By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm — The ICE Futures canola market held onto small gains at Friday’s close, finishing well off its highs for the session as a downturn in the Chicago soy complex weighed on prices.
Speculative short covering and solid end-user demand underpinned the canola market, with the November contract trading as high as C$627.00 per tonne in early activity before backing away to settle at C$614.40 per tonne. Gains in European rapeseed and Malaysian palm oil futures were supportive.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange continued to rise on Friday morning,…
Chicago soybeans and soyoil were higher to start the session, but turned lower after the United States Department of Agriculture released its latest supply/demand estimates.
Canadian markets will be closed Monday for Thanksgiving, and positioning ahead of the long weekend accounted for some of the activity.
There were an estimated 74,575 contracts traded on Friday, which compares with Thursday when 58,794 contracts traded. Spreading accounted for 49,898 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were weaker on Friday, seeing a bearish reaction to relatively neutral monthly supply/demand estimates from the United States Department of Agriculture.
The USDA trimmed its U.S. soybean yield estimate by 0.1 bushels per acre, now at 53.1 bu./ac. Total soybean production in the country, at 4.582 billion bushels, was down by four million from September but would still be a new record.
World soybean ending stocks for the current marketing year were raised to 134.65 million tonnes, topping average trade guesses. South American production estimates were left unchanged on the month.
The USDA announced private export sales of 132,000 tonnes of soybeans to unknown destinations earlier in the day.
An unanticipated upward revision to U.S. CORN yields from the USDA weighed on that market Friday.
Average U.S. corn yields were pegged at 183.8 bu./ac., a 0.2 bu./ac. increase from September. Trade guesses had been for a small reduction on the month. Total U.S. corn production was raised to 15.203 billion bushels, from 15.156 billion last month.
Private export sales of more than half a million tonnes of U.S. corn to unknown destinations were announced Friday morning, providing some support.
WHEAT was lower, as larger-than-expected world stock estimates weighed on prices.
World wheat carryout for 2024/25 was upped by 500,000 tonnes from September to 257.7 million tonnes. Expectations had been for tightening stocks. The larger stocks came despite cuts to Russian and European production estimates.
