By Dave Sims, Commodity News Service Canada
WINNIPEG, August 22 – Canola contracts on the ICE Futures Canada platform were slightly higher in low-volume trading Friday morning, as yesterday’s estimate of supportive StatsCan production proved too much to ignore for bulls who moved on ideas yesterday’s losses were overdone.
StatsCan gauged the country’s production at 13.9 million tonnes in 2014 which was at the low end of trade guesses. Last year’s crop was 17.9 million tonnes.
Recent concerns about ideas of an early frost lended support to values, according to a report.
Spillover buying from Chicago soybeans, Malaysian palm oil and European rapeseed also provided support, said an analyst.
Rain projected for this weekend could aid later-seeded crops but could also prove difficult for other fields that are nearing harvest, market-watchers said.
Weaker soyoil also proved bearish.
About 600 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CDT:
