Winnipeg canola futures on Friday bounced back a little from the previous day’s losses.
Support came from short covering and unconfirmed reports of new export business earlier in the week.
On the week though, the most active May contract fell 1.6 percent.
March canola futures on Friday rose $3.90 to $383.40 per tonne on 50 trades. The March contract is in delivery mode and has an open interest of only 55 contracts.
The most active May contract rose $1.60 to $382.40 on 6,583 trades. The previous day’s best basis narrowed to -$7.75 per tonne off the May contract, according to the Winnipeg ICE Futures daily report. Some crushers are said to have better basis levels than that.
The 14-day Relative Strength Index for May canola was 38. The rule of thumb is an RSI of 30 indicates an over sold market and 70 indicates over bought.
New crop November rose $1.70 to $394.70 per tonne on 520 trades.
The Canadian dollar at noon Friday was 97.22 cents US, up from 97 cents at noon the previous trading day. The U.S. dollar at noon was $1.0286 Cdn.
The lightly traded Winnipeg March barley contract was steady at $141.50 per tonne with no trades. May also was steady at $145.50 on no trades. December rose $1.50 to $150 per tonne on 10 trades.
March soybeans rose 2.25 cents to $9.3475 US per bushel. November soybeans was steady at $9.25 per bu. (Thursday’s report that said the price was $9.425 was a typographical error.)
March oats settled steady $2.19 per bu.
Light crude oil in New York for April delivery settled at $81.50 US per barrel, up $1.29 from the previous close.
The Canadian Oilseed Processors Association said members crushed 100,589 tonnes of canola in the week ending March 3.
That was an increase of almost 10 percent from the week before. The capacity use rate rose to 78.3 percent from 77.1 percent.
