By Jade Markus and Erin DeBooy, Commodity News Service Canada
Winnipeg, September 9 (CNS Canada) – ICE Futures Canada canola ended stronger on Friday, supported by losses in the Canadian dollar.
The loonie plummeted throughout the day, shedding close to one per cent against its US counterpart by close, which is bullish.
Gains in the Chicago Board of Trade soybean and soy oil markets added spillover support.
However, harvest pressure limited advances, as farmers are expected to make progress throughout the weekend.
About 21,830 canola contracts traded on Friday, which compares with Thursday when 17,324 contracts changed hands. Spreading accounted for about 5,300 of the contracts traded.
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Durum and barley futures were untraded and unchanged, while milling wheat was revised higher after the close.
SOYBEAN futures at the Chicago Board of Trade strengthened once again on Friday, rising more than three US cents per bushel.
Global demand for US soybeans remains strong, supporting prices. Concerns are growing that world demand could outweigh supplies if South America doesn’t produce a big enough crop, despite expectations that farmers will collect a record soybean crop this fall.
Significant rainfall is also forecast for the Midwest which could delay harvest, also propping up soybeans.
SOYOIL strengthened on Friday.
SOYMEAL weakened on Friday.
CORN futures closed higher on Friday, rising two to three US cents per bushel ahead of the USDA production report on Monday.
The USDA is expected to trim its outlook for domestic corn production to 14.974 billion bushels, down from August’s forecast of 15.153 billion bushels, according to reports.
Early harvest reports have not been as healthy as expected, and crop stress has been widespread across the Farm Belt this year, supporting cornprices.
WHEAT futures weakened on Friday, dropping around two US cents per bushel.
Analysts expect the USDA to bump up wheat production estimates to approximately 1.113 billion bushels in Monday’s report, weighing on wheat prices.
The stronger US dollar also weighed on the market.
– Canada exported 302,200 tonnes of wheat for the week ending September 4,
according to the Canadian Grain Commission.
– The winter wheat harvest in the UK is 90 per cent complete, with good
quality being reported.
