By Dave Sims, Commodity News Service Canada
Winnipeg, August 31 – The ICE Futures Canada canola market finished higher on Thursday, following gains in the US soy complex.
This morning Statistics Canada released its production report. In it, the agency raised last year’s production total for the canola crop from 18.4 million tonnes to 19.6 million. It pegged this year’s production number at 18.2 million tonnes, which was in line with trade guesses.
Strong global demand for oilseeds propped up values.
However, declines in Malaysian palm oil were bearish for canola.
Read Also
Canadian Financial Close: Loonie returns above 72 U.S. cents
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar on Friday finally turned around to close higher,…
Expectations of a large US soybean crop undermined prices.
Around 20,541 canola contracts were traded on Thursday, which compares with Wednesday when around 16,457 contracts changed hands. Spreading accounted for 8,246 of the contracts traded.
Milling wheat, barley and durum were all untraded.
Settlement prices are in Canadian dollars per metric tonne.
Soybeans and corn closed up Thursday, supported by bargain buying and end of month repositioning.
December corn finished up 3.55 percent and November soybeans closed up 1.29 percent.
A full moon is scheduled on Sept. 6 and some participants are worried about a chance of frost in some regions.
That being said most of the crop is maturing nicely due to the recent warm temperatures.
Wheat ended mixed in technical trading.
There are ideas the wheat market is oversold.
The USDA estimates the US spring wheat harvest is 76 percent complete. That is ahead of the five-year average of 66 percent.
