Canola closed Friday with a slight gain and rose $8.60 over the week.
November closed at $442.90 per tonne on Friday.
Slow farmer selling and a weakening loonie supported canola.
The market could also be adjusting to ideas that year end canola stocks might be tighter than was forecast just a month ago.
Exports this summer have been very strong and will likely exceed the official Agriculture Canada forecast.
September soybeans edged up 10 cents a bushel today on tight old stock supplies. New crop soybeans fell.
Over the week November soybeans rose 1.4 percent.
Corn fell as traders positioned ahead of the USDA reports on Tuesday, where the agency is expected to increase its forecast for U.S. corn production.
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Over the week December corn edged up 0.5 percent, but that was a four-year low.
Bloomberg reported that Shanghai JC Intelligence lowered its forecast of China’s corn crop to 200 million tonnes from 203 million last year because of drought in parts of the North China Plain. It would be the first time in since 2009 that China failed to increase annual corn production. But with huge government-owned stocks, China is unlikely to approve corn imports.
Wheat fell Friday on profit taking.
But over the week, wheat contracts rose, with the December Minneapolis spring wheat contract up 1.4 percent.
Wheat was supported by rain at harvest in Europe and Ukraine that hurt quality. Also the tensions between Russia and the West over the crisis in eastern Ukraine supported wheat during the week.
Australia could be headed toward an early harvest. Good conditions in Western Australia could offset concerns about dry conditions in some eastern states.
Winnipeg ICE Futures Canada dollars per tonne
Canola Nov 2014 443.90 +3.00 +0.68%
Canola Jan 2015 449.10 +3.20 +0.72%
Canola Mar 2015 450.70 +3.30 +0.74%
Canola May 2015 448.00 +3.60 +0.81%
Canola Jul 2015 445.00 +3.60 +0.82%
Milling Wheat Oct 2014 201.00 -5.00 -2.43%
Milling Wheat Dec 2014 206.00 -5.00 -2.37%
Milling Wheat Mar 2015 213.00 -4.00 -1.84%
Durum Wheat Oct 2014 250.00 unch 0.00%
Durum Wheat Dec 2014 256.00 unch 0.00%
Durum Wheat Mar 2015 257.00 unch 0.00%
Barley Oct 2014 136.00 -0.50 -0.37%
Barley Dec 2014 138.00 -0.50 -0.36%
Barley Mar 2015 139.00 -0.50 -0.36%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound
Chicago
Soybeans Aug 2014 1284.75 +34.75 +2.78%
Soybeans Sep 2014 1113.75 +14.5 +1.32%
Soybeans Nov 2014 1084.75 +6.75 +0.63%
Soybeans Jan 2015 1093.25 +6.75 +0.62%
Soybeans Mar 2015 1100.75 +6.75 +0.62%
Soybeans May 2015 1107.25 +6.25 +0.57%
Soybean Meal Aug 2014 397.5 +6.9 +1.77%
Soybean Meal Sep 2014 367.9 +3.8 +1.04%
Soybean Meal Oct 2014 353.6 +2.9 +0.83%
Soybean Oil Aug 2014 35.44 -0.18 -0.51%
Soybean Oil Sep 2014 35.52 -0.18 -0.50%
Soybean Oil Oct 2014 35.61 -0.18 -0.50%
Corn Sep 2014 351.75 -7.75 -2.16%
Corn Dec 2014 363.5 -7.75 -2.09%
Corn Mar 2015 376.5 -7.75 -2.02%
Corn May 2015 384.5 -8 -2.04%
Corn Jul 2015 391.5 -7.75 -1.94%
Oats Sep 2014 357.75 -1.25 -0.35%
Oats Dec 2014 331.25 -5.5 -1.63%
Oats Mar 2015 314 -4.75 -1.49%
Oats May 2015 307.25 -0.5 -0.16%
Oats Jul 2015 309 +0.5 +0.16%
Wheat Sep 2014 549.25 -12.25 -2.18%
Wheat Dec 2014 566 -13 -2.25%
Wheat Mar 2015 585.25 -13.75 -2.30%
Wheat May 2015 597.5 -14 -2.29%
Wheat Jul 2015 604 -14.5 -2.34%
Minneapolis
Spring Wheat Sep 2014 618.75 -15.75 -2.48%
Spring Wheat Dec 2014 630.75 -15 -2.32%
Spring Wheat Mar 2015 642.75 -15.25 -2.32%
Spring Wheat May 2015 650.75 -15 -2.25%
Spring Wheat Jul 2015 657.75 -14 -2.08%
Kansas City
Hard Red Wheat Sep 2014 629.25 -17 -2.63%
Hard Red Wheat Dec 2014 642.75 -17 -2.58%
Hard Red Wheat Mar 2015 652.5 -15.5 -2.32%
Hard Red Wheat May 2015 656 -15.25 -2.27%
Hard Red Wheat Jul 2015 647.25 -17 -2.56%
Light crude oil nearby futures in New York rose 31 cents at $97.65 US per barrel.
The Canadian dollar at noon was 91.06 cents US, down from 91.56 cents the previous trading day. The U.S. dollar at noon was $1.0982 Cdn.
News that Russia intended to pull back troops from the border with Ukraine cheered stock markets on Friday.
The Toronto Stock Exchange’s S&P/TSX composite index closed up 77.88 points, or 0.52 percent, at 15,196.31.
The Dow Jones industrial average rose 182.52 points, or 1.12 percent, to 16,550.79.
The S&P 500 ended up 21.84 points, or 1.14 percent, to 1,931.41.
The Nasdaq Composite added 36.02 points, or 0.83 percent, to 4,370.99.
For the week, the TSX Composite fell 0.1 percent, the Dow rose 0.4 percent, the S&P 500 gained 0.3 percent, and the Nasdaq rose 0.4 percent.
