By Dave Sims, Commodity News Service Canada
WINNIPEG, August 13 – ICE Canada canola contracts corrected higher Thursday morning, as the market recouped some of the massive losses suffered in the previous session.
Gains in CBOT soybeans and European rapeseed futures were also bullish for the market.
The Canadian dollar was lower relative to its US counterpart which made canola more attractive to foreign buyers.
However, this week’s USDA supply and demand estimates survey (released August 12) is likely to dominate the oilseed markets for an extended period of time, according to a report. The survey pointed towards a bumper crop for both soybeans and corn which immediately sent the market sharply lower.
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Weather conditions across Western Canada are mainly favourable as farmers prepare for harvest.
About 4,800 canola contracts had traded as of 8:38 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:38 CDT:
