By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 3 (MarketsFarm) – The ICE Futures canola market was posting solid gains Thursday morning, testing fresh contract highs as traders reacted to the latest Statistics Canada production estimates.
Canola production for the year was pegged at 18.7 million tonnes, which would be down from the September estimate of 19.4 million tonnes and the smallest crop in five years.
Gains in Chicago Board of Trade soybeans and soyoil also provided some spillover support.
However, profit-taking at the highs tempered the gains to some extent. Ongoing strength in the Canadian dollar, which remains near its highs for the past year, also put some pressure on values.
About 8,500 canola contracts had traded as of 8:32 CST.
Prices in Canadian dollars per metric ton at 8:32 CST:
Price Change
Canola Jan 586.70 up 7.10
Mar 582.70 up 6.60
May 578.30 up 5.60
Jul 571.90 up 4.50
