By Terryn Shiells, Commodity News Service Canada
Winnipeg, August 20 – The ICE Futures Canada canola market was stronger at midday Thursday, as values corrected higher following recent sharp declines, analysts said.
A firmer tone in Chicago soybean futures was also providing some spillover support for canola.
Talk that there may be some exporter buying activity coming into the market following recent lows added to the bullish tone, brokers said.
Position evening ahead of the Statistics Canada production report on Friday, August 21, further underpinned prices. StatsCan will release the first survey-based production estimates for 2015/16 at 7:30 a.m. CDT Friday. Pre-report guesses range from 12.5 million tonnes, to 14.5 million tonnes. In 2014/15, canola production in Canada totalled 15.6 million tonnes.
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However, a softer tone in outside vegetable oil markets, including European rapeseed and Malaysian palm oil, limited the advances.
The market’s technical bias is still pointing lower, which was also bearish, as was the upswing in the value of the Canadian dollar.
As of 10:38 CDT Thursday, about 10,100 contracts traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:38 CDT:
