In a show of independent strength, canola futures on the Intercontinental Exchange (ICE) had one of its best weeks this calendar year during the week ended April 24.
As the last full of week of April is set to wind down, two factors will determine the course of United States soybean, corn and wheat futures. Those are the rain forecast for the weekend of Apr. 27 and 28, and last day for May futures on Apr. 26, according to hedging strategist Scott Capinegro of AgMarket.net.
Chicago wheat surged to a two-month high on Tuesday as a decline in U.S. winter wheat conditions focused attention on weather risks to northern hemisphere crops.
U.S. wheat futures rallied to their highest point in more than two months before the session closed on Monday as crop weather concerns in the Northern Hemisphere supported prices and triggered technical buying and short covering, which accelerated the climb, analysts said.
The net managed money short position in canola grew for the first time in seven weeks as fund traders put on fresh bearish bets in mid-April, according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC).
U.S. corn and soybean prices rose on Friday as heightened geopolitical tensions spurred a round of bargain buying after the benchmark contracts in both markets fell to their lowest levels in more than six weeks, traders said.
Agriculture and Agri-Food Canada made a small amount of changes in its April supply and disposition report released on Apr. 19. Of the changes made, nearly all were slight adjustments to its pulse and special crop numbers.
With farmers across Western Canada getting ready to plant their crops or they have already made a few rounds in the field, feed grain prices across the Prairies remained in a holding pattern, according to Jerry Klassen of Resilient Capital in Winnipeg, Man.
China is set for another year of bumper harvest of grains and oilseeds, helped by expanded planting of winter wheat and rapeseed and healthy growth of seedlings, the country's agriculture ministry said on Friday.