Grain and oilseed markets showed little reaction to the latest stocks estimates from Statistics Canada released on Wednesday.
The agency’s December 31st, 2014 stocks numbers were generally in line with trade expectations, with all-wheat pegged at 24.8 million tonnes and canola at 11.1 million (see all the numbers here.) Traders were expecting 25 million tonnes of wheat and around 10.7 million tonnes of canola.
“Canola was a little above expectations, but not much,” says Keith Ferley, a Winnipeg-based commodity futures advisor with RBC Dominion Securities, in the interview below. “Currency has been the big swinger in the canola market, with the dollar down a full penny. That is certainly helping provide a little underlying support in canola.”
Ferley highlights the StatsCan numbers and the outside factors behind the move higher in grain and oilseed futures earlier this week following a month of downward pressure:
- Are Wheat Markets Poised for a Rebound? — Market Update With Chuck Penner
- The Grain Markets this Week — A Return to Risk?
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