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.