By Dave Sims, Commodity News Service Canada
WINNIPEG, August 22 – Canola contracts on the ICE Futures Canada platform were stronger at 10:35 CDT on Monday, as some commercials bought contracts ahead of tomorrow’s Statistics Canada crop estimates.
“Canola is finding another round of buying interest. We’ve seen that the past couple of days,” said a Winnipeg-based trader.
Pre-report trade estimates on canola production generally range from about 16 to 20 million tonnes (MMT), with the majority of guesses coming in at over 18 MMT.
Crushers are also buying, according to the trader.
The Canadian dollar was lower relative to its US counterpart, which made canola more desirable to foreign buyers.
Chicago Board of Trade soybeans were also stronger, which underpinned the market.
However, losses in CBOT soyoil and Malaysian palm oil futures dragged on prices.
China’s looming changes (Sept 1) to dockage allowances on imports of Canadian canola cast a bearish tint over the market.
About 10,000 canola contracts had traded as of 10:35 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 10:35 CDT:
