The ICE Futures canola platform chopped around in a narrow trading range for much of Friday 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.
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.
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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.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was up 40 cents at US$68.99 per barrel.
In the afternoon, the Canadian dollar was trading around US76.67 cents, up from 76.94 cents the previous trading day. The U.S. dollar was C$1.3043.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 18 490.90s +1.00 +0.20%
Canola Jan 19 497.60s +1.10 +0.22%
Canola Mar 19 502.50s +0.70 +0.14%
Canola May 19 506.90s +0.40 +0.08%
Canola Jul 19 510.70s +0.70 +0.14%
Soybeans Sep 18 821-4s -1-2 -0.15%
Soybeans Nov 18 830-4s -2-6 -0.33%
Soybeans Jan 19 844-2s -2-6 -0.32%
Soybeans Mar 19 857-2s -2-4 -0.29%
Soybeans May 19 870-2s -2-2 -0.26%
Soybean Meal Sep 18 307.3s -4.0 -1.28%
Soybean Meal Oct 18 305.8s -6.6 -2.11%
Soybean Meal Dec 18 308.7s -6.2 -1.97%
Soybean Oil Sep 18 27.43s -0.01 -0.04%
Soybean Oil Oct 18 27.49s -0.03 -0.11%
Soybean Oil Dec 18 27.76s -0.03 -0.11%
Corn Sep 18 337-0s +0-6 +0.22%
Corn Dec 18 351-6s +1-2 +0.36%
Corn Mar 19 363-6s +1-0 +0.28%
Corn May 19 372-2s +1-0 +0.27%
Corn Jul 19 378-2s +0-6 +0.20%
Oats Sep 18 229-6s unch unch
Oats Dec 18 241-6s -0-6 -0.31%
Oats Mar 19 246-0s -0-6 -0.30%
Oats May 19 249-2s -0-4 -0.20%
Oats Jul 19 253-0s +0-2 +0.10%
Wheat Sep 18 480-0s +8-2 +1.75%
Wheat Dec 18 511-4s +14-4 +2.92%
Wheat Mar 19 530-2s +12-4 +2.41%
Wheat May 19 544-4s +11-2 +2.11%
Wheat Jul 19 550-2s +12-0 +2.23%
Spring Wheat Sep 18 557-0s +6-0 +1.09%
Spring Wheat Dec 18 572-2s +10-2 +1.82%
Spring Wheat Mar 19 587-4s +9-4 +1.64%
Spring Wheat May 19 596-4s +9-4 +1.62%
Spring Wheat Jul 19 604-0s +8-6 +1.47%
Hard Red Wheat Sep 18 479-0s +1-4 +0.31%
Hard Red Wheat Dec 18 516-2s +14-4 +2.89%
Hard Red Wheat Mar 19 537-0s +14-2 +2.73%
Hard Red Wheat May 19 550-6s +13-2 +2.47%
Hard Red Wheat Jul 19 552-4s +12-2 +2.27%
Live Cattle Oct 18 113.800s +3.000 +2.71%
Live Cattle Dec 18 118.050s +2.650 +2.30%
Live Cattle Feb 19 121.900s +2.000 +1.67%
Feeder Cattle Sep 18 157.425s +2.475 +1.60%
Feeder Cattle Oct 18 158.875s +3.475 +2.24%
Feeder Cattle Nov 18 158.425s +3.350 +2.16%
Lean Hogs Oct 18 56.225s +0.550 +0.99%
Lean Hogs Dec 18 56.650s +0.725 +1.30%
Lean Hogs Feb 19 65.675s +0.325 +0.50%
