By Jade Markus, Commodity News Service Canada
WINNIPEG, August 23 – ICE Canada canola contracts were stronger Tuesday morning, as Statistics Canada production estimates came in at the low end of analyst-expectations.
Statistics Canada pegged canola production at 17 million metric tonnes. Industry estimates collected by CNS Canada were between 15.9 and 20 million metric tonnes.
Overnight advances in the Malaysian palm oil market further underpinned prices.
However, weakness in the Chicago Board of Trade soybean market limited advances.
US soybeans crop ratings pressured the market, as 72 per cent of the crop is expected to be in good to excellent condition.
Advances in the Canadian dollar against its US counterpart also capped gains, as a stronger loonie makes canola less appealing to international buyers.
About 4,207 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
