ICE canola stronger after Statistics Canada crop estimate

By Marlo Glass, MarketsFarm
WINNIPEG, Aug. 28 (MarketsFarm) – The ICE Futures canola market was stronger on Wednesday morning, following the crop production report released by Statistics Canada.
The report confirmed that about 18.5 million tonnes of canola will be produced in 2019, down nearly 10 per cent from the previous year. Farmers are expected to produce less canola in Saskatchewan and Alberta when compared to the previous year, while crop yields in Manitoba are expected to increase 3.1 per cent.
While the report was supportive for canola values, many market experts anticipate subsequent reports to show higher crop yields than this estimate.
The Canadian dollar held around 75 cents compared to the U.S. dollar, which supported prices as well.
About 5,300 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Nov 448.20 up 1.70
Jan 456.00 up 1.70
Mar 463.20 up 1.70
May 470.80 up 2.70

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