By Jade Markus and Dave Sims, Commodity News Service Canada
ICE Futures Canada canola ended higher ahead of the weekend, as unfavourable harvest weather underpinned prices.
Strong crush activity was also a feature, market watchers say.
However, losses in the nearby Chicago Board of Trade soybean market capped gains.
Canadian markets will be closed on Monday, October 10 for Thanksgiving, while US markets will remain open.
About 19,712 canola contracts traded on Friday, which compares with Thursday when 16,217 contracts changed hands. Spreading accounted for about 9,832 of the contracts traded.
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Corn futures weakened slightly as speculation grew next week’s USDA report will show yields above 173 bushels an acre, according to a report.
Despite some recent large orders from Mexico, US exports are showing signs of sluggishness, according to an analyst.
Wet conditions continue to slow the harvest in parts of the US corn belt, which was supportive.
SOYBEAN futures finished one to two cents lower on Friday as traders were positioning themselves before the weekend.
Expectations for a massive US harvest weighed down values.
However, wet weather in the US Midwest continues to cause headaches for farmers, slowing the harvest in certain regions. Northern Illinois is expecting some thunderstorms over the weekend.
Soyoil ticked one cent higher to end the week.
SOYMEAL futures fell in sympathy with soybeans.
Wheat futures on the Chicago Board of Trade ended one to two cents below unchanged, as expectations of a good US harvest and large global supplies kept a bearish tone over the market.
Traders were positioning themselves ahead of the weekend.
Snow is delaying the harvest in Canada, which was supportive.
– Minneapolis wheat futures traded higher again. Contract prices have shot steadily up over nine straight sessions.
– The wheat harvest in the United Kingdom is estimated to be 14.5 million tonnes, which is down 12 percent from last year. In 2015, the country produced 16.4 million tonnes.
