By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, April 21 (CNS Canada) – ICE Futures Canada canola closed mixed on Friday.
Traders had largely expected increased canola seeding this year, and Statistics Canada data was at the high-end of analyst projections.
The government agency says Canadian farmers are likely to seed a record-high 22.4 million acres of canola this year, which pressured deferred contracts.
However, near-term supply concerns, especially amid a lack of farmer-selling, propped up front contracts.
Around 39,467 canola contracts were traded on Friday, which compares with Thursday when around 23,344 contracts changed hands.
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Milling wheat, durum and barley futures were all untraded and unchanged.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade finished three to five cents per bushel stronger to end the week, following some spec buying.
Protests by port workers in Argentina are disrupting export activity at a major port.
However, soybean plantings in Canada are expected to rise by roughly 1.5 million acres, which was bearish.
SOYOIL futures ticked one to four points higher on Friday.
SOYMEAL futures were slightly higher on Friday.
CORN futures in Chicago declined to end the week as rumours surfaced that Brazil was considering handing subsidies to the shipping industry to better compete with US corn exports.
Weather conditions are favourable for the second Brazilian corn crop, which was bearish.
However, rain is expected to fall in the northern Midwest early next week, which could disrupt planting.
WHEAT futures in Chicago were mostly lower to end the week as traders took profits.
All-wheat acreage estimates in Canada, compiled by Statistics Canada, were higher than many analysts expected, which was bearish. The agency pegged the crop at 23.182 million acres, which was roughly the same as last year.
However, dry conditions in France have lowered the amount of wheat considered good to excellent, which was supportive.
