By Dave Sims, Commodity News Service Canada
WINNIPEG, October 2 – Canola contracts on the ICE Futures Canada platform were stronger at 10:40 CDT Friday, as a new report from Statistics Canada raised the production estimate for this year’s harvest, but still came in at the low end of expectations.
According to StatsCan, canola production is expected to come in at 14.3 million metric tonnes in 2015/16, which is roughly a million tonnes more than the previous report. However some analysts thought the StatsCan number would be closer to 15 MMT. There are also ideas that the production number will further increase in future reports as well.
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“I suspect we may see that number come up again with more harvest results,” said a trader.
Strength in US soyoil added to the gains.
Farmer selling has been sluggish which also underpinned the market.
However, losses in US soybeans and strength in the Canadian dollar put some pressure on values.
The Canadian harvest continues to advance which was also bearish.
Around 13,500 contracts had traded as of 10:40 CDT,
Friday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
