By Dave Sims, Commodity News Service Canada
WINNIPEG, September 17 – Canola contracts on the ICE Futures Canada platform were mostly lower at 10:40 CDT Thursday, in sympathy with the US soy complex.
Malaysian palm oil and European rapeseed futures were also weaker which added to the downside.
The market seems to have taken in stride a new report from Statistics Canada that pegged canola production for 2015 at 14.4 million tonnes. The crop estimates used new methodology, including satellite data, surveys and climate info, to arrive at its conclusion. One analyst said many participants had already concluded the previous estimate of 13.3 million tonnes from StatsCan was too low, and that the real number was closer to the 14.4 MT.
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“I wouldn’t be shocked if the crop is closer to 15 (million tonnes) in the end,” he remarked.
The US Federal Reserve is expected to announce today whether or not it plans to raise the interest rate. If that happens, it is expected to send North American currencies on a ride.
However, wet weather, that has delayed much of the harvest across Western Canada remained supportive for values.
Around 8,000 contracts had traded as of 10:40 CDT,
Thursday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:40 CDT:
Price Change
Canola Nov 471.90 dn 1.00
Jan 476.60 dn 1.30
Mar 478.80 dn 0.90
Milling Wheat Oct 234.00 unch
Dec 239.00 unch
Durum Oct 340.00 unch
Dec 340.00 unch
Barley Oct 184.00 unch
Dec 184.00 unch
