By Dave Sims, Commodity News Service Canada
Winnipeg, Sept. 21 (CNS Canada) – The ICE Futures canola platform chopped around for much of Friday’s session before ending with small gains. Traders were squaring positions before the weekend.
Advances in U.S. soyoil pointed the way higher for canola.
Concerns over frost in Australian canola fields and a smaller European rapeseed crop helped boost values.
However, canola’s front-month November contract ran into technical resistance at the C$490 per tonne mark.
Uncertainty over the future of global trade cast a gloomy shadow over agricultural markets in general.
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Despite recent cold weather in parts of Western Canada the crop is still thought to be in decent shape, according to an analyst.
About 12,630 canola contracts traded, which compares with Thursday when 20,042 contracts changed hands. Spreading accounted for
8,478 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures on the Chicago Board of Trade finished the week mostly unchanged as traders engaged in routine, technical trade.
Strength in the U.S. dollar was somewhat bearish for values.
There are rumours Argentina has been buying more U.S. beans lately so it can turn around and sell them to China, or crushing them in Argentina first before selling the meal to China.
The corn market rose Friday as funds went bargain hunting before the weekend.
Ethanol margins remain tight and the production outlook appears muted over the short-term.
Heavy rains in the Midwest, and in particular northern Iowa, disrupted the harvest during the week with more showers forecast for this weekend.
Wheat futures in Chicago and Minneapolis recorded slight losses Friday while Kansas City futures were unchanged.
Demand for U.S. wheat seems to be weakening due to cheaper supplies of wheat in the Black Sea region.
Recent freezing temperatures in Australia are believed to have caused some damage to wheat crops, which was supportive.
