ICE Futures canola contracts settled with small gains on Friday, turning higher in the final minutes of trade after posting losses for most of the session.
Losses in Chicago Board of Trade soyoil futures, bearish technical signals, and ample supplies in the commercial pipeline all contributed to the softer tone seen throughout the day.
However, while soyoil futures were lower, CBOT soybeans were stronger and the gains there helped pull canola higher.
Weakness in the Canadian dollar, which moved below 76 U.S. cents, was also supportive for canola.
Read Also
Feed Grains Weekly: Price likely to keep stepping back
As the harvest in southern Alberta presses on, a broker said that is one of the factors pulling feed prices lower in the region. Darcy Haley, vice-president of Ag Value Brokers in Lethbridge, added that lower cattle numbers in feedlots, plentiful amounts of grass for cattle to graze and a lacklustre export market also weighed on feed prices.
The canola market will be closed on Monday, Nov. 12, in lieu of Remembrance Day. Positioning ahead of the Canadian long weekend kept some caution in the market, as U.S. markets will still be open.
About 12,854 canola contracts traded, which compares with Thursday when 10,862 contracts changed hands. Spreading accounted for 6,282 of the contracts traded.
SOYBEAN futures were stronger on Friday, as short-covering ahead of the weekend helped the market continue to recover off of the session lows hit on Thursday.
The rising United States and world ending stocks projections from the U.S. Department of Agriculture that had triggered a short-lived selloff on Thursday tempered the upside.
Soybean seedings in Argentina were running slightly ahead of normal, according to reports out of the country.
CORN futures were lower as traders were still trying to get their minds around yesterday’s USDA supply/demand report. The U.S. corn carryout forecast was revised slightly lower, but the world carryout projection was nearly doubled, to 307.5 million tonnes, due to revisions in Chinese supply numbers from the past decade.
Snow and rain in parts of the Midwest should slow the final stages of harvest in some areas.
WHEAT futures were lower, as large world supplies kept prices under pressure heading into the weekend.
Good moisture conditions for the U.S. winter wheat crop were also bearish, although declining production estimates out of Russia were supportive. A report out of Argentina pegged that country’s wheat crop at 43 per cent good to excellent, which compares with 58 per cent at the same time a year ago.
OUTSIDE MARKETS
Light crude oil nearby futures in New York was down 48 cents at US$60.19 per barrel.
In the afternoon, the Canadian dollar was trading around US76.72 cents, down from 76.25 cents the previous trading day. The U.S. dollar was C$1.3206.
Winnipeg ICE Futures Canada dollars per tonne.
Canola Nov 18 475.30s +0.60 +0.13%
Canola Jan 19 482.40s +0.60 +0.12%
Canola Mar 19 490.00s +0.60 +0.12%
Canola May 19 497.60s +0.70 +0.14%
Canola Jul 19 502.30s +0.70 +0.14%
American crop prices in cents US/bushel, soybean meal in $US/short ton, soy oil in cents US/pound. Prices are displayed with fractions (2/8, 4/8, and 6/8) instead of decimals. -2 equals .25, -4 equals .50, -6 equals .75. The “s” means it is the settlement.
Chicago
Soybeans Nov 18 875-2s +7-6 +0.89%
Soybeans Jan 19 886-6s +7-6 +0.88%
Soybeans Mar 19 900-0s +8-0 +0.90%
Soybeans May 19 913-2s +8-0 +0.88%
Soybeans Jul 19 926-4s +8-2 +0.90%
Soybean Meal Dec 18 305.6s -0.5 -0.16%
Soybean Meal Jan 19 307.4s -0.6 -0.19%
Soybean Meal Mar 19 310.3s -0.4 -0.13%
Soybean Oil Dec 18 27.62s -0.40 -1.43%
Soybean Oil Jan 19 27.80s -0.42 -1.49%
Soybean Oil Mar 19 28.09s -0.42 -1.47%
Corn Dec 18 369-6s -3-6 -1.00%
Corn Mar 19 381-2s -4-0 -1.04%
Corn May 19 389-2s -4-0 -1.02%
Corn Jul 19 396-0s -3-2 -0.81%
Corn Sep 19 398-0s -3-0 -0.75%
Oats Dec 18 285-0s -1-6 -0.61%
Oats Mar 19 284-0s +1-0 +0.35%
Oats May 19 284-4s +2-0 +0.71%
Oats Jul 19 284-6s +1-6 +0.62%
Oats Sep 19 280-0s +0-6 +0.27%
Wheat Dec 18 502-0s -5-6 -1.13%
Wheat Mar 19 512-2s -7-4 -1.44%
Wheat May 19 519-4s -10-6 -2.03%
Wheat Jul 19 526-0s -13-6 -2.55%
Wheat Sep 19 537-6s -14-0 -2.54%
Minneapolis
Spring Wheat Dec 18 573-2s -6-6 -1.16%
Spring Wheat Mar 19 577-0s -7-6 -1.33%
Spring Wheat May 19 584-4s -7-6 -1.31%
Spring Wheat Jul 19 592-0s -7-4 -1.25%
Spring Wheat Sep 19 600-0s -6-6 -1.11%
Kansas City
Hard Red Wheat Dec 18 487-4s -9-6 -1.96%
Hard Red Wheat Mar 19 509-2s -10-2 -1.97%
Hard Red Wheat May 19 522-6s -10-4 -1.97%
Hard Red Wheat Jul 19 533-4s -10-6 -1.98%
Hard Red Wheat Sep 19 547-6s -11-4 -2.06%
Chicago livestock futures in US¢/pound, Pit trade
Live Cattle Dec 18 114.575s -1.975 -1.69%
Live Cattle Feb 19 117.800s -2.075 -1.73%
Live Cattle Apr 19 120.250s -1.625 -1.33%
Feeder Cattle Nov 18 149.000s -1.175 -0.78%
Feeder Cattle Jan 19 143.800s -2.475 -1.69%
Feeder Cattle Mar 19 142.175s -2.300 -1.59%
Lean Hogs Dec 18 55.800s +0.175 +0.31%
Lean Hogs Feb 19 59.500s -0.625 -1.04%
Lean Hogs Apr 19 65.700s -1.075 -1.61%
