(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.