ICE Canola Firm, Soybeans Supportive

A canola trader said routine exporter pricing, encouraged by the weakness in the Canadian dollar earlier in the week, was also accounting for some of the buying interest in canola.

However, the currency was regaining ground relative to its US counterpart on Friday. The broker said crush margins were moving lower, putting domestic crushers on the sell side of the market.

Commodity funds were also noted sellers, according to the broker.

Farmers continue to focus on finishing spring planting, limiting the hedges in the canola market.

Traders noted that crop conditions were looking reasonably good across western Canada, limiting any weather related upside in the market. However, some areas may be considered too wet, while other recently planted fields could use some timely precipitation.

ICE Futures Canada will be closed Monday, May 24, for Victoria Day, and activity in the canola market was described as cautious as many participants were reluctant to put on big positions ahead of the long weekend.

At 10:45 CDT, about 5,600 canola contracts had changed hands, with the July/November spread trade a feature of the activity.

Western barley futures were untraded and unchanged at midsession.

Prices in Canadian dollars per metric ton at 10:45 CDT: