By Dave Sims, Commodity News Service Canada
WINNIPEG, Dec. 4 – ICE Canada canola contracts were mostly weaker Thursday morning, in the wake of Statistics Canada’s production numbers report which projected greater than expected canola acreage.
StatsCan estimates pegged 2014/15 production at 15.555 million metric tonnes. That compares to the previous estimate of 14.079 MMT.
Spillover selling in soyoil and European rapeseed future also put pressure on values.
However, a lack of farmer selling, a weaker Canadian dollar and strong end-user demand helped limit the losses.
As well, gains in soybeans and soymeal gave underlying support to the market.
About 13,000 canola contracts had traded as of 8:35 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:35 CST:
