By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 25 (MarketsFarm) – The ICE Futures canola market was mixed at Friday’s close, with losses in the front months and gains in the deferred contracts as the old/new crop spread narrowed in.
Speculative profit-taking accounted for some of the selling pressure, with a firmer tone in the Canadian dollar also weighing on values.
However, gains in Chicago Board of Trade soyoil futures provided some support. The need to encourage acres this spring also underpinned the new crop months.
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About 7,762 canola contracts traded on Friday, which compares with Thursday when 13,310 contracts changed hands. Spreading accounted for 4,612 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Friday, recovering from overnight losses as solid export demand provided support.
The United States Department of Agriculture reported private export sales this morning of 132,000 tonnes of soybeans to China for delivery during the current marketing year.
The first official acreage estimates for the upcoming growing season will be released by the USDA next week, with most pre-report predictions calling for an increase in seeded soybean area from the 87.2 million grown last year.
Quarterly stocks data will also be released next Thursday.
CORN futures were also up with pre-weekend positioning.
General expectations are for a decline in U.S. corn acres from the 93.4 million planted last year, as soybeans take some area away from corn.
Corn seeding across the US should get started over the next few weeks as soil temperatures begin to warm up.
The ongoing conflict in Ukraine remained supportive, with the country’s corn production expected to be down sharply on the year.
WHEAT was higher across the board, as the ongoing lack of exports through the Black Sea remained supportive.
However, recent moisture for the Southern Plains tempered the upside, with more beneficial precipitation in the forecasts.
France’s winter wheat crop held steady at 92 per cent good to excellent in a weekly report from the country. That’s slightly ahead of average for this time of year.
