By Dave Sims, Commodity News Service Canada
WINNIPEG, September 19 – Canola contracts on the ICE Futures Canada platform were weaker Tuesday morning, following losses in the US soy complex.
Model-based estimates from Statistics Canada pegged this year’s production at 19.7 million tonnes. That is roughly a million and a half tonnes more than the August, survey-based estimate. However, most stakeholders in the canola industry already thought the August estimate was too low so the news may not affect prices that much.
Seasonal harvest pressure contributed to the downside.
The Canadian dollar is firmer this morning, which weighed on the canola market.
However, cool, wet weather and some reports of frost were supportive for canola.
Global demand for oilseeds remains strong.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:58 CDT:
