(Phil Franz-Warkentin and Terryn Shiells – Commodity News Service Canada)
ICE Futures Canada canola contracts were down sharply at Tuesday’s close, as bearish soybean supply projections from the USDA spilled over to weigh on values.
The USDA released its monthly crop report earlier in the day, with both the soybean production and ending stocks projections coming in above trade guesses.
The Canadian dollar was also up by two thirds of a cent relative to its US counterpart, which put some added pressure on canola, according to participants. The stronger currency cuts into crush margins and makes exports less attractive to international buyers. Click here to read more.
Related: ICE Futures Canada: Canola Futures Prices Lower, Barley Unchanged (Canadian Press)