ICE canola rises with tightening supply forecast

By Phil Franz-Warkentin, Commodity News Service Canada

WINNIPEG, Dec. 6 (CNS Canada) – ICE Futures canola contracts were stronger at midday Thursday in choppy activity, finding some support from the latest production estimates from Statistics Canada.
The government agency pegged the 2018-19 canola crop at 20.3 million tonnes, which was at the lower end of trade estimates and a million tonnes below the previous year’s production.
Weakness in the Canadian dollar was also supportive for canola, as the declining currency underpins crush margins and makes exports more attractive to global buyers.
However, losses in the Chicago Board of Trade soy complex tempered the upside in canola amid renewed concerns over trade relations between the United States and China.
About 15,000 canola contracts traded as of 10:33 CST.

Futures Prices as of December 6, 2018

Canola
2018-12-06 10:36
Price Change
Jan 488 3.30
Mar 495 3.00
May 502.5 3.00
Jul 506.5 0.50
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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