By Dave Sims and Phil Franz-Warkentin, Commodity News Service Canada
Winnipeg, December 2 – THE ICE Futures Canada canola market finished slightly higher on Friday, as traders adjusted positions before the weekend and before the release of crop estimates by Statistics Canada early next week.
Soyoil came off its lows before the close which added to the upside.
Malaysian palm oil was higher, which was supportive for values.
Demand is solid for global oilseeds and the crush rate across the Prairies remains high.
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However, The Canadian dollar was slightly higher relative to its US counterpart, which made canola less desirable to foreign buyers.
Losses in Chicago soyoil and European rapeseed futures were bearish.
Going forward, traders will likely be hesitant to push prices too far one way or the other ahead of Tuesday’s crop estimate from Statistics Canada.
Milling wheat, barley and durum were untraded.
About 30,843 canola contracts traded on Friday which compares with Thursday when 29,973 contracts changed hands. Spreading accounted for about 24,186 of the contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade finished 1 to 2 cents per bushel lower on Friday as traders adjusted positions before the weekend.
Weather watchers in Argentina are keeping their eye on a cold front that is expected to hit soybean growing areas on Sunday and Monday. It’s not known at this point if it has the potential to cause damage.
Weakness in the US dollar lent some strength to futures.
SOYOIL futures came off their lows before the close but ultimately settled slightly lower on Friday.
SOYMEAL futures suffered tiny losses as demand in the livestock sector helped offset the bearish influence of soybeans.
CORN futures in Chicago were four to five cents per bushel higher on Friday, as investors covered shorts before the weekend.
There were also ideas the market was oversold after hitting its lowest point in a few months yesterday.
Large funds were out bargain hunting early in the day, a trader said.
WHEAT futures in Chicago ended seven to eight cents per bushel higher on Friday.
The market took support from the weaker US dollar as well as some technical strength at the four dollar a bushel level.
The market was also correcting itself somewhat after hitting a three-month low this week, according to a report.
