By Dave Sims, Commodity News Service Canada
WINNIPEG, September 13 (CNS) – Canola contracts on the ICE Futures Canada platform were higher at 10:37 CDT on Wednesday, as the market rebounded after yesterday’s bearish USDA report.
Oilseed markets in general were pressured Tuesday by the agency’s forecast for a record soybean crop. However, industry participants still think actual production will end up below that forecast, which set the stage for this morning’s recovery.
Losses in the Canadian dollar were supportive for canola as it made the commodity more attractive on the world market.
Advances in Malaysian palm oil added to the upside.
Rain is beginning to push into Alberta, which should delay the harvest.
However, harvest continues in much of the eastern Prairies and yields have generally exceeded expectations.
Yesterday’s soybean forecast was much higher than anticipated.
About 9,000 canola contracts had traded as of 10:37 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:37 CDT: