By Jade Markus and Phil Franz-Warkentin, Commodity News Service Canada
Winnipeg, December 16 – ICE Futures Canada canola was mostly unchanged ahead of the weekend, feeling the mixed effects of outside oilseed markets.
The Chicago Board of Trade soy complex advanced on Friday, which provided some spillover support.
However, the Malaysian palm oil market closed lower overnight, which limited the upside.
The market is moving into sluggish holiday-based trading, analysts say.
About 29,979 canola contracts traded on Friday, which compares with Thursday when 32,729 contracts changed hands.
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Spreading accounted for about 24,342 of the contracts traded.
Durum and barley futures were untraded and unchanged, while milling wheat was revised after the close.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade were up by three to eight cents per bushel on Friday, as solid export demand continued to provide support.
After rising on the back of solid weekly export sales on Thursday, the soybean market found continued support on Friday from news that private exporters had sold 205,000 tonnes of US beans to ‘unknown destinations.’
There are also still enough weather concerns in South America to keep some caution in the market.
However, forecasts for rain in Argentina and the large US supply situation tempered the upside. Chart resistance also held on the day.
SOYOIL futures settled near unchanged on Friday.
SOYMEAL futures were up with soybeans on Friday.
CORN futures in Chicago were narrowly mixed at Friday’s close, lacking any clear direction as the market saw some consolidation ahead of the weekend.
Bird flu concerns in Asia put some pressure on the feed grain markets in general, including corn. Large US supplies and good South American crop prospects also weighed on prices.
However, solid export demand provided some underlying support. Crude oil was also higher on Friday, which benefited the energy-linked corn market.
WHEAT futures in Chicago were steady to up two cents per bushel on Friday, with positioning ahead of the weekend a feature.
Forecasts are calling for cold temperatures across much of the US winter wheat belt over the weekend, and the possibility of winterkill provided support.
