By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 14 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, seeing a continuation of Wednesday’s turn higher as a downward revision to Statistics Canada’s production estimate provided support.
The government agency pegged the 2023/24 canola crop at 17.4 million tonnes, which was down by 200,000 tonnes from the August estimate and well below the 18.7 million tonnes grown the previous year.
Gains in outside markets, including Chicago soybeans and European rapeseed futures, provided additional spillover support. However, a softer tone in soyoil along with strength in the Canadian dollar did weigh somewhat on values.
Seasonal harvest pressure also kept the gains in check.
About 20,800 canola contracts traded as of 10:38 CDT.
Prices in Canadian dollars per metric tonne at 10:38 CDT:
Canola Nov 760.70 up 5.40
Jan 768.30 up 4.30
Mar 774.50 up 4.90
May 776.50 up 2.90
