By Phil Franz-Warkentin, Commodity News Service Canada
September 5, 2014
Winnipeg – Canola contracts on the ICE Futures Canada platform were stronger at midday Friday, as the market reacted to the latest Statistics Canada stocks estimate.
StatsCan pegged canola ending stocks for the 2013/14 (Aug/Jul) crop year at 2.36 million tonnes, which was at the low end of trade estimates. With production prospects for the 2014/15 crop still up in the air, given continued harvest-delaying wet weather, the likelihood of tighter supplies heading through the year was supportive for prices, said traders.
Chart-based buying ahead of the weekend contributed to the gains, as oversold price sentiment helped the market see a slight recovery off of the contract lows hit Thursday.
Gains in CBOT soybeans provided some spillover support as well, although soyoil was down at midsession.
About 12,000 canola contracts had traded as of 10:55 CDT.
Milling wheat, durum, and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:55 CDT:
