By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 2 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Wednesday as they corrected from yesterday’s gains, according to a Winnipeg-based analyst.
“Yesterday canola was up over C$6 per tonne, soyoil was down 50 points and soybeans were down six cents,” the analyst said, noting that canola is limited in showing independent strength.
“Soyoil futures are down over 200 points this week, and beans are down 50 cents. Canola is only down C$3/tonne for the week, it’s doing very well,” he added.
The analyst believes tomorrow’s Statistics Canada report on principal field crops will be bullish, expecting the agency’s canola production number to be below the 19.3 million tonnes forecast in September.
Also, the United States Department of Agriculture issues its next supply and demand estimates on Dec. 10. The analyst believes it will be another bullish report with spillover into canola.
The Canadian dollar was relatively firm at 77.29 U.S. cents, compared to Tuesday’s close of 77.21.
Approximately 21,200 canola contracts were traded as of 10:40 CST.
Prices in Canadian dollars per metric tonne at 10:40 CST:
Canola Jan 581.00 dn 2.80
Mar 577.50 dn 1.70
May 573.80 dn 1.30
Jul 568.40 dn 0.60