WINNIPEG– ICE Futures canola contracts were holding near unchanged at midday Wednesday, lacking any clear direction as traders digested Statistics Canada’s first production estimates of the year.
The government agency pegged this year’s canola crop at 18.45 million tonnes, which would be down by nearly two million tonnes from the previous year and at the lower end of market expectations.
The headline number gave an initial boost to the market when the report was released at 7:30 CDT. However, the buying interest quickly subsided amid expectations that actual production will likely end up above 19 million tonnes due to improved conditions since the survey was conducted.
A softer tone in Chicago Board of Trade soybeans also put some pressure on canola, keeping the Canadian oilseed in a narrow range.
About 9,000 canola contracts traded as of 10:46 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Price Change
Canola Nov 446.60 up 0.20
Jan 454.50 up 0.20
Mar 461.60 up 0.10
May 468.80 up 0.70
