By Phil Franz-Warkentin and Jade Markus, Commodity News Service Canada
Winnipeg, Nov. 18 (CNS Canada) – ICE Futures Canada canola futures were lower at Friday’s close after chopping around both sides of unchanged in quiet activity as traders squared positions ahead of the weekend.
Ongoing uncertainty over the size of this year’s canola crop remained supportive, as market participants continue to try and get a better handle on just how much canola was lost due to the adverse harvest weather.
Gains in Chicago Board of Trade soybean and soyoil futures were also supportive for canola
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However, western Canadian farmers in many areas made good progress over the past two weeks bringing in much of the remaining canola, which tempered the upside. Chart-based selling and large US soybean supplies also kept some caution in the canola market.
About 11,716 canola contracts were traded on Friday, which compares with Thursday when 23,300 contracts changed hands. Spreading accounted for 4,746 of the contracts traded.
Milling wheat, durum, and barley were all untraded, although prices were revised after the close.
SOYBEAN futures at the Chicago Board of Trade closed four cents stronger to eight cents per bushel weaker on Friday.
Front contracts were propped up by strong demand from China reflected in weekly export sales from the United States Department of Agriculture (USDA).
However, seeding progress in South America limited the upside, as both Brazil and Argentina are expected to be making good progress.
The US soybean harvest is expected to be wrapped up soon, which further capped gains.
SOYOIL prices closed higher on Friday.
SOYMEAL closed lower on Friday.
CORN futures were three to four cents per bushel higher on Friday, as strong export sales reported by the USDA continued to support the market into the weekend.
Crude oil futures gained on the week, for the first time in four weeks, which underpinned corn prices.
Stronger energy prices increase the likelihood that processors will blend above mandated amounts of biofuel.
However, South American countries have made progress seeding, market watchers say, which limited the upside.
WHEAT closed three to five cents per bushel higher, supported by ideas that US wheat is competitive internationally.
Strong export sales reported by the USDA earlier in the week added to the upside.
However, producers in Argentina are harvesting wheat, which limited the upside on Friday.
