ICE Canola Up Midday Wednesday

WINNIPEG--The ICE Futures canola market was stronger midday Wednesday, although activ

ity was choppy as the market reacted to outside influences.

Soyoil futures at the Chicago Board of Trade also were experiencing wide price swings, but were higher by midsession. A weaker tone in the Canadian dollar also provided some support.

While seasonal harvest pressure was somewhat bearish, disappointing yields and the small production prospects remained supportive overall.

Canadian canola ending stocks for 2020-21 were pegged at 1.77 million tonnes by Statistics Canada in a report Wednesday morning. That would be roughly half of the previous year's carryout, but still well above pre-report trade estimates.

However, the market showed little reaction to the report, with a recent upward revision to the year-ago production hinting at the larger stocks, according to a broker.

About 16,300 canola contracts traded as of 11:50 a.m. ET.

Prices in Canadian dollars per metric tonne at 11:50 a.m. ET:

                          Price      Change
Canola            Nov     883.80    up  3.70
                  Jan     868.80    up  4.30
                  Mar     849.80    up  3.90
                  May     826.70    up  1.40

Source: Commodity News Service Canada,

  (END) Dow Jones Newswires
  09-08-21 1220ET
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