North American Grain/Oilseed Review: Canola down slightly at final bell

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Published: October 25, 2019

By Phil Franz-Warkentin, MarketsFarm

Winnipeg, Oct. 25 (MarketsFarm) – ICE Futures canola contracts were slightly weaker at Friday’s close, backing away from earlier gains as losses in the Chicago Board of Trade soy complex weighed on values.

Steady farmer deliveries and increasing harvest pressure added to the softer tone, as the latest provincial crop reports showed farmers in Saskatchewan and Alberta made good progress over the past week.

However, solid domestic crusher demand and pre-weekend speculative positioning provided some support.

About 31,844 canola contracts traded on Friday, which compares with Thursday when 49,276 contracts changed hands. Spreading accounted for 24,672 of the contracts traded.

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SOYBEAN futures at the Chicago Board of Trade were lower on Friday, with profit-taking ahead of the weekend a feature.
Drier weather forecasts across the Midwest over the next week should allow for some harvest progress, adding to the softer tone.

Uncertainty over Chinese demand kept some caution in the bean market, as traders look for any fresh developments in the ongoing negotiations. The latest unconfirmed reports have the United States and China close to an agreement, but that kind of talk has come and gone before.

Argentina is holding a presidential election over the weekend. Traders will be watching the outcome closely, as tax policy in the South American country can impact how much of a player they are on the global export market.

CORN futures held steady, lacking any clear direction. U.S. farmers are largely focused on the soybean harvest right now, with corn fields still needing more time to dry down in many areas.

WHEAT futures were mixed, with gains in the winter wheats and losses in Minneapolis spring wheat.

The advancing Canadian harvest accounted for the relative weakness in Minneapolis spring wheat, with 84 per cent of Saskatchewan’s wheat crop now in the bin according to the latest provincial report. Alberta’s spring wheat was 76 per cent harvested, up from 63 per cent the previous week.

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