Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher on Friday in choppy trade.
Chicago soyoil and Malaysian palm oil were higher, while European rapeseed was lower. Crude oil prices were down in anticipation of a meeting between U.S. President Donald Trump and Russian President Vladimir Putin in Alaska today.
The western Prairies will see cooler temperatures today and this weekend, with rain and thunderstorms to come in Alberta.
At mid-afternoon, the Canadian dollar lost less than one-tenth of a U.S. cent compared to Thursday’s close.
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ICE Midday: Canola making small gains
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher in the middle of Friday trading, continuing their choppy…
There were 40,734 canola contracts traded on Friday, which compares with Thursday when 42,624 contracts changed hands. Spreading accounted for 19,196 of the contracts traded.
SOYBEAN prices rose by double digits on the Chicago Board of Trade on Friday, recovering most of Thursday’s losses.
The United States Department of Agriculture reported full year sales commitments at 51.12 million tonnes, matching the USDA’s estimate. New crop sales so far this marketing year are 4.71 million tonnes, 19.7 per cent less than the previous year and the lowest amount at this time since 2019 due to a lack of Chinese buying.
The National Oilseed Processors Association reported that a record-breaking 195.7 million bushels of soybeans were crushed in July. It was a seven per cent increase from last year and the highest monthly amount since January. Soyoil stocks were at 1.378 billion pounds, up 0.8 per cent from June and 14.7 per cent below last year.
Much of the U.S. Corn Belt will see little precipitation over the next week with temperatures in the high-30 degrees Celsius. However, the central and eastern regions of the Dakotas, as well as Minnesota, Wisconsin, Michigan and northern Iowa will see rain showers.
CORN futures gained eight U.S. cents per bushel on Friday, their largest one-day gain since early July.
Old crop U.S. export sale commitments now total 70.53 million tonnes, 98 per cent of the USDA’s estimate. New crop sales are at 13.83 million tonnes, the second-largest on record at this time of year.
The ProFarmer Crop Tour will run from Aug. 18 to 21. It will travel through Illinois, Indiana, Minnesota, Nebraska, Ohio and South Dakota to gather information on the U.S. corn and soybean crop.
Argentina’s ag ministry reported the country’s corn crop to be 94 per cent harvested, compared to 98 per cent one year ago.
Chicago soft and Kansas City hard red WHEAT prices were higher on Friday, while Minneapolis spring wheat continued to decline.
Full year export sales commitments for U.S. wheat were 11.03 million tonnes, the largest for the current week since 2013-14. It is also 46 per cent of the USDA’s forecast.
The Grain Industry Association of Western Australia projected the state’s wheat crop at 11.5 million tonnes, up 2.1 million from its previous estimates.
The Ukrainian government said its wheat crop was 88 per cent harvested at 18.99 million tonnes.
