By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, August 21 – ICE Canada canola contracts were trading to both sides of unchanged Friday morning, lacking any clear direction as the market mostly shrugged off the first Statistics Canada production estimates of the season.
StatsCan pegged the 2015/16 canola crop at 13.3 million tonnes, which was right in the middle of trade guesses, but still well below the 15.6 million tonnes grown the previous year.
Analysts are now generally of the opinion that actual production likely ended up as much as a million tonnes above the StatsCan estimate, given better weather over the past few weeks.
Losses in CBOT soybeans and soyoil did put some spillover pressure on canola in early activity.
The Canadian dollar was holding relatively steady Friday morning.
About 7,500 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:49 CDT:
