By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 15 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, although off its overnight highs.
Traders were still digesting Tuesday’s production estimates from Statistics Canada. The government agency pegged the canola crop at only 12.8 million tonnes, which would be the smallest since 2010.
A mixed tone in the Chicago Board of Trade soy complex provided little direction for canola. While soyoil was firmer, both soybeans and soymeal were posting losses in early activity.
Canola remains overpriced compared to other oilseeds, with soft crush margins keeping a lid on the upside.
About 6,000 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola Nov 875.90 up 3.60
Jan 866.00 up 3.00
Mar 853.90 up 4.00
May 837.20 up 3.40
