By Jade Markus, Commodity News Service Canada
WINNIPEG, December 4 – ICE Canada canola contracts were mostly lower at midday Friday, due to a bearish report from Statistics Canada.
A report released by StatsCan early Friday morning pegged canola production at 17.2 million tonnes. Analyst estimates collected by CNS Canada were between 14.5 to 16.2 million tonnes.
The report initially caused canola contracts to trend lower, but stronger soy oil futures provided support in far contracts, according to one trader.
“And the Canadian dollar seems to never want to go up,” he said.
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The expectation of stronger demand for canola by some market watchers also put a lid on losses.
“And for the last few days we’ve had a lot of the shorts getting out of the market just to be on the safe side and so that was partly what the lift in the market has been as we kept going up.”
Malaysian palm oil closed mixed.
About 29,848 canola contracts had traded as of 11:05 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 11:05 CST:
