By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 13 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts finished either side of steady on Friday, with small gains in the front months with those contracts hitting new highs. There were small losses in the more deferred months.
The market encountered resistance and uncovered some profit-taking.
While there was support from European rapeseed, Chicago soyoil was relatively firm and provided little direction.
After larger decreases in the Canadian dollar earlier in the day, the loonie regained some of its lost strength. By mid-afternoon the dollar was at 76.12 U.S. cents, compared to Thursday’s close of 76.20.
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The Canadian Grain Commission reported producer deliveries of canola at 426,500 tonnes for the week ended Nov. 8. Canola exports were 285,900 tonnes and domestic usage was 206,000 tonnes.
There were 23,419 contracts traded on Friday, which compares with Thursday when 32,361 contracts changed hands. Spreading accounted for 17,402 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Jan 560.50 up 0.60
Mar 563.60 up 0.40
May 563.10 up 0.10
Jul 560.80 unchanged
SOYBEAN futures at the Chicago Board of Trade (CBOT) were higher on Friday, with contracts recovering a good portion of yesterday losses.
In the weekly export sales report, the United States Department of Agriculture (USDA) reported soybean sales of nearly 1.47 million tonnes for the week ended Nov. 5. That made for the lowest amount of weekly sales so far in the 2020/21 marketing year. Soymeal sales totaled 145,300 tonnes. Soyoil sales, at 88,000 tonnes, came in at the high end of market expectations.
The National Oilseed Processors’ Association (NOPA) is scheduled to issue its October soybean crush data on Nov. 16. The markets project the crush to be around 177 million tonnes.
The Buenos Aires Grain Exchange (BAGE) said soybean planting in Argentina was almost 20 per cent complete.
CORN futures were slightly higher on Friday, regaining a small portion of yesterday’s losses.
The USDA said corn export sales were 978,300 tonnes, down 63 per cent from the previous week.
The BAGE report corn planting in Argentina was 31 per cent complete.
WHEAT futures were higher on Friday, as the U.S. dollar remained low.
The U.S. Dollar Index stood at 92.765 points, unable to gain any traction against other major world currencies. However, the weaker greenback made U.S. wheat more attractive on a highly competitive global market.
Wheat export sales were 300,500 tonnes, dropping 50 per cent from the previous week.
FranceAgriMer reported the French soft wheat crop was 88 per cent planted as of Nov. 9.
The wheat harvest in Argentina was 15 per cent complete, according to the BAGE.
Light rains have reportedly slowed wheat combining in Australia.
In international sales, Algeria tendered for 500,000 to 600,000 tonnes of wheat, and Pakistan is to issue a tender for 400,000 tonnes of milling wheat.
