WINNIPEG – The ICE Futures canola market was higher on Friday amidst lighter trading and positioning ahead of the holiday weekend. There will be no ICE canola trading on Dec. 26 and 27 due to the Christmas Day and Boxing Day holidays.
Chicago soyoil was also higher, while European rapeseed and Malaysian palm oil were both lower. Meanwhile, crude oil gained more than US$2 per barrel after Russia said it would cut oil production in response to a price cap implemented by the European Union and the G7.
The Canadian dollar gained more than a quarter of a United States cent to close at 73.51 cents on Friday.
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About 11,665 canola contracts were traded on Thursday, which compares with Thursday when 17,070 contracts changed hands. Spreading accounted for 8,274 of the contracts traded.
CORN prices ended the week with their third day of gains in four trading sessions.
Southern Brazil and Argentina are seeing dryness concerns for their corn crops, despite rainfall forecast in the coming days. The Bueno Aires Grain Exchange rated the Argentine corn crop at 15 per cent good to excellent, two points below last week and far lower than the 76 per cent at this time last year.
The USDA’s weekly ethanol report showed ethanol prices were within five cents of unchanged last week from US$1.87 to US$2.40 per gallon.
SOYBEANS nearly erased Thursday’s losses on Friday as they enter the holiday break with positive momentum.
The Argentine soybean crop was rated at 12 per cent good to excellent, seven points lower than last week. One-quarter of the crop was rated poor or very poor. In the country, 61 per cent of the soy area has already been planted, down 18 points from last year, but planting area could end up being reduced by as much as 200,000 hectares.
On the other hand, Brazil’s soybean crop is still on track for a possible record high of 152 million tonnes in 2023 despite the country’s own dryness concerns.
All three major U.S. WHEAT varieties were on the rise on Friday.
Winter wheat crops in the U.S. are being threatened by a major weather system affecting much of the country, raising winterkill risks for hard red wheat in the southwestern U.S. Plains.
Ukraine’s 2023 wheat crop will be half or less than half of the total of its 2022 crop, according to estimates.
There will be no grain trading on the Chicago Board of Trade (CBOT) on Dec. 26 due to the Christmas Day holiday.
