By Phil Franz-Warkentin and Dave Sims, Commodity News Service
Winnipeg, Sept. 25 – ICE Futures Canada canola contracts were stronger on Friday, as a rally in the CBOT soy complex provided some spillover support and traders adjusted positions ahead of the weekend.
Good demand from both exporters and domestic crushers, as evidenced by some solid basis levels in the countryside, contributed to the advances, said a trader.
The November canola contract briefly traded above the psychological C$480 per tonne mark, but was unable to hold above that level as profit-taking and hedges came forward at the highs.
Read Also
North American Grain and Oilseed Review: Canola stronger on comparable oils
By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were stronger on Thursday, in gleaning support…
Favourable Canadian harvest weather and improving production prospects did put some pressure on values, traders added. Ideas that canola is looking overpriced compared to other oilseeds kept a lid on the gains in the Canadian market as well.
About 35,665 canola contracts were traded on Friday, which compares with Thursday when 22,720 contracts changed hands.
Milling wheat, durum, and barley were all untraded.
SOYBEAN prices surged higher Friday, lifting 19 to 20 cents per bushel on the Chicago Board of Trade, as a speech from Federal Reserve Chairwoman Janet Yellen, in which she hinted a hike to the interest rate was likely coming later this year, advanced markets world-wide.
Soybean prices were also pushed higher by an announcement by a Chinese delegation in Iowa, that the Asian country would buy US$5.3 billion worth of soybeans over the next two years.
On the flip side of the coin, annual US soybean bookings are about 35% lower compared to last year, which dragged on prices.
SOYOIL was 74 points higher.
SOYMEAL futures also ended stronger.
CORN futures on the Chicago Board of Trade ended seven cents per bushel higher, taking strength from gains in nearby markets.
Rain is falling on the Western Corn Belt which is expected to delay field work.
However, the advancing US harvest limited the gains.
WHEAT futures on the Chicago Board of Trade finished 10 cents per bushel higher, as dry conditions in Ukraine and frost damage in Australia proved bullish for CBOT contracts.
Investors were also bargain-hunting before the weekend, according to a report.
Fresh customs data shows that Russia has exported 23 percent less wheat from July 1 to now, compared to the same period last year.
– Jordan’s state grain buyer has issued an international tender to sell 50,000 tonnes of hard milling wheat.
– A new estimate by the International Grains Council (IGC) pegs cereal production in Kazakhstan in 2015-16 at 17.3 million tonnes.
– Researchers from Australia and China will form a new biosecurity partnership to try and prevent huge losses of stored grain, according to a report.
END
