By Terryn Shiells, Commodity News Service Canada
Winnipeg, August 21 – The ICE Futures Canada canola market was weaker at midday Friday, following the losses seen in Chicago soybean and soyoil futures, analysts said.
Further spillover pressure came from weakness in Malaysian palm oil and European rapeseed futures.
Pressure from the advancing canola harvest, which should be in full swing in Western Canada in the next couple of weeks, was also bearish.
However, the downswing in the value of the Canadian dollar helped to limit the declines, as it made canola more attractive to crushers and exporters.
Statistics Canada released their first survey-based production estimates Friday morning, pegging the 2015/16 canola crop at 13.3 million tonnes. While it’s down from last year’s 15.6 million tonne crop, traders believe StatsCan’s estimate is too low – and the actual crop size will likely be closer to 14.0 million tonnes.
As of 10:34 CDT Friday, about 13,300 contracts traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:34 CDT:
