Oct. 1 (Bloomberg) -- Canola futures fell to the lowest in almost eight weeks on signs that farmers will harvest a record crop in Canada, the world’s largest grower.
Canada’s agriculture agency on Sept. 18 boosted its production forecast to 14.78 million metric tons from 14.6 million tons projected in August. In provincial yield reports, Saskatchewan, the largest grower, cited above-average results, and Alberta said findings were “exceptional with the quantities being the highest ever.”
“Production is going to be huge, and yields are going to be through the roof,” Tony Tryhuk, a branch manager of the commodity futures-trading division at RBC Dominion Securities, said in a telephone interview from Winnipeg. “There are some people who are floating numbers” as high as 18 million tons of production, he said.
Canola futures for November settlement fell 0.9 percent to close at C$477.40 ($462.33) a ton at 1:36 p.m. on ICE Futures Exchange in Winnipeg. Earlier, the price touched $476.70, the lowest for a most-active contract since Aug. 7. The oilseed has declined 19 percent this year.
--Editors: Patrick McKiernan, Thomas Galatola