North American grain/oilseed review: Canola up with bargain hunting

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was stronger on Friday, taking back some of Thursday’s losses as end user bargain hunting provided support.

Chicago soyoil was softer on the day, but the declines there were subdued compared to Thursday’s limit-down move.

Tightening old crop supplies remained supportive for the nearby July contract, while weather uncertainty helped prop up the new crop canola contracts.

Canadian markets will be closed Monday for Victoria Day while the U.S. grains and oilseeds will trade their usual hours.

There were 48,505 contracts traded on Friday, which compares with Thursday when 48,722 contracts changed hands. Spreading accounted for 20,314 of the contracts traded.

SOYBEAN futures at the Chicago Board of Trade were narrowly mixed on Friday, seeing some consolidation after dropping sharply on Thursday.

Relatively favourable U.S. growing conditions remained a bearish influence, as farmers continue to make good progress planting the 2025 crop.

Uncertainty over U.S. biofuel policy kept some caution in the background after rumours that biofuel targets in the country may not meet industry expectations weighed heavily on soyoil on Thursday.

CORN was softer, as good planting and growing conditions across the Midwest weighed on prices.

Spring crops in Ukraine were 87 per cent seeded, with total grain production forecast at 56.0 million tonnes. That would be in line with the 56.2 million tonnes grown in 2024, but yields will depend on weather conditions through the growing season.

WHEAT futures in the U.S. were weaker Friday, as good U.S. conditions countered support from dryness concerns in China.

The high risk of dry, hot winds next week could damage winter wheat crops in major producing areas in China, the government warned Friday.

A crop tour of Kansas forecast above average yields across much of the state.