By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 24 (CNS Canada) – ICE Canada canola contracts were stronger on Wednesday, seeing some follow-through buying interest after Tuesday’s firmer close.
Statistics Canada pegged the country’s canola production at 17 million tonnes in a report on Tuesday, which was at the low end of trade guesses and below the 17.2 million tonnes grown the previous year. The survey was conducted in late July, and adverse weather in subsequent weeks has some industry participants bracing for an even smaller crop in future reports.
However, StatsCan is also known for starting off with a small estimate and raising it in later reports, which kept some caution in the market.
Losses in Chicago Board of Trade soybeans and strength in the Canadian dollar also served to temper the upside in canola.
About 2,500 canola contracts had traded as of 8:48 CDT.
Milling wheat, durum, and barley futures were all untraded.
