By Jade Markus, Commodity News Service Canada
WINNIPEG, June 30 – ICE Canada canola contracts were stronger at midday on Friday.
The canola market was stronger, tracking advances in Chicago Board of Trade soybeans, and outpacing those markets to the upside.
“It’s not unexpected or unwarranted,” said one Winnipeg-based trader. “It is showing a little extra strength today.”
The strength is in-part due to rebound-based trade taken on by the market after losses last week.
Statistics Canada released its acreage estimates on Thursday, showing record-high canola seeding, though the market has largely shrugged off those bearish numbers.
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Canadian producers are expected to have seeded 22.837 million acres of canola this year.
“But of course everybody is going to have to knock that down,” the trader said.
He added that there were a number of acres that weren’t seeded, or were abandoned because they still had last year’s crop on them.
“So nobody is very confident in knowing how much to knock off, and obviously the actual final acres for canola will be lower than that number.”
About 9,025 contracts had traded as of 10:35 a.m. CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:35 a.m. CDT:
