By Phil Franz-Warkentin and Jade Markus, Commodity News Service Canada
Winnipeg, Sept. 2 (CNS Canada) – ICE Futures Canada canola contracts settled higher for the third straight session on Friday, as traders positioned themselves ahead of the Labour Day long weekend.
Supportive technical signals, spillover from the gains in Chicago Board of Trade soyoil, and continued buying interest following the move by China to delay imposing stricter dockage rules earlier in the week, all provided support.
However, the Canadian dollar was also stronger relative to its US counterpart, which tempered the advances.
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Seasonal harvest pressure also kept a lid on the gains, although traders noted that there are still enough areas of concern across the Prairies to provide some support.
About 17,617 canola contracts were traded on Friday, which compares with Thursday when 15,067 contracts changed hands.
Milling wheat, durum, and barley were all untraded, although prices were revised after the close.
SOYBEAN futures at the Chicago Board of Trade closed seven to nine cents per bushel stronger on Friday.
The market advanced with strong demand for new crop oilseeds, which is bullish.
Losses in the US dollar in early activity were also supportive for values.
However, harvest pressure kept a lid on prices.
Farmers are assessing how August weather treated crops, with most signs pointing to large upcoming yields.
Trader-positioning ahead of the long weekend was also a feature.
US markets will be closed on Monday for Labour Day.
SOYOIL prices closed stronger on Friday, tracking advances in Malaysian palm oil.
SOYMEAL closed stronger on Friday.
CORN futures were three to five cents per bushel higher on Friday, as prices gained with follow-through buying. Traders are looking to boost the market at the end of the week.
Advances in crude oil futures were also bullish, as stronger energy prices make processors more likely to blend above mandated amounts of biofuel.
However, weaker-than-expected new crop corn sales limited advances.
WHEAT advanced four to five cents per bushel on Friday, underpinned by investors evening positions into the long weekend.
Strong export demand and losses in the US dollar added to the gains.
However, a bearish supply-and-demand situation limited upside potential.
– Spring wheat harvest is wrapping up in the US.
– The Canadian spring wheat harvest is expected to progress into next week.
