Glacier FarmMedia — The ICE Futures canola market was weaker on Friday, taking back Thursday’s gains as losses in Chicago soyoil and improved moisture conditions in parts of Western Canada weighed on values.
Chart-based speculative selling was a feature, with the November contract settling below its 100-day moving average.
European rapeseed was also lower, while Malaysian palm oil and the Canadian dollar held relatively steady.
Tight old crop supplies and solid end user demand remained supportive underneath the market.
There were 32,074 contracts traded on Friday, which compares with Thursday, when 47,389 contracts changed hands. Spreading accounted for 16,974 of the contracts traded.
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ICE canola mixed at midday Friday
Glacier FarmMedia —The ICE Futures canola market was narrowly mixed at midday Friday, consolidating near unchanged to end the week….
SOYBEAN futures at the Chicago Board of Trade were weaker on Friday, as relatively favourable Midwestern growing conditions continued to weigh on values.
The United States Department of Agriculture will release updated production estimates next week Tuesday, Aug. 12, with general expectations ahead of the report calling for a large soybean crop.
Bargain hunting from end users did provide some support, as the price weakness should be encouraging some export demand.
CORN was also pressured by the good production prospects and expectations that next week’s USDA report will point to a bumper corn crop.
Solid export demand remained supportive, with the USDA announcing flash sales of 125,000 tonnes to unknown destinations this morning.
WHEAT futures were narrowly mixed at the close, as seasonal harvest pressure weighed on the winter wheat contracts, and spring wheat managed to hold onto small gains.
Consultancy IKAR raised its call on Russian wheat production in 2025 to 84.5 million tonnes, from an earlier estimate of 84.0 million.
Meanwhile, the Buenos Aires Grains Exchange reported favourable early crop conditions for wheat in Argentina.
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
