By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 28 (CNS Canada) – ICE Futures Canada canola contracts traded within fifty cents of unchanged Monday morning, seeing some consolidation to start the week as traders squared positions ahead of Statistics Canada’s August 31 production report.
The report will provide the first survey-based estimates on the size of this year’s crop. After growing 18.4 million tonnes in 2016, average trade guesses are forecasting a similar crop for 2017. However, individual market opinions vary widely.
Tight old crop supplies and weather uncertainty as the harvest starts up across the Prairies provided underlying support for canola, according to participants.
However, losses in the Chicago Board of Trade soy complex put some pressure on values. Strength in the Canadian dollar, which was trading well above 80 US cents, also weighed on prices.
About 4,300 canola contracts had traded as of 9:00 CDT.
Milling wheat, durum, and barley futures were all untraded.
