By Dave Sims, Commodity News Service Canada
WINNIPEG, September 20 – Canola contracts on the ICE Futures Canada platform were higher Tuesday morning, tracking advances in the US soy complex.
Gains in Malaysian palm oil and European rapeseed futures added to the bullish tone.
Wet weather has delayed the harvest across Western Canada, which was supportive.
A visit by the premier of China to Canada this week could result in a conclusion to the thorny dockage issue hampering Canadian canola exports, suggested a trader.
A report this morning from Statistics Canada pegged canola production at 18.3 million tonnes in 2016. The report combined satellite data and computer imaging to arrive at its conclusion, just the second year the agency has tried the new system. The results were mostly in line with analysts’ expectations though, and likely had little impact on the market.
However, harvest pressure limited the advances.
Large supplies of global oilseeds weighed down the market.
About 6,000 canola contracts had traded as of 9:00 CDT.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 9:00 CDT:
