By Jade Markus and Dave Sims, Commodity News Service Canada
Winnipeg, July 14 (CNS Canada) – ICE Futures Canada canola ended higher.
Traders were reluctant to take risky positions ahead of the weekend, and are waiting to see how weather will affect crop conditions.
Reports of areas across the Prairies needing additional moisture were also supportive for values.
Technical buying after multiple sessions of declines added to the market’s bullish tone.
Around 11,391 canola contracts traded on Friday, which compares with Thursday when around 17,619 contracts changed hands. Spreading accounted for 2,018 of the contracts traded.
Milling wheat, durum and barley were untraded.
CORN futures in Chicago advanced four to six cents per bushel to end the week, as traders covered short positions before the weekend.
Commercials went bargain-hunting in the early-going, which underpinned prices.
A research group called Planalytics also cut their projection for corn yields in the US by three bushels an acre to 165, which lent some strength to values.
However, China sold over 400,000 tonnes of corn at a state auction yesterday, which was bearish.
WHEAT futures in Chicago ended mostly lower on Friday, falling by up to one cent per bushel, as traders adjusted positions before the weekend.
The market was higher for much of the day in technical trading, but investors booked profits shortly before the close.
Hot, dry weather is forecast for much of the US Northern Plains this weekend, which was supportive.
Argentina is also expecting to plant less wheat in the next crop cycle due to recent wet weather.
SOYBEAN futures at the Chicago Board of Trade climbed 13 to 14 cents per bushel on Friday.
Solid weekly exports, rising demand from China and forecasts calling for hot weather in the US Plains underpinned the market.
The market was also undergoing a slight correction in the wake of yesterday’s sharp losses.
SOYOIL futures rose 17 to 18 points, taking strength from soybeans.
SOYMEAL futures continued to soar due to speculative trading and continued demand for livestock feed.