WINNIPEG – The ICE Futures canola market was struggling to find a certain direction on Friday despite rises in crude and vegetable oils.
The Chicago soy complex gained positive momentum after a slow start to Friday. Meanwhile, European rapeseed and Malaysian palm oil were all higher, with crude oil gaining more than US$3 per barrel.
Sunny skies were in the forecast for much of the Prairies with high temperatures in Alberta and Saskatchewan reaching the high-teens to low-20 degree Celsius range. The mercury in Manitoba will only be slightly above 10 degrees with frost a possibility overnight.
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The Canadian dollar remained unchanged, just shy of the 73 U.S. cent mark.
About 19,357 canola contracts were traded on Friday, which compares with Thursday when 29,426 contracts changed hands. Spreading accounted for 13,610 of the contracts traded. The ICE Futures canola market will be closed on Oct. 10 for Canadian Thanksgiving.
CORN prices moved higher ahead of the USDA’s monthly supply/demand report, which will be released on Wednesday, Oct. 12.
The average trade guess for production was to total 13.9 billion bushels, while carryout is expected to drop 93 million bushels to 1.227 billion.
Corn plantings in Brazil are under favourable conditions, while in the U.S., below-freezing temperatures have been forecast as far south as Missouri until Sunday.
SOYBEAN prices gained strength as the result of spillover from both soyoil and soy meal, as well as weather concerns affecting corn in the U.S. Midwest.
For Wednesday’s USDA report, soybean carryout was estimated to rise 45 million bushels to 244.8 million despite production estimates ranging from below to above the USDA’s September numbers.
Brazil’s ag ministry has projected its own soybean production at 152 million tonnes, an increase of 21 per cent from the previous year.
WHEAT was struggling to find direction in all three varieties before gaining positive momentum at midday.
Analysts expect the USDA to cut its wheat carryout by 47.5 million bushels to 562 million.
Global wheat stocks are expected to tighten by eight million tonnes to 262 million.
