Glacier FarmMedia — The ICE Futures canola market was stronger on Friday, as chart-based positioning ahead of the weekend provided support.
The January canola contract was back above its 20- and 50-day moving averages, which underpinned values from a chart standpoint.
Gains in Chicago soybeans and soyoil provided spillover support, with European rapeseed also higher on the day. However, Malaysian palm oil finished the week near its lowest levels in four months.
Weekly Canadian canola exports of 188,400 tonnes were up 21 per cent from the previous week, according to the latest Canadian Grain Commission data. However, crop year-to-date exports of 1.4 million tonnes were roughly half of what moved by the same point the previous year as China remains absent from the market.
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There were 33,061 contracts traded on Friday, down from Thursday when 39,330 contracts changed hands. Spreading accounted for 19,406 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Friday, seeing a correction to end the week after dropping sharply on Thursday.
End-user bargain hunting was supportive, although the ongoing lack of confirmed Chinese purchases of soybeans from the United States after last week’s deal kept the gains in check.
Chinese customs data showed record soybean imports in October, with most of those beans coming from South America.
CORN edged lower, as support from the gains in soybeans was countered by the softer tone in wheat.
The U.S. Department of Agriculture will release delayed monthly supply/demand data next week Friday after skipping the October report due to the ongoing government shutdown.
WHEAT futures were mostly lower, with only spring wheat seeing some modest strength as the spreads between the contracts readjusted.
The wheat harvest in Argentina was just over 11 per cent complete, according to the Buenos Aires Grain Exchange. Meanwhile, soft wheat planting in France hit 79 per cent complete, said reports out of the country.
While China booked two cargoes of U.S. wheat earlier in the week, traders had expected to see more business.
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