By Terryn Shiells, Commodity News Service Canada
WINNIPEG, August 21 – Canola contracts on the ICE Futures Canada platform were stronger at 10:41 CDT Thursday, finding some support from Statistics Canada’s production report, analysts said.
StatsCan pegged 2014/15 (Aug/Jul) Canadian canola production at 13.91 million tonnes, which was at the low end of expectations and down from the 17.96 million grown last year.
Spillover from the advances seen in Chicago soybean and soyoil futures further underpinned values, as did ideas that recent losses were overdone.
Worries about forecasts calling for colder weather in Western Canada next week were also bullish, though beneficial rainfall was also predicted, which was bearish.
The upswing in the value of the Canadian dollar and ongoing expectations of large 2014/15 US soybean production limited the advances.
As of 10:41 CDT Thursday, about 7,360 contracts had traded.
Milling wheat, barley and durum futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:41 CDT:
