By Dave Sims and Jade Markus, Commodity News Service Canada
Winnipeg, June 16 (CNS Canada) – ICE Futures Canada canola contracts finished higher to end the week, following gains in the US soy complex.
Advances in vegetable oil, tight canola stocks and weather concerns across the Prairies were supportive for the market.
However, the Canadian dollar was higher relative to its US counterpart, which made canola less enticing to out-of-country buyers.
Farmer selling and large exports of soybeans from South America undermined values.
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About 14,936 canola contracts traded on Friday, which compares with Thursday when 27,049 contracts changed hands. Spreading accounted for 9,910 of the contracts traded.
Milling wheat, durum, and barley were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
SOYBEAN futures at the Chicago Board of Trade closed four to five cents per bushel stronger on Friday, underpinned by technical buying after last week’s weakness.
Strong crush activity reported earlier in the week added to the market’s upside.
Spill-over strength from soy oil and Malaysian palm oil furthered advances.
Weakness in the US dollar was also supportive for values.
However, Argentina’s progressing soybean harvest limited the market’s upside.
SOYOIL prices closed higher on Friday.
SOYMEAL closed stronger Friday.
CORN futures closed about three to four cents per bushel stronger on Friday, supported by fund-buying.
The grain was also underpinned by concern about crop-conditions in competing growing region Ukraine.
Strong export demand added to the market’s upside.
WHEAT closed 11 to 12 cents per bushel stronger on Friday.
The market has seen sharp advances on the week, amid concern about US production due to unfavourable growing conditions.
Key growing regions have not gotten enough moisture, market watchers say, and there is limited rain in the forecast.
Losses in the greenback make US wheat more competitive internationally.
