ICE Futures canola market was weaker on Friday, settling at its weakest levels in two weeks. Speculative selling was a feature as fund traders liquidated long positions.
Losses in Chicago soyoil and a firmer tone in the Canadian dollar contributed to the bearish tone in canola.
The canola market will be closed Monday for Terry Fox Day, with civic holidays across the country. The Chicago futures will trade their usual hours.
Mixed Prairie growing conditions kept some weather premiums in the market, with dryness in some areas countered by relatively favourable weather elsewhere.
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ICE canola weaker at midday Friday
By Phil Franz-Warkentin Glacier FarmMedia — The ICE Futures canola market was weaker at midday Friday, taking some direction from…
Canada exported 55,100 tonnes of canola during the week ended July 27, reported the Canadian Grain Commission. That brought the crop-year-to-date total to 9.492 million tonnes, which compares with 6.817 million at the same point the previous year.
There were 49,510 contracts traded on Friday, which compares with Thursday, when 37,997 contracts changed hands. Spreading accounted for 31,750 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade held steady at Friday’s close. Optimism over a possible trade deal between the United States and China provided some underlying support.
However, favourable Midwestern weather conditions tempered the upside, with losses in soyoil also weighing on values.
CORN futures moved lower, with the lack of any major weather concerns weighing on values.
The U.S. Department of Agriculture reported flash sales of 352,000 tonnes of corn to unknown destinations.
WHEAT futures were weaker Friday, setting fresh contract lows in some months with seasonal harvest pressure weighing on values.
Argentina’s wheat crop was rated over 95 per cent good to excellent by the Buenos Aires Grain Exchange, accounting for some selling pressure in the U.S. futures.
Sovecon lowered its call on 2025 Russian wheat production to 83.3 million tonnes, from an earlier forecast of 83.6 million, citing lower-than-expected yields in southern growing areas.
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