North American Grain/Oilseed Review: Canola settles with small gains

By Phil Franz-Warkentin, Commodity News Service Canada

Winnipeg, Aug. 17 (CNS Canada) – ICE Futures canola contracts settled with small gains on Friday, as a late bounce in Chicago Board of Trade soybeans provided some support.

Soybeans had been down by as much as 15 cents per bushel for much of the session, but recovered in the final minutes of trade to settle with only small losses. Soyoil was firmer at the close.

Ongoing concerns over heat and dryness in many canola growing areas of Western Canada also remained supportive, as traders try to get a better handle on the size of this year’s crop.

North American Grain and Oilseed Review: Canola swings higher with soy

By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were stronger on Thursday, gleaning ample spillover…

However, strength in the Canadian dollar and ideas that canola is looking expensive compared to other oilseeds weighed on prices.

About 9,862 canola contracts traded, which compares with Thursday when 12,336 contracts changed hands. Spreading accounted for 2,702 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade settled with small losses on Friday, but were well off their lows for the day.
After climbing sharply higher on Thursday, profit-taking ahead of the weekend came forward to weigh on prices for most of the day.

Forecasts calling for beneficial rain across much of the Midwest were also bearish, as the moisture should be welcomed at this stage of crop development.
While a planned visit by Chinese officials to the United States later this month has renewed optimism that a deal could be reached to end the ongoing trade war, there’s been no actual movement on that front yet.

CORN futures were lower, with spillover from the declines in soybeans earlier in the day accounting for some of the selling pressure. The improving moisture prospects across the Midwest were also bearish.
However, a rally in wheat provided some support.

All three U.S. WHEAT markets posted solid gains, as reports out this morning that Russia was considering placing a cap on exports provided the initial catalyst for the move higher. The Russian government later released a statement denying the reports, but the wheat futures remained supported.
Gains in European wheat futures and weakness in the U.S. dollar index were also supportive for the wheat market today.