WINNIPEG,(MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Friday, following trends set earlier in the week.
Challenging harvest conditions and delayed progress have yet to provide a boost to canola prices. One trader said the weather across Western Canada is almost the worst he has ever seen.
However, with snow in the forecast for some regions this weekend, and a chance of frost across the Prairies, a weather premium could return to markets in weeks to come.
On Friday, 20,613 contracts were traded, which compares with Thursday when 15,616 contracts changed hands. Spreading accounted for 11,316 contracts traded.
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U.S. grains: Soy drops on demand worries, corn firm as traders question lofty yield projections
U.S. soybean futures fell to a 1-1/2 week low on Tuesday as China continued to shun purchases from the United States and as forecasts for improved rains in the coming days reinforced expectations for a sizeable Midwest harvest.
Earlier today, the United States Department of Agriculture (USDA) reported a private export sale of approximately 126,000 tonnes of soybeans for delivery to China. That brings the weekly total, for soybeans purchased by China, to around 964,000 tonnes, or 35.4 million bushels.
Weather forecasts are predicting overnight frost in key U.S. growing areas, which could provide a weather premium to soybeans and corn.
CORN futures were slightly lower today, due to continually quiet demand, since small U.S. oil refineries are still exempt from blending ethanol into their product.
Producers are waiting for a biofuels package to be approved, but there is currently no timeline for such an event.
WHEAT futures were stronger on Friday, due to forecasts of snow over the weekend in key growing regions of both the U.S. and Canada.
The USDA reported approximately 87 per cent of the spring wheat crop has been harvested, which is well behind the five-year average. The durum harvest continues to be hampered by wet conditions across key growing regions. Approximately 73 per cent of the durum crop in North Dakota has been harvested, along with about 50 per cent in Montana.
The USDA has announced that some producers, who received prevented plant payments, will also receive additional funds, as a part of the Supplemental Disaster Bill.
| Name / Contract | Last | Change | % Change |
| Canola Nov 19 | 445.80s | -1.80 | -0.40% |
| Canola Jan 20 | 454.70s | -1.90 | -0.42% |
| Canola Mar 20 | 462.90s | -2.10 | -0.45% |
| Canola May 20 | 470.00s | -2.30 | -0.49% |
| Canola Jul 20 | 475.70s | -2.60 | -0.54% |
| S&P 500 Comm Srvs Dec 19 | 257.60 | -3.75 | -1.43% |
| S&P 500 Comm Srvs Mar 20 | 262.35s | -2.75 | -1.04% |
| S&P 500 Comm Srvs Jun 20 | 263.20s | -2.80 | -1.05% |
| Soybean Nov 19 | 883-0s | -5-4 | -0.62% |
| Soybean Jan 20 | 897-4s | -5-2 | -0.58% |
| Soybean Mar 20 | 910-0s | -5-0 | -0.55% |
| Soybean May 20 | 920-4s | -5-0 | -0.54% |
| Soybean Jul 20 | 929-4s | -4-6 | -0.51% |
| Soybean Meal Oct 19 | 289.9s | -0.9 | -0.31% |
| Soybean Meal Dec 19 | 295.1s | -0.5 | -0.17% |
| Soybean Meal Jan 20 | 297.1s | -0.5 | -0.17% |
| Soybean Oil Oct 19 | 28.62s | -0.39 | -1.34% |
| Soybean Oil Dec 19 | 28.84s | -0.33 | -1.13% |
| Soybean Oil Jan 20 | 29.09s | -0.33 | -1.12% |
| Corn Dec 19 | 371-4s | -1-0 | -0.27% |
| Corn Mar 20 | 383-6s | -1-0 | -0.26% |
| Corn May 20 | 391-0s | -1-2 | -0.32% |
| Corn Jul 20 | 396-4s | -1-0 | -0.25% |
| Corn Sep 20 | 398-2s | -1-2 | -0.31% |
| Oats Dec 19 | 270-0s | -0-2 | -0.09% |
| Oats Mar 20 | 274-0s | unch | unch |
| Oats May 20 | 275-0s | -0-2 | -0.09% |
| Oats Jul 20 | 275-0s | +0-2 | +0.09% |
| Oats Sep 20 | 277-0s | +0-2 | +0.09% |
| Wheat Dec 19 | 487-2s | +3-0 | +0.62% |
| Wheat Mar 20 | 493-6s | +3-4 | +0.71% |
| Wheat May 20 | 498-4s | +4-2 | +0.86% |
| Wheat Jul 20 | 502-2s | +3-6 | +0.75% |
| Wheat Sep 20 | 510-0s | +3-4 | +0.69% |
| Spring Wheat Dec 19 | 547-0s | -1-6 | -0.32% |
| Spring Wheat Mar 20 | 560-4s | -1-4 | -0.27% |
| Spring Wheat May 20 | 569-6s | -2-2 | -0.39% |
| Spring Wheat Jul 20 | 577-6s | -4-0 | -0.69% |
| Spring Wheat Sep 20 | 585-4s | -4-0 | -0.68% |
| Hard Red Wheat Dec 19 | 407-4s | -0-6 | -0.18% |
| Hard Red Wheat Mar 20 | 420-6s | -0-6 | -0.18% |
| Hard Red Wheat May 20 | 430-2s | -1-0 | -0.23% |
| Hard Red Wheat Jul 20 | 439-2s | -1-2 | -0.28% |
| Hard Red Wheat Sep 20 | 450-6s | -1-2 | -0.28% |
| Live Cattle (Pit) Oct 19 | 105.025s | +2.075 | +2.02% |
| Live Cattle (Pit) Dec 19 | 110.575s | +1.825 | +1.68% |
| Live Cattle (Pit) Feb 20 | 116.200s | +1.200 | +1.04% |
| Feeder Cattle (Pit) Oct 19 | 144.325s | +1.225 | +0.86% |
| Feeder Cattle (Pit) Nov 19 | 142.975s | +1.525 | +1.08% |
| Feeder Cattle (Pit) Jan 20 | 138.700s | +1.125 | +0.82% |
| Lean Hogs (Pit) Oct 19 | 65.275s | +1.050 | +1.63% |
| Lean Hogs (Pit) Dec 19 | 69.850s | -0.525 | -0.75% |
| Lean Hogs (Pit) Feb 20 | 75.800s | -1.000 | -1.30% |
