Glacier FarmMedia — The ICE Futures canola market closed lower Friday, seeing a modest correction to end the week after hitting fresh one-month highs in early activity.
- The March contract climbed above nearby resistance Friday morning to hit a session high of C$638.10 per tonne. However, the buying interest subsided, and the contract was well below that level at the close.
- Gains in Chicago soybeans and soyoil provided spillover support, with European rapeseed also higher on the day.
- Optimism over Prime Minister Mark Carney’s visit China next week remained a feature, with ideas the trip could lead to an easing of Chinese tariffs on Canadian canola.
- Canada exported 147,800 tonnes of canola during the week ended Jan. 4, which was up from 121,000 tonnes the previous week. Crop-year-to-date exports of 2.8 million tonnes remain well short of the 4.7 million tonnes exported through 22 weeks of the previous marketing year.
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Glacier FarmMedia — Canola futures on the Intercontinental Exchange rallied again on Friday morning, owing to higher prices for comparable…
- There were 69,248 contracts traded on Thursday, which compares with Thursday when 39,246 contracts changed hands. Spreading accounted for 32,556 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger Friday,
- The United States Department of Agriculture reported private export sales of 198,000 tonnes of soybeans to unknown destinations this morning.
- Large South American production prospects remained a bearish influence, with the Brazilian harvest in its early stages. However, there was also talk in the market that Brazilian farmers were holding off on sales in hopes of seeing higher prices.
CORN futures were softer, with positioning ahead of Monday’s monthly supply/demand estimates from the USDA a feature. Quarterly stocks data will be released in addition to updated production estimates.
- Pre-report trade estimates are for downward revisions to U.S. corn yields and stocks in Monday’s data.
WHEAT futures were steady to lower on Friday.
- Updates to world wheat production estimates will be followed closely in Monday’s USDA reports, with upward revisions generally expected for crops in Argentina and Russia.
- Average trade estimates call for a reduction in U.S. winter wheat area in Monday’s report from the 33.153 million acres of winter wheat planted for the 2025 harvest.
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