By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger on Friday, underpinned by chart-based positioning ahead of the long weekend. Concerns over excessive moisture in parts of the Prairies added to the firmer tone.
The ICE canola market will be closed Monday for Canada Day, while grains and oilseeds in the United States will trade their usual hours.
Chicago soyoil futures were higher on the day, providing some spillover support. European rapeseed and Malaysian palm oil were also higher. However, weakness in Chicago soybeans put some pressure on values.
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Weekly Canadian canola exports of 184,900 tonnes were solid, although crop year-to-date movement of 6.0 million tonnes remained well behind the 7.5 million tonnes exported by the same point a year ago.
There were an estimated 29,390 contracts traded on Friday, which compares with Thursday when 67,353 contracts traded. Spreading accounted for 12,322 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were mixed on Friday, with the bias to the downside in the most active months as the market reacted to updated acreage and stocks data from the United States Department of Agriculture.
The USDA pegged U.S. soybean seedings this year at 86.1 million acres, which was down by about 400,000 acres from the March report, but above the 83.6 million acres seeded last year.
Quarterly U.S. soybean stocks came in above average trade guesses at 970 million bushels. That compares with the 796 million bushels on hand on June 1 a year ago.
CORN plantings came in well above trade guesses, sending prices falling to fresh contract lows.
The USDA pegged U.S. corn area at 91.5 million acres, up by 1.5 million from March and a million acres above average pre-report guesses. However, the corn area is still down from 94.6 million acres last year.
Quarterly stocks of just under five billion bushels were about 100 million above trade guesses, and well above the 4.1 billion bushels last year.
WHEAT futures were mostly lower on Friday, although Minneapolis spring wheat settled mixed.
Quarterly U.S. wheat stocks of 702 million bushels compare with 580 million last year.
U.S. wheat acres came in slightly below average trade guesses at 47.2 million acres, which compares with 49.6 million last year.
