By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 6 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were stronger Friday morning, following the release of Statistics Canada’s December crop production report.
Statistic Canada lowered its estimate for this year’s canola harvest from 19.358 million tonnes in its September report to now 18.649 million. In 2018, Canadian farmers produced 20.343 million tonnes of canola.
The United States Department of Agriculture is scheduled to release its monthly supply and demand report on Dec. 10. The markets are expecting little change from the department’s November report.
Also on Tuesday, Conab in Brazil issues its latest production estimates. Expectations are for Brazil’s soybean crop to increase from the previous estimate of 120.86 million tonnes.
Vicentin, Argentina’s largest processor of soy, was reported to have suspended operations as it restructures in face of its US$350 million debt. The news provided support to Chicago soyoil prices.
The Canadian dollar was on the decline this morning at 75.44 U.S. cents after closing Thursday at 75.91.
About 16,500 canola contracts had traded as of 8:51 CST.
Prices in Canadian dollars per metric ton at 8:51 CST:
Canola Jan 459.00 up 4.50
Mar 467.50 up 4.20
May 475.70 up 4.30
Jul 482.40 up 4.90
Commodity Future Prices
Prices are in Canadian dollars per metric ton