By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 24 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, taking some direction from the Chicago Board of Trade soy complex.
Declining condition ratings for the United States soybean crop contributed to the rally in soybeans, with ongoing uncertainty over the size of Canada’s canola crop also supportive.
Statistics Canada releases its first survey-based production estimates of the year on Monday, Aug. 30, with expectations for a sizeable reduction on the year.
Canola was lagging the soy complex to the upside, as recent strength in the Canadian dollar put some pressure on values. Soft crush margins were another bearish influence, indicating that canola may be overpriced compared to the product values.
About 9,000 canola contracts traded as of 10:47 CDT.
Prices in Canadian dollars per metric tonne at 10:47 CDT:
Price Change
Canola Nov 890.50 up 14.40
Jan 877.00 up 14.20
Mar 857.80 up 13.80
May 834.00 up 13.70
