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ICE Canada Canola Drops With Record Production Estimate

WINNIPEG, MB, Dec. 6, 2017 (CNS Canada), Dec 06, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

ICE Futures Canada canola contracts were weaker Wednesday morning, as the market reacted to a larger-than-expected production estimate from Statistics Canada.

The government agency pegged the 2017 Canadian canola crop at a record 21.3 million tonnes. That compares with the September estimate of 19.7 million tonnes and the previous record of 19.6 million set last year.

Losses in Chicago Board of Trade soyoil, a firmer tone in the Canadian dollar, and bearish technical signals contributed to the declines in canola, according to participants.

However, CBOT soybeans were posting small gains in early activity, which provided some support. Scale-down end-user buying interest also helped temper the declines.

About 6,000 canola contracts had traded as of 8:55 CST.

Prices in Canadian dollars per metric ton at 8:55 CST:

                          Price      Change
Canola            Jan     504.80    dn  4.90
                  Mar     513.60    dn  4.90
                  May     519.90    dn  5.00

Phil Franz-Warkentin, Commodity News Service Canada

Copyright 2017 Commodity News Service Canada, Inc.

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