WINNIPEG, Nov. 29 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished lower on Friday, amid quiet trading activity due to the Thanksgiving holiday.
One trader said canola is “chopping up and down” in a range due to the quiet activity in United States commodity markets.
Canola is expected to remain range-bound into the New Year, with the January contract holding between C$455 and C$467.
The Canadian dollar dipped slightly at the end of the week, at around 75.1 U.S. cents, providing some support for canola exports.
A stronger tone for soyoil on the Chicago Board of Trade was also supportive of canola prices. Soy oil finished the day up by one-tenth of a cent.
On Friday, 14,688 contracts were traded, which compares with Thursday when 2,795 contracts changed hands. Spreading accounted for 10,500 contracts traded.
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Friday, as trading activity was quiet following the Thanksgiving holiday.
Export data from the United States Department of Agriculture (USDA) was supportive of soybean values.
Last week’s soybean export sales exceeded trade expectations, at 1.664 million tonnes. That’s 14 per cent higher than the week prior, and brings total shipments for the marketing year to be 9.5 per cent ahead of last year’s pace. However, soymeal sales were lower than expected, at just 93,000 tonnes. Soyoil sales totaled over 14,000 tonnes last week.
Prices remain pressured by a competitive global market. There is still no concrete deal for Phase One of the trade agreement between the U.S. and China.
CORN futures finished the week higher, due to positive export data. Trade expectations estimated last week’s corn export sales to be between 400,000 and 900,000 tonnes, and the export report matched that expectation at 806,800 tonnes. However, exports for the marketing year are still 40 per cent behind last year’s pace.
WHEAT futures were higher on Friday. Weekly export sales data showed sales were above trade estimates, totaling 612,700 tonnes. Total exports for the marketing year are almost 9 per cent ahead of last year’s pace.
Earlier this week, House Democrats said they are close to ratifying the new North American trade agreement, known as the USMCA.
Democrats have been negotiating with President Donald Trump to change the agreement, which will replace NAFTA when ratified. Mexico has ratified the agreement, but the U.S. and Canada have not.
The President of Mexico said earlier this week, that his government would send a letter to House Speaker Nancy Pelosi, encouraging Congress to approve the deal.