By Dave Sims, Commodity News Service Canada
WINNIPEG, August 31 (CNS) – Canola contracts on the ICE Futures Canada platform were stronger at 10:55 CDT on Thursday, due to action in the Canadian currency.
The Canadian dollar was a third of a cent weaker, relative to its US counterpart, which made canola more attractive to domestic crushers and international buyers.
The market also seemed to take some mild support from this morning’s production numbers from Statistics Canada. The agency pegged this year’s crop at 18.2 million tonnes, which was in the middle of trade guesses heading into the report. StatsCan also raised last year’s production total from 18.4 million tonnes to 19.6 million, which confirmed what many analysts had been saying for a long time.
Gains in the US soy complex were also bullish for canola.
However, large world supplies and losses in Malaysian palm oil dragged on prices.
About 13,000 canola contracts had traded as of 10:55 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:55 CDT:
