By Dave Sims, Commodity News Service Canada
WINNIPEG, August 13 – Canola contracts on the ICE Futures Canada platform were slightly higher Wednesday morning taking direction from soybeans, and looking for stability in the wake of the USDA report which confirmed trade guesses of a record soybean crop.
Dry conditions in Western Canada were bullish for values, according to an analyst, while sluggish farmer-selling also helped underpin futures.
The USDA estimated this year’s soybean crop at a record large 3.8 billion bushels, which was bearish for values.
Estimates for the Canadian canola crop range in the 14.5 to 15.0 million metric tonnes, according to an analyst. Statistics Canada will release their production estimates on August 21.
European rapeseed futures, Malaysian palm oil and Chicago soyoil were all lower which pressured values.
About 300 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
