S. Plains and Midwest. Temperatures are expected to fall six-seven degrees C below freezing but damage is not expected to be serious.
May canola closed at $634.30, up $3.90 and November closed at $564.50, up 10 cents.
For the week, May canola rose $11.10 per tonne or 1.8 percent and November climbed $12.60 or 2.3 percent.
Nearby soybeans and wheat rose one percent and corn rose 1.3 percent.
Lingering winter and repeated snowfalls are increasing the chance of a late start to seeding in many parts of Western Canada.
Worries about the Cyprus debt crisis generally weighed on the market.
Grain and oilseed markets were also squaring up ahead of USDA’s prospective planting and March 1 stocks reports next Thursday. Traders are expecting exceptionally tight stocks of soybeans and corn.
Winnipeg ICE Futures Canada dollars per tonne
Canola May 2013Â Â Â Â Â Â 634.30Â Â Â Â Â Â +3.90Â Â Â Â Â Â +0.62%
Canola Jul 2013Â Â Â Â Â Â 620.30Â Â Â Â Â Â +3.50Â Â Â Â Â Â +0.57%
Canola Nov 2013Â Â Â Â Â Â 564.50Â Â Â Â Â Â +0.10Â Â Â Â Â Â +0.02%
Canola Jan 2014Â Â Â Â Â Â 566.10Â Â Â Â Â Â +0.50Â Â Â Â Â Â +0.09%
Canola Mar 2014Â Â Â Â Â Â 563.10Â Â Â Â Â Â -0.30Â Â Â Â Â Â -0.05%
Milling Wheat May 2013      292.00      unch      0.00%
Milling Wheat Jul 2013      294.00      unch      0.00%
Milling Wheat Oct 2013      294.00      unch      0.00%
Durum Wheat May 2013      311.00      unch      0.00%
Durum Wheat Jul 2013      314.00      unch      0.00%
Durum Wheat Oct 2013      299.30      unch      0.00%
Barley May 2013      243.00      unch      0.00%
Barley Jul 2013      243.50      unch      0.00%
Barley Oct 2013      243.50      unch      0.00%
American crops in cents per bushel, soy meal in dollars US per short ton and soy oil in cents per pound.
Chicago
Soybeans May 2013Â Â Â Â Â Â 1440.5Â Â Â Â Â Â -8.5Â Â Â Â Â Â -0.59%
Soybeans Jul 2013Â Â Â Â Â Â 1418Â Â Â Â Â Â -7.5Â Â Â Â Â Â -0.53%
Soybeans Aug 2013Â Â Â Â Â Â 1373Â Â Â Â Â Â -8.25Â Â Â Â Â Â -0.60%
Soybeans Sep 2013Â Â Â Â Â Â 1301.25Â Â Â Â Â Â -11.25Â Â Â Â Â Â -0.86%
Soybeans Nov 2013Â Â Â Â Â Â 1263.75Â Â Â Â Â Â -11.5Â Â Â Â Â Â -0.90%
Soybeans Jan 2014Â Â Â Â Â Â 1268.25Â Â Â Â Â Â -11.25Â Â Â Â Â Â -0.88%
Soybean Meal May 2013Â Â Â Â Â Â 419.3Â Â Â Â Â Â -3.6Â Â Â Â Â Â -0.85%
Soybean Meal Jul 2013Â Â Â Â Â Â 414Â Â Â Â Â Â -2.9Â Â Â Â Â Â -0.70%
Soybean Meal Aug 2013Â Â Â Â Â Â 396.2Â Â Â Â Â Â -3.7Â Â Â Â Â Â -0.93%
Soybean Oil May 2013Â Â Â Â Â Â 50.43Â Â Â Â Â Â +0.01Â Â Â Â Â Â +0.02%
Soybean Oil Jul 2013Â Â Â Â Â Â 50.68Â Â Â Â Â Â +0.01Â Â Â Â Â Â +0.02%
Soybean Oil Aug 2013      50.57      unch      0.00%
Corn May 2013Â Â Â Â Â Â 726.25Â Â Â Â Â Â -6.75Â Â Â Â Â Â -0.92%
Corn Jul 2013Â Â Â Â Â Â 708.5Â Â Â Â Â Â -8.75Â Â Â Â Â Â -1.22%
Corn Sep 2013Â Â Â Â Â Â 596.75Â Â Â Â Â Â -1.5Â Â Â Â Â Â -0.25%
Corn Dec 2013Â Â Â Â Â Â 565.25Â Â Â Â Â Â -3.25Â Â Â Â Â Â -0.57%
Corn Mar 2014Â Â Â Â Â Â 574.5Â Â Â Â Â Â -3Â Â Â Â Â Â -0.52%
Oats May 2013Â Â Â Â Â Â 396.25Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.32%
Oats Jul 2013Â Â Â Â Â Â 390.5Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.71%
Oats Sep 2013Â Â Â Â Â Â 367.25Â Â Â Â Â Â +2.75Â Â Â Â Â Â +0.75%
Oats Dec 2013Â Â Â Â Â Â 362.5Â Â Â Â Â Â +5Â Â Â Â Â Â +1.40%
Oats Mar 2014Â Â Â Â Â Â 371Â Â Â Â Â Â +2.5Â Â Â Â Â Â +0.68%
Chicago soft red winter
Wheat May 2013Â Â Â Â Â Â 729.75Â Â Â Â Â Â +1Â Â Â Â Â Â +0.14%
Wheat Jul 2013Â Â Â Â Â Â 729.25Â Â Â Â Â Â +1.75Â Â Â Â Â Â +0.24%
Wheat Sep 2013Â Â Â Â Â Â 735Â Â Â Â Â Â +2.25Â Â Â Â Â Â +0.31%
Wheat Dec 2013Â Â Â Â Â Â 746.25Â Â Â Â Â Â +2Â Â Â Â Â Â +0.27%
Wheat Mar 2014Â Â Â Â Â Â 758.25Â Â Â Â Â Â +2Â Â Â Â Â Â +0.26%
Minneapolis hard red spring
Spring Wheat May 2013Â Â Â Â Â Â 806.5Â Â Â Â Â Â +3.75Â Â Â Â Â Â +0.47%
Spring Wheat Jul 2013Â Â Â Â Â Â 806.5Â Â Â Â Â Â +4Â Â Â Â Â Â +0.50%
Spring Wheat Sep 2013Â Â Â Â Â Â 806Â Â Â Â Â Â +4.75Â Â Â Â Â Â +0.59%
Spring Wheat Dec 2013Â Â Â Â Â Â 813.25Â Â Â Â Â Â +4.75Â Â Â Â Â Â +0.59%
Spring Wheat Mar 2014Â Â Â Â Â Â 825.25Â Â Â Â Â Â +5Â Â Â Â Â Â +0.61%
Kansas City hard red winter
KCBT Red Wheat May 2013Â Â Â Â Â Â 761.5Â Â Â Â Â Â +1Â Â Â Â Â Â +0.13%
KCBT Red Wheat Jul 2013Â Â Â Â Â Â 766.5Â Â Â Â Â Â +1.25Â Â Â Â Â Â +0.16%
KCBT Red Wheat Sep 2013Â Â Â Â Â Â 778.25Â Â Â Â Â Â +2Â Â Â Â Â Â +0.26%
KCBT Red Wheat Dec 2013Â Â Â Â Â Â 793.25Â Â Â Â Â Â +1.75Â Â Â Â Â Â +0.22%
KCBT Red Wheat Mar 2014Â Â Â Â Â Â 804.5Â Â Â Â Â Â +1Â Â Â Â Â Â +0.12%
The Bank of Canada noon rate for the loonie was 97.80 cents US, up from 97.65 on Thursday. The U.S. greenback was $1.0233 Cdn.
Nearby WTI crude oil jumped $1.26 to close at $93.71 per barrel. Pipeline developments in the U.S. promise a reduction of the glut of oil at Cushing Oklahoma.
Late hopes that there will be a successful bail out deal for Cyprus helped stock markets closed the day in positive territory, but for the week, they were slightly lower.
In early tallies —
The Toronto Stock Exchange’s S&P/TSX composite index closed up 9.48 points, or 0.07 percent, at 12,757.35.
The Dow Jones industrial average rose 90.54 points or 0.63 percent, to close at 14,512.03.
The S&P 500 gained 11.09 points or 0.72 percent, to 1,556.89.
The Nasdaq Composite added 22.40 points or 0.70 percent, to close at 3,245.
For the week, the TSX fell 0.6 percent, the Dow dipped 0.01 percent, the S&P 500 shed 0.2 percent and the Nasdaq edged down 0.1 percent.
