The ICE Futures canola market was mostly weaker on Friday, as bearish technical signals kept the path of least resistance pointed lower ahead of the weekend.
The losses came despite gains in the Chicago soy complex and a softer tone in the Canadian dollar, which caused crush margins to widen.
Solid end user demand underneath the market also provided some support, while farmer deliveries were showing signs of slowing down in the latest weekly data.
About 37,251 canola contracts traded on Friday, which compares with Thursday when 31,797 contracts changed hands. Spreading accounted for 25,766 of the contracts traded.
SOYBEAN futures at the Chicago Board of Trade stronger on Friday, seeing a correction after posting losses earlier in the week.
Traders continue to focus on development out of Ukraine, although there was no real fresh news Friday after yesterday’s announcement of an agreement to keep the Black Sea export corridor open.
The solid weekly export sales of just over three million tonnes announced Thursday remained supportive, although there was no fresh business on Friday.
Persistent dryness in Argentina where farmers are in the early stages of seeding their next soybean crop contributed to the gains in beans.
A slow down in seasonal harvest pressure around the United States, as the harvest is finished in most areas, was also supportive.
However, losses in crude oil did put some pressure on the soy market.
CORN was narrowly mixed, lacking any clear direction.
The U.S. Department of Agriculture reported weekly U.S. corn export sales of 1.17 million tonnes on Thursday, which was at the high end of pre-report estimates and still supportive on Friday.
Ongoing dryness concerns in Argentina and declining production estimates there were supportive.
WHEAT was lower across the board, seeing a continuation of yesterday’s losses.
The news that Russia has agreed to keep the Black Sea grain corridor deal for another 120 days was especially bearish for wheat, as Ukraine is a major wheat exporter.
