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Canola, Spring Wheat Prices Fall, After Hefty Canada Crop Upgrades

Posted December 07, 2017

Under Economic Issues, International Trade Issues


(Mike Verdin – Agrimoney)

Canola and spring wheat futures fell after Canada revealed that its crops had been less affected than had been thought by dryness, with the canola crop upgraded to a record high – and to within an ace of being the world’s biggest.

Minneapolis-traded spring wheat futures for March, which had traded little changed ahead of the Statistics Canada data, dropped to $6.18 a bushel afterwards, a 1.3% fall on the day.

In Winnipeg, canola futures for January, which had also traded flat ahead of the statistics, fell to Can$505.30 a tonne, a fall of 0.9%.

StatsCan reported for both crops, and barley too, 2017 harvest estimates which exceeded figures revealed earlier in the year both by a farmer survey and condition modelling, while topping too investor expectations. Click here to read more.

Related: Production of Principal Field Crops – November 2017 (Statistics Canada)