By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Jan. 31 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were down on Tuesday, seeing some follow-through selling after Monday’s declines.
Strength in the Canadian dollar, which was up by roughly half a cent relative to its US counterpart, contributed to the softer tone in canola.
Early expectations for an increase in Canadian canola production in 2017 also weighed on values, with Agriculture and Agri-Food Canada predicting an 18.5 million tonne crop and a carryout of 2.0 million tonnes for 2017/18.
On the other side, gains in Chicago Board of Trade soyoil futures provided underlying support, with crush margins showing some improvement on the day.
About 13,500 canola contracts had traded as of 10:59 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
