Glacier FarmMedia — ICE canola futures traded to both sides of unchanged on Friday but failed to hold onto earlier gains and settled with small losses.
Trade talks between Canadian foreign minister Anita Anand and her Chinese counterpart brought renewed optimism that a resolution to the countries’ tariff dispute could be reached. However, an actual deal is still thought to be far off.
Weekly Canadian canola exports of 159,200 tonnes were roughly double what moved the previous week, according to the latest Canadian Grain Commission data. However, crop year-to-date movement of 955,300 tonnes compares with 2.3 million by the same point a year ago.
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The canola harvest is nearly finished across the Prairies, and the resulting slowdown in farmer selling was somewhat supportive. Farmers delivered 457,100 tonnes of canola into the commercial pipeline during the week ended Oct. 12, which was down 7.6 per cent from the previous week.
There were 59,283 contracts traded on Friday, which compares with Thursday when 83,046 contracts changed hands. Spreading accounted for 46,698 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Friday.
United States President Donald Trump said his proposed 100 per cent tariffs on Chinese imports beginning Nov. 1 would not be sustainable, but claimed “they forced me to do that,” in an interview with the Fox Business Network. Trump is still set to meet with Chinese President Xi Jinping in two weeks.
Seasonal harvest pressure and an ongoing lack of export demand weighed on prices, tempering the gains.
CORN held closer to unchanged, with the bias higher at the close.
While the advancing U.S. harvest pressured values, anecdotal yield reports were coming in below earlier expectations.
Weekly U.S. ethanol production of 1.074 million barrels per day was up slightly on the week, but stocks of the renewable fuel still tightened.
The lack of data amid the ongoing U.S. government shutdown kept some caution in the market.
WHEAT futures were narrowly mixed, with losses in Minneapolis spring wheat and gains in the Chicago winter wheats.
Spring wheat hit fresh contract lows, while chart-based positioning underpinned the winter wheat contracts.
Large world supplies remained a bearish influence in the wheat market.
Access the latest futures prices at https://www.producer.com/markets-futures-prices/
