Canola futures rose as the loonie continued to fall and on support from U.S. soybeans.
An uptick in weekly canola crush also supported the oilseed.
March canola closed at $612.50, up $3.40. November closed at $556.40, up $1.60.
On the week, March gained $14.10 and November gained $13.
Because of the falling loonie canola did quite a bit better than soybeans this week. March canola gained about 2.4 percent while March soybeans rose 0.8 percent.
Wheat led gains on the Chicago market today thanks to stronger than expected weekly U.S. exports. However, Chicago wheat (soft red) ended the week down two percent.
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Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
Soybeans posted modest gains on weekly exports that were slightly above trade expectations, good cash demand as grain companies try to fill immediate export demand and technical support.
Disappointing weekly corn exports and rain in dry Argentina pressured corn lower. The rain forecast also limited soybean’s rise.
The Canadian Oilseed Processors Association said members crushed 142,681 tonnes of canola in the week ending Jan. 23, an increase of about nine percent.
That represented a capacity use of about 86 percent, still shy of the average of the crop year to date of about 89 percent.
Winnipeg ICE (per tonne)
Canola Mar 13 $612.50, up $3.40 +0.56%
Canola May 13 $602.10, up $3.00 +0.50%
Canola Jul 13 $591.80, up $2.70 +0.46%
Canola Nov 13 $556.40, up $1.60 +0.29%
Milling Wheat Mar 13 $291.00, unchanged
Milling Wheat May 13 $294.00, unchanged
Milling Wheat Jul 13 $296.00, unchanged
Durum Wheat Mar 13 $312.40, unchanged
Durum Wheat May 13 $316.40, unchanged
Durum Wheat Jul 13 $319.40, unchanged
Durum Wheat Oct 13 $304.70, unchanged
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 $14.41, up 5.75 cents +0.40%
Soybeans (P) May 13 $14.26, up 2.25 +0.16%
Soybeans (P) Jul 13 $14.1775, up 0.25 +0.02%
Soybeans (P) Aug 13 $13.91, down 1.5 -0.11%
Soybeans (P) Sep 13 $13.425, down 3.5 -0.26%
Soybeans (P) Nov 13 $13.03, down 2.75 -0.21%
Corn (P) Mar 13 $7.2075, down 3.5 -0.48%
Corn (P) May 13 $7.215, down 2.75 -0.38%
Corn (P) Jul 13 $7.1275, down 2.5 -0.35%
Corn (P) Sep 13 $6.0725, down 1.0 -0.16%
Corn (P) Dec 13 $5.8425, down 1.25 -0.21%
Oats (P) Mar 13 $3.63, up 2.0 +0.55%
Oats (P) May 13 $3.70, up 2.25 +0.61%
Oats (P) Jul 13 $3.75, up 1.5 +0.40%
Oats (P) Sep 13 $3.7425, up 0.5 +0.13%
Oats (P) Dec 13 $3.6975, up 0.5 +0.14%
Minneapolis (per bushel)
Spring Wheat Mar 13 $8.65, up 9.5 +1.11%
Spring Wheat May 13 $8.7675, up 9.25 +1.07%
Spring Wheat Jul 13 $8.865, up 9.0 +1.03%
Spring Wheat Sep 13 $8.855, up 7.25 +0.83%
The Bank of Canada noon rate for the loonie was 99.21 cents US, down about a half cent from 99.74 cents on Thursday.
The US greenback was $1.0078 Cdn.
Nearby crude oil in New York closed down seven cents at $95.88 per barrel.
Strong quarterly corporate earnings reports continued to drive most stock markets higher. Falling gold miner shares were a drag on the TSX composite today.
Toronto Stock Exchange S&P/TSX composite index fell 7.59 points, or 0.06 percent, to close at 12,816.03.
The Dow Jones industrial average was up 70.50 points, or 0.51 percent, at 13,895.83.
The Standard & Poor’s 500 Index was up 8.11 points, or 0.54 percent, at 1,502.93.
The Nasdaq Composite Index was up 19.33 points, or 0.62 percent, at 3,149.71.
For the week, the TSX climbed 0.7 percent, the Dow jumped 1.8 percent, the S&P 500 rose 1.1 percent and the Nasdaq rose 0.5 percent.
U.S. indexes are near all-time highs but the TSX, despite gains, is still well shy of the highs set in the spring of 2008.
