|By Terryn Shiells, Commodity News Service Canada|
|October 4, 2012|
|WINNIPEG – Canola contracts on the ICE Futures Canada platform rallied at 8:34 CDT Thursday, as a lower than expected production number from Statistics Canada’s report boosted values, analysts said.
Statistics Canada estimated canola production would be 13.4 million tonnes for the 2012/13 (Aug/Jul) crop year, down from their August estimate of 15.4 million tonnes. The number was also lower than pre-report expectations that ranged from 14 to 15 million tonnes.
Better than expected US soybean export sales data released Thursday morning was also supportive for canola values, analysts said. Though, some brokers noted that soybeans were following canola up.
Strength in outside oilseed markets, including European rapeseed, also underpinned canola values.
However, an influx of farmer selling into the cash pipeline limited the declines, traders said.
As of 8:34 CDT, about 10,020 canola contracts had traded.
Milling wheat, barley and durum were untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:34 CDT:
|Nov||609.90||up 15.30 Jan 610.20 up 14.70 Mar 603.00 up 10.90 Milling Wheat Oct 294.30 unch Dec 299.50 unch Durum Oct 309.30 unch Dec 313.80 unch Barley Oct 245.00 unch Dec 250.00 unch|
Futures Prices as of May 23, 2013
Prices are in Canadian dollars per metric ton