Winnipeg (MarketsFarm) – The ICE Futures canola market was stronger on Friday, taking some direction from Chicago Board of Trade soyoil as traders adjusted positions ahead of the long weekend.
Markets will be closed Monday for Labour Day.
Chart-based buying contributed to the gains, although the November contract ran into resistance around C$450 per tonne.
Large old crop supplies and improving growing conditions over the past month tempered the advances.
Statistics Canada estimated canola production this year at 18.5 million tonnes in a report out earlier in the week. That would be about 2 million tonnes down from the previous year, but most market participants expect actual production will still end up at least above 19 million tonnes.
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About 10,978 canola contracts traded on Friday, which compares with Thursday when 7,341 contracts changed hands. Spreading accounted for 4,476 of the contracts traded.
SOYBEANS held onto small gains on Friday, but settled well off their highs for the day as traders squared positions before the month-end.
Talk that the United States and China may be looking resume trade negotiations in September was somewhat supportive, as tensions have eased somewhat over the past week.
Concerns over cool and wet Midwestern weather forecasts were also supportive, with slow crop development raising concerns over possible frost damage before the harvest.
CORN held near unchanged throughout the day, settling with small losses as spillover selling from declines in wheat weighed on values.
Uncertainty over a proposed biofuels plan from U.S. President Donald Trump kept some caution in the corn market ahead of the weekend.
Trump tweeted on Thursday that a “giant package” was coming on ethanol that would make farmers happy. However, details backing up that promise remain to be seen.
WHEAT futures were weaker on Friday, with heavy deliveries against the September contracts dragging on the markets.
The advancing U.S. spring wheat harvest and ample world supplies added to the softer tone in wheat.
| Name / Contract | Last | Change | % Change |
| Canola Nov 19 | 448.00s | +0.50 | +0.11% |
| Canola Jan 20 | 456.10s | +0.80 | +0.18% |
| Canola Mar 20 | 463.20s | +0.80 | +0.17% |
| Canola May 20 | 469.50s | +0.60 | +0.13% |
| Canola Jul 20 | 475.60s | +0.20 | +0.04% |
| MPC Sonia Aug 19 | 99.2925s | unch | unch |
| MPC Sonia Sep 19 | 99.3050s | unch | unch |
| MPC Sonia Nov 19 | 99.3950s | unch | unch |
| S&P 500 Comm Srvs Sep 19 | 258.95 | -0.15 | -0.06% |
| S&P 500 Comm Srvs Dec 19 | 260.05s | +3.65 | +1.42% |
| S&P 500 Comm Srvs Mar 20 | 260.90s | +3.65 | +1.42% |
| Soybean Sep 19 | 857-0s | +0-6 | +0.09% |
| Soybean Nov 19 | 869-0s | +0-4 | +0.06% |
| Soybean Jan 20 | 882-0s | +0-4 | +0.06% |
| Soybean Mar 20 | 894-2s | +0-2 | +0.03% |
| Soybean May 20 | 904-4s | -0-2 | -0.03% |
| Soybean Meal Sep 19 | 289.3s | -2.7 | -0.92% |
| Soybean Meal Oct 19 | 291.7s | -2.6 | -0.88% |
| Soybean Meal Dec 19 | 295.3s | -2.7 | -0.91% |
| Soybean Oil Sep 19 | 28.64s | +0.27 | +0.95% |
| Soybean Oil Oct 19 | 28.64s | +0.27 | +0.95% |
| Soybean Oil Dec 19 | 28.81s | +0.23 | +0.80% |
| Corn Sep 19 | 358-0s | -1-6 | -0.49% |
| Corn Dec 19 | 369-6s | -1-4 | -0.40% |
| Corn Mar 20 | 382-2s | -1-0 | -0.26% |
| Corn May 20 | 390-0s | -0-6 | -0.19% |
| Corn Jul 20 | 397-0s | -0-2 | -0.06% |
| Oats Sep 19 | 262-2s | -18-0 | -6.42% |
| Oats Dec 19 | 269-0s | -1-2 | -0.46% |
| Oats Mar 20 | 273-6s | -0-6 | -0.27% |
| Oats May 20 | 273-4s | -0-2 | -0.09% |
| Oats Jul 20 | 275-2s | -0-2 | -0.09% |
| Wheat Sep 19 | 451-2s | -18-4 | -3.94% |
| Wheat Dec 19 | 462-4s | -10-2 | -2.17% |
| Wheat Mar 20 | 470-0s | -8-2 | -1.73% |
| Wheat May 20 | 475-0s | -6-0 | -1.25% |
| Wheat Jul 20 | 479-4s | -4-0 | -0.83% |
| Spring Wheat Sep 19 | 476-4s | -3-0 | -0.63% |
| Spring Wheat Dec 19 | 496-6s | -4-6 | -0.95% |
| Spring Wheat Mar 20 | 510-4s | -5-6 | -1.11% |
| Spring Wheat May 20 | 520-6s | -5-4 | -1.05% |
| Spring Wheat Jul 20 | 530-6s | -5-2 | -0.98% |
| Hard Red Wheat Sep 19 | 378-2s | -9-0 | -2.32% |
| Hard Red Wheat Dec 19 | 397-2s | -4-2 | -1.06% |
| Hard Red Wheat Mar 20 | 413-4s | -3-0 | -0.72% |
| Hard Red Wheat May 20 | 424-0s | -2-4 | -0.59% |
| Hard Red Wheat Jul 20 | 433-2s | -2-6 | -0.63% |
| Live Cattle (Pit) Aug 19 | 105.000s | -0.650 | -0.62% |
| Live Cattle (Pit) Oct 19 | 98.925s | -0.875 | -0.88% |
| Live Cattle (Pit) Dec 19 | 103.675s | -0.575 | -0.55% |
| Feeder Cattle (Pit) Sep 19 | 132.400s | -1.000 | -0.75% |
| Feeder Cattle (Pit) Oct 19 | 130.800s | -1.175 | -0.89% |
| Feeder Cattle (Pit) Nov 19 | 130.325s | -1.600 | -1.21% |
| Lean Hogs (Pit) Oct 19 | 63.525s | -1.375 | -2.12% |
| Lean Hogs (Pit) Dec 19 | 63.375s | -2.275 | -3.47% |
| Lean Hogs (Pit) Feb 20 | 71.425s | -1.625 | -2.22% |
| Crude Oil WTI Oct 19 | 55.06 | -1.65 | -2.91% |
| Canadian Dollar (Pit) Sep 19 | 0.75085s | -0.00115 | -0.15% |
