By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 10 (MarketsFarm) – The ICE Futures canola market was weaker on Friday in thin and choppy trade, as speculative profit-taking weighed on values ahead of the weekend.
Losses in Chicago Board of Trade soyoil put some spillover pressure on the Canadian oilseed, although soybeans were higher on the day.
The underlying fundamentals remain supportive for canola, tempering the losses as the market continued to work to ration demand.
Weekly canola exports came in at only 64,000 tonnes in the latest Canadian Grain Commission report, with total exports during the crop-year-to-date of 2.4 million tonnes down by two million from the previous year.
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About 13,401 canola contracts traded on Friday, which compares with Thursday when 21,075 contracts changed hands. Spreading accounted for 9,708 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade were stronger on Friday in thin and choppy activity as traders adjusted positions ahead of the weekend.
Soymeal futures were up sharply on the day, which helped pull beans higher as well despite continued losses in soyoil.
Thursday’s relatively neutral supply/demand report from the United States Department of Agriculture left projected ending stocks for U.S. soybeans unchanged at 340 million bushels. The world carryout was upped slightly, to 102 million tonnes, but there’s still a long South American growing season ahead.
CORN futures struggled to move higher, despite advances in soybeans and wheat, settling with small losses in most months.
The domestic supply/demand numbers for U.S. corn were also left unchanged in Thursday’s report, with carryout stocks steady at just under 1.5 billion bushels.
World corn carryout, at 305.5 million tonnes, was up by 1.1 million tonnes from November.
WHEAT was mostly higher, with the largest gains in the winter wheats as the spreads between the three U.S. markets saw some readjustment.
Russian wheat export taxes are set to rise next week, which should open the door for more U.S. business.
However, the USDA lowered its forecast for U.S. wheat exports in Thursday’s report, which led to an increase in projected ending stocks.
