ICE canola rises with currency issues and supportive crop forecast

By Dave Sims, Commodity News Service Canada

WINNIPEG, Aug. 31 (CNS) – Canola contracts on the ICE Futures platform were higher at midday Friday, bolstered by a light estimate for canola production and downward movement in the Canadian currency.

The Canadian dollar was roughly half a cent lower, compared to its American counterpart, which made canola more enticing to foreign buyers.

In its crop production forecast, Statistics Canada pegged the canola crop in 2018/19 at 19.2 million tonnes, which was down significantly from last year’s total of 21.3 million tonnes.

“However the upside potential is limited due to the massive soybean crop south of the border,” said a Winnipeg-based analyst.

Losses in soyoil dragged on values and crush margins remain under pressure.

About 9,000 canola contracts had traded as of 10:35 CDT. The canola market is closed Monday for a civic holiday in Canada.

Prices in Canadian dollars per metric ton at 10:35 CDT:

Futures Prices as of August 31, 2018

Canola
2018-08-31 10:43
Price Change
Nov 498.1 3.10
Jan 504.7 2.70
Mar 509.1 2.20
May 511.4 1.60
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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