By Dave Sims, Commodity News Service Canada
Winnipeg, Sept. 14 (CNS Canada) – The ICE Futures canola platform chopped around in a narrow trading range for much of the day before ending with a small gain.
Weather issues continue to be one of the main sources of support for the market, as cold, wet weather delays harvest efforts on the Prairies.
Weakness in the Canadian dollar was bullish for the market, as it made canola more attractive to international buyers.
The front-month November contract seems to have taken C$490 as a support level for now.
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Yields from the northern Prairies have been coming in a little better than expected, but there is still a great deal of uncertainty about how big the crop will actually be.
Some traders were taking positions ahead of next week’s crop production report from Statistics Canada. The agency will release the report, which is based on satellite data, on Wednesday.
About 7,566 canola contracts traded, which compares with Thursday when 11,800 contracts changed hands. Spreading accounted for 2,322 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Soybean futures on the Chicago Board of Trade ended slightly lower Friday in technical trading.
Futures continue to be pressured from this week’s USDA production report, which pegged the carryout at 845 million tonnes.
Farmers in Argentina have mostly wrapped up their soybean planting for the 2018/19 growing season. Analysts say rain in the northern portion of the country helped guarantee moisture for the crop.
The corn market bounced around in technical trade before ending with a slight gain.
Space for corn could be tough to find in some parts of the U.S. Corn Belt as the trade dispute between the U.S. and China has left some bins full of soybeans.
Speculators are short in the market by about 93,000 contracts.
Wheat futures in Chicago, Minneapolis and Kansas City jumped Friday due to short-covering.
There are ideas Russian exports may begin to slow down due to new sanitation requirements.
Exporters in the U.S. are looking to fill tenders for Algeria, Tunisia, Saudi Arabia and a few other Middle Eastern countries but are finding competition stiff due to cheaper wheat in Europe and the Black Sea region.
