By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 21 (MarketsFarm) – The ICE Futures canola market was weaker on Friday, as values continued to back away from their highs and traders adjusted positions ahead of the long weekend.
Canadian markets will be closed Monday for Victoria Day while the U.S. futures will trade their normal hours.
Much needed rain across the Prairies helped ease dryness concerns that had propped the futures up recently. However, the moisture failed to live up to expectations in many areas and more precipitation will be needed going forward.
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A turn lower in the Chicago Board of Trade soy complex after early gains there was also bearish for canola.
About 19,711 canola contracts traded on Friday, which compares with Thursday when 19,049 contracts changed hands. Spreading accounted for 7,138 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade Soybeans had posted gains in early activity, but turned lower as the day progressed to settle with losses on Friday.
End user bargain hunting after three straight days of declines accounted for some of the initial strength before that demand subsided.
A strike by port workers in Argentina demanding access to COVID-19 vaccines as essential workers snarled export movement out of the South American country, with six of the seven vessels stranded in Rosario reportedly set to move soybeans and other agricultural products.
Argentina’s soybean crop is estimated to be about 85 per cent harvested, and usually moves quickly to export positions.
CORN corrected after recent advances to move lower on Friday, with relatively favourable midwestern weather forecasts weighing on values.
While U.S. corn should benefit from warmer temperatures and timely rains, continued dryness concerns in Brazil remained somewhat supportive.
Good export demand over the past week was also tempered the declines, although there were no fresh sales reported today.
WHEAT futures were mixed, with gains in Minneapolis spring wheat and losses in the winter wheats.
A crop tour of Kansas this week forecast average winter wheat yields in the state at 58.1 bushels per acre, which would be up by about 15 bushels from the five year average for the tour and a new record for the state if realized.
