By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 22 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to higher on Friday, as stronger Chicago soyoil prices and a slightly weaker Canadian dollar provided support.
After losses on Thursday, Chicago soyoil bounced back a bit in regaining about a fifth of a cent. The loonie was smidge lower at mid-afternoon Friday at 75.21 U.S. cents, after closing Thursday at 75.27.
Saskatchewan released its final crop report for 2019 on Thursday, and stated that the overall harvest was at 93 per cent complete, while canola reached 91 per cent finished. The qualities of all crops throughout the province were below average, especially those harvested later in the season.
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There’s a difference of opinion between the Teamsters Canada Rail Federation and Canadian National Railway about the progress of negotiations between them. The Teamsters said little substantive progress has been made since its 3,200 members hit the picket lines on Nov. 19. To the contrary, CN claimed good progress had been made. Talks are continuing, with the federal government reiterating it’s staying out of the labour dispute.
There were 12,359 contracts traded on Friday, which compares with Thursday when 16,281 contracts changed hands. Spreading accounted for 9,784 contracts traded.
Settlement prices are in Canadian dollars per metric tonne.
Price Change
Canola Jan 464.30 up 1.10
Mar 473.40 up 1.20
May 481.10 up 1.00
Jul 487.40 up 0.90
SOYBEAN futures at the Chicago Board of Trade (CBOT) were lower on Friday, due to a lack of fresh news to drive the markets.
Chinese President Xi Jinping stated he wants to sign a trade deal with the United States, but only if it’s fair to his country. Xi made comments during a visit from foreign delegation that included former U.S. Secretary of State Henry Kissinger.
There have been discussions between Democrats and Republicans regarding the U.S.-Mexico-Canada Agreement (USMCA). House Speaker Nancy Pelosi met with Trade Representative Robert Lighthizer and Pelosi said some progress was made in clearing up opposing views. It’s unlikely that the agreement will be ratified by Congress before the end of 2019.
In South American, the Buenos Aires Grain Exchange (BAGE) reported that Argentina’s soybean crop is about 31 per cent complete. ARC Mercosul reported soybean planting in Brazil reached more than 77 per cent finished.
The Australian Oilseed Federation lowered its estimate for this year’s canola crop. Australia is now expected to produce almost 1.9 million tonnes rather than the 2.4 million forecast in July. The country’s 2018/19 canola crop was a little more than 2.3 million tonnes.
CORN futures were steady on Friday, with little direction to go on.
Reports stated that quality has become an issue with the U.S corn harvest this year. Harvest delays due to unfavourable weather have taken a toll on the crop.
The BAGE said corn planting in Argentina was almost at 46 per cent complete.
WHEAT futures were mixed on Friday, as Minneapolis wheat has continued to slip while Chicago and Kansas City make gains.
December wheat options at CBOT expire Nov. 22.
FranceAgriMer reported wheat planting in France made to 74 per cent complete. That’s well back of 97 per cent this time last year.
