By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 12 (MarketsFarm) – The ICE Futures canola market was higher at midday Thursday, despite the most recent report from Statistics Canada estimating a larger canola output than originally expected.
“The report was maybe a bit higher than some people expected,” remarked one Winnipeg-based trader.
“But it’s not unrealistic, given the early yields we’ve been hearing.”
Statistics Canada reported Canadian canola output to be approximately 5.5 per cent higher in this report when compared to estimates made in a report released in July.
Canola values found spillover strength from soybeans on the Chicago Board of Trade, which have been trending higher for most of the week.
A strong Canadian dollar had previously put a damper on canola prices, but minute losses could be aiding the current rally. The dollar is hanging on around 75.70 U.S. cents.
About 16,000 canola contracts traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Canola Nov 444.80 up 3.60
Jan 452.50 up 3.70
Mar 460.10 up 4.10
May 466.10 up 3.80