By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Sep. 19 (CNS Canada) – ICE Futures canola contracts were weaker Wednesday morning, with an upward revision to Canada’s canola crop behind some of the selling pressure.
Statistics Canada’s model-based estimates released Wednesday morning used satellite data, together with information from the earlier survey-based report and agro-climate data to come up with their results. Using the methodology, the canola crop is now pegged at 21.0 million tonnes. That’s up sharply from the previous estimate of 19.2 million, but still below the 21.3 million tonne crop grown in 2017.
Losses in Chicago Board of Trade soyoil, seasonal harvest pressure and bearish technical signals contributed to the declines in canola, according to participants.
However, CBOT soybeans were higher in early activity, which provided some underlying support. Harvest delays in parts of the Prairies due to adverse weather also helped temper the declines.
About 3,300 canola contracts had traded as of 8:49 CDT.
