Winnipeg, (MarketsFarm) – The ICE Futures canola market was stronger on Friday, taking some direction from Chicago Board of Trade soybeans as traders squared positions ahead of the weekend.
Speculative short-covering was a feature as fund traders took some profits on their bearish bets, according to a trader.
Solid crush margins added to the firm tone, with domestic processors still looking at some of their best margins of the past year.
While production uncertainty across the Prairies also kept some weather premiums in the market, the looming harvest tempered the upside.
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A firmer tone in the Canadian dollar, which was up by about a quarter of a cent, also slowed the advances.
About 11,459 canola contracts traded on Friday, which compares with Thursday when 12,748 contracts changed hands. Spreading accounted for 3,540 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Friday, with positioning ahead of the weekend a feature as the market took back some of Thursday’s losses.
The United States Department of Agriculture reported a flash sale of nearly 300,000 tonnes of soybeans to unknown destinations this morning, providing some support.
However, ongoing uncertainty over Chinese trade relations kept traders on their toes, as the back-and-forth from both countries over the past week adds more confusion to the situation.
CORN was higher, seeing a technical rebound after posting sharp losses earlier in the week amid oversold price sentiment.
Ideas that the U.S. crop may not live up to Monday’s optimistic production forecast from the USDA were supportive.
WHEAT futures were steady to higher on Friday, although trade was thin and choppy.
The USDA attaché in Canada pegged the Canadian wheat crop at 32.65 million tonnes, which would be up from the 31.77 million tonnes grown the previous year. Agriculture and Agri-Food Canada is currently forecasting a 32.0 million tonne Canadian wheat crop. The first official Statistics Canada crop production estimate of the year will be released on Aug. 28.
| Name / Contract | High | Low | Last | Change | Settlement |
| Canola Nov 2019 (updated 1:19PM(CST) on 8/13/2019) | 455.20 | 448.60 | 448.70 | -3.70 | 448.70 |
| Canola Jan 2020 (updated 1:18PM(CST) on 8/13/2019) | 463.30 | 456.90 | 457.00 | -4.10 | 457.00 |
| Canola Mar 2020 (updated 1:16PM(CST) on 8/13/2019) | 470.60 | 464.30 | 464.60 | -3.90 | 464.60 |
| Canola May 2020 (updated 1:15PM(CST) on 8/13/2019) | 476.50 | 470.50 | 471.00 | -3.60 | 471.00 |
| Canola Jul 2020 (updated 1:15PM(CST) on 8/13/2019) | 481.70 | 476.20 | 476.90 | -3.20 | 476.90 |
| Soybean Aug 2019 | 872.00 | 871.25 | 872.00 | 10.50 | 871.25 |
| Soybean Sep 2019 | 883.75 | 863.25 | 876.25 | 9.50 | 876.00 |
| Soybean Nov 2019 | 896.75 | 875.50 | 889.00 | 9.75 | 889.00 |
| Soybean Jan 2020 | 910.00 | 889.25 | 902.00 | 9.25 | 902.25 |
| Soybean Mar 2020 | 922.25 | 901.75 | 914.00 | 8.75 | 914.25 |
| Soybean May 2020 | 933.25 | 913.50 | 925.25 | 8.25 | 925.25 |
| Soybean Meal Aug 2019 | 298.30 | 291.60 | 297.80 | 5.90 | 297.20 |
| Soybean Meal Sep 2019 | 300.00 | 292.50 | 299.20 | 5.80 | 299.30 |
| Soybean Meal Oct 2019 | 301.70 | 294.30 | 300.90 | 5.70 | 301.00 |
| Soybean Oil Aug 2019 | 29.36 | 29.17 | 29.17 | -0.47 | 29.64 |
| Soybean Oil Sep 2019 | 29.85 | 29.11 | 29.17 | -0.49 | 29.21 |
| Soybean Oil Oct 2019 | 29.98 | 29.23 | 29.29 | -0.50 | 29.34 |
| Corn Sep 2019 | 379.00 | 365.50 | 366.00 | -19.25 | 367.50 |
| Corn Dec 2019 | 388.00 | 376.00 | 376.50 | -16.25 | 377.75 |
| Corn Mar 2020 | 400.00 | 389.25 | 390.00 | -13.25 | 390.75 |
| Corn May 2020 | 407.50 | 397.25 | 398.75 | -10.25 | 399.00 |
| Corn Jul 2020 | 412.00 | 402.50 | 404.50 | -8.25 | 404.75 |
| Oats Sep 2019 | 272.00 | 268.00 | 271.75 | unch | 271.75 |
| Oats Dec 2019 | 268.75 | 263.25 | 266.00 | -0.75 | 266.25 |
| Oats Mar 2020 | 272.50 | 269.50 | 270.25 | -1.00 | 271.75 |
| Oats May 2020 | 270.50 | 270.00 | 270.00 | -0.75 | 270.75 |
| Oats Jul 2020 | 274.00 | 270.75 | 270.75 | -0.50 | 271.25 |
| Wheat Sep 2019 | 478.75 | 465.50 | 472.00 | 0.25 | 473.50 |
| Wheat Dec 2019 | 481.75 | 469.50 | 475.75 | -0.50 | 477.50 |
| Wheat Mar 2020 | 489.25 | 477.75 | 483.25 | -0.75 | 484.50 |
| Wheat May 2020 | 495.00 | 483.50 | 489.25 | -0.50 | 491.00 |
| Wheat Jul 2020 | 501.00 | 488.50 | 494.50 | -0.50 | 496.75 |
| Spring Wheat Sep 2019 | 511.50 | 502.00 | 502.75 | -6.50 | 502.75 |
| Spring Wheat Dec 2019 | 525.00 | 514.50 | 516.50 | -5.50 | 516.50 |
| Spring Wheat Mar 2020 | 540.50 | 530.25 | 531.75 | -5.25 | 531.75 |
| Spring Wheat May 2020 | 550.25 | 541.50 | 542.50 | -4.50 | 542.50 |
| Spring Wheat Jul 2020 | 555.50 | 552.00 | 552.75 | -4.25 | 552.75 |
| Hard Red Wheat Sep 2019 | 396.25 | 382.75 | 383.50 | -8.75 | 385.25 |
| Hard Red Wheat Dec 2019 | 413.25 | 399.75 | 400.50 | -8.50 | 401.75 |
| Hard Red Wheat Mar 2020 | 429.00 | 416.25 | 417.00 | -8.25 | 418.50 |
| Hard Red Wheat May 2020 | 438.75 | 427.50 | 427.75 | -8.50 | 430.00 |
| Hard Red Wheat Jul 2020 | 450.25 | 437.25 | 438.00 | -8.25 | 440.75 |
| Live Cattle (Pit) Aug 2019 | 100.55 | 100.55 | 100.55 | -4.50 | 100.55 |
| Live Cattle (Pit) Oct 2019 | 99.25 | 99.25 | 99.25 | -4.50 | 99.25 |
| Live Cattle (Pit) Dec 2019 | 103.95 | 103.95 | 103.95 | -4.50 | 103.95 |
| Feeder Cattle (Pit) Aug 2019 | 127.73 | 127.73 | 127.73 | -6.68 | 127.73 |
| Feeder Cattle (Pit) Sep 2019 | 127.20 | 127.20 | 127.20 | -6.75 | 127.20 |
| Feeder Cattle (Pit) Oct 2019 | 127.55 | 127.55 | 127.55 | -6.20 | 127.55 |
| Lean Hogs (Pit) Aug 2019 | 79.00 | 79.00 | 79.00 | -0.18 | 79.00 |
| Lean Hogs (Pit) Oct 2019 | 64.58 | 64.58 | 64.58 | -2.50 | 64.58 |
| Lean Hogs (Pit) Dec 2019 | 63.03 | 63.03 | 63.03 | -0.75 | 63.03 |
| Canadian Dollar Aug 2019 | 0.7563 | 0.7530 | 0.7563 | 0.0011 | 0.7563 |
| Crude Oil WTI Sep 2019 | 57.47 | 54.21 | 57.13 | 2.20 | 57.13 |
Prices updated at 1:20PM(CST) on 8/13/2019
