By Dave Sims, Commodity News Service Canada
WINNIPEG, December 6 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CST on Wednesday, weighed down by a Statistics Canada report that called for a record canola crop.
Statistics Canada pegged the 2017/18 canola crop at 21.3 million tonnes, which exceeded analysts’ estimates. It also is significantly larger than last year’s crop of 19.6 million tonnes.
Losses in the U.S. soy complex and Malaysian palm oil futures added to the downside.
However, the Canadian dollar was down roughly a third of a cent relative to its U.S. counterpart, which made canola more enticing to out-of-country buyers.
Despite the bearish reaction to today’s report canola continues to hang in its recently-established range, a trader pointed out.
About 11,500 canola contracts had traded as of 10:40 CST.
Prices in Canadian dollars per metric ton at 10:40 CST:
