By Terryn Shiells, Commodity News Service Canada
October 4, 2013
WINNIPEG – Canola contracts on the ICE Futures Canada platform were weaker following the release of a neutral Statistics Canada crop production report Friday morning.
The report had little effect on the market because the StatsCan canola production estimate fell in line with expectations at 15.96 million tonnes, analysts said. Though, production is still expected to exceed 2012/13 production of 13.87 million tonnes.
Some of the weakness in canola futures was linked to spillover pressure from the losses seen in Chicago soybeans and soyoil.
A pickup in farmer selling following yesterday’s strong close was bearish, as were forecasts calling for favourable harvesting weather in Western Canada next week.
However, weakness in the value of the Canadian dollar helped to limit the losses, as it made canola more attractive to foreign buyers.
As of 8:44 CDT Friday, 4,145 canola contracts had traded.
Milling wheat, durum and barley futures were untraded and unchanged following price revisions after the close on Thursday.
Prices in Canadian dollars per metric ton at 8:44 CDT:
