By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 6 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday, as the market reacted to a somewhat supportive production estimate from Statistics Canada.
The government agency pegged the country’s 2016/17 canola crop at 18.4 million tonnes. While that was right in line with the previous year’s level, it was below average trade estimates with many analysts still of the opinion that the actual crop was over 19 million tonnes.
Gains in Chicago Board of Trade soybeans and soyoil contributed to the firmer tone in canola. A slightly weaker tone in the Canadian dollar was also supportive.
About 16,000 canola contracts had traded as of 10:49 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
