By Jade Markus and Erin DeBooy, Commodity News Service Canada
ICE Futures Canada canola ended higher ahead of the weekend, supported by other oilseed markets.
Soybeans and soy oil at the Chicago Board of Trade gathered strength from a weaker domestic currency.
Strong demand for canola was also bullish, traders say.
Advances in Malaysian palm oil further underpinned the market.
However, generally favourable crop conditions limited gains on Friday.
Canadian markets will be closed Monday for a civic holiday. US markets will be open.
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About 12,654 canola contracts traded on Friday, which compares with Thursday when 18,006 contracts changed hands. Spreading accounted for about 4,812 of the contracts traded.
Milling wheat and durum futures were untraded and unchanged. Barley moved lower.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade strengthened on Friday as favourable weather forecasts flipped.
Prices for the September contract rose 29 cents to settle at US$10.3250 per bushel.
Hotter weather is forecast for the Midwest next week and mid-August, reigniting fears adverse growing conditions will curb soybean crops this year. August is the most critical month for soybean growth.
A slight chance of scattered showers between the warm weeks limited gains.
The US dollar softened on Friday following disappointing US economic data, which is bullish for soybeans as it makes the commodity more appealing to international buyers.
SOYOIL prices closed higher on Friday, jumping 86 cents to sit at US$30.35 per pound for the August contract.
SOYMEAL closed stronger on Friday.
CORN futures rose between 3 to 4 cents on Friday, as forecasts call for another spell of warmer weather in the Midwest.
The September contract hit daily highs of US$3.35 before settling slightly below at US$3.3450 per bushel.
The heat is expected to lead to high pest pressure as corn harvest approaches, paving the way for insects such as caterpillar pests and spider mites, supporting prices.
WHEAT closed lower on Friday, dropping 1.5 to 2.5 cents per bushel.
The Wheat Quality Council’s annual crop tour continues to show above-average yields and better quality than some industry reports expected, weighing on prices.
Dryland wheat farmers in Eastern Washington are also reporting above-average yields, with some farmers estimating 100 bushels per acre, compared to normal yields of 50 to 60 bushels per acre.
– Producers in Alberta are starting to combine winter wheat, according tothe Alberta Federation of Agriculture, while Manitoba and Saskatchewan are still struggling with too much moisture. Some areas in Southern Saskatchewan are close to taking off winter wheat, which should be dry enough in about 10
days to two weeks.
– Anhui, China is buying mouldy and damaged wheat at above average prices to assist farmers affected by recent flooding, according to the Financial Times. Anhui expects to purchase 500,000 tonnes of poor-quality wheat for prices up to 46 per cent above the market price under the purchase plan, which will run until August.
