By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 31 (CNS Canada) – ICE Futures Canada canola contracts were stronger Thursday morning, as the market reacted to production numbers released by Statistics Canada.
The government agency pegged the 2017 canola crop at 18.2 million tonnes, which was below average trade estimates. However, StatsCan also raised its year-ago number by 1.2 million tonnes, to 19.6 million. Traders generally expect the 2017 crop will also be revised higher in subsequent reports, given the timing of the survey.
Canola moved lower immediately following the StatsCan release, but quickly bounced off of its session lows to post solid gains.
Strength in the Chicago Board of Trade soy complex provided some spillover support for canola, according to participants.
About 7,500 canola contracts had traded as of 9:00 CDT.
Milling wheat, durum, and barley futures were all untraded.
