By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 28(CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday, seeing a continuation of Monday’s corrective bounce off of nearby lows.
“There was definitely the feeling that we got way overdone,” said a Winnipeg-based broker.
Speculative short-covering, fresh exporter buying and wide crush margins were all helping underpin the futures. Gains in Chicago Board of Trade soybeans also provided spillover support.
Excessive moisture in parts of Manitoba over the past weekend was somewhat supportive as well, although crop conditions remain relatively favourable overall across the Prairies.
Statistics Canada releases its latest acreage estimates on Wednesday, while the USDA acreage and quarterly stocks numbers are out on Thursday. Positioning ahead of the two reports was another feature.
About 15,000 canola contracts had traded as of 10:50 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
