ICE Canola Corrects Higher

By Dave Sims, Commodity News Service Canada

WINNIPEG, September 13 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:37 CDT on Wednesday, as the market rebounded after yesterday’s bearish USDA report.

Oilseed markets in general were pressured Tuesday by the agency’s forecast for a record soybean crop. However, industry participants still think actual production will end up below that forecast, which set the stage for this morning’s recovery.

Losses in the Canadian dollar were supportive for canola as it made the commodity more attractive on the world market.

Advances in Malaysian palm oil added to the upside.

Rain is beginning to push into Alberta, which should delay the harvest.

However, harvest continues in much of the eastern Prairies and yields have generally exceeded expectations.

Yesterday’s soybean forecast was much higher than anticipated.

About 9,000 canola contracts had traded as of 10:37 CDT.

Milling wheat, barley and durum were all untraded.

Prices in Canadian dollars per metric ton at 10:37 CDT:

Futures Prices as of September 13, 2017

Canola
2017-09-13 10:47
Price Change
Nov 486.3 1.90
Jan 493 1.70
Mar 499.6 1.60
May 505.7 3.90
Milling Wheat
2017-09-13 00:00
Price Change
Oct 230.00p -1.00
Dec 233.00p -1.00
Mar 241.00p 0.00
May 246.00p 1.00
Durum
2017-09-13 00:00
Price Change
Oct 281.00p 0.00
Dec 285.00p 0.00
Mar 289.00p 0.00
May 292.00p 0.00
New Barley
2017-09-13 00:00
Price Change
Oct 145.00p 0.00
Dec 148.00p 0.00
Mar 151.00p 0.00
May 151.00p 0.00

Prices are in Canadian dollars per metric ton

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