By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, March 22 (CNS Canada) – Canola contracts on the ICE Futures Canada platform were stronger at midday Tuesday, testing nearby resistance as advances in the CBOT soy complex provided some spillover support.
The nearby May contract was trading at its highest levels in over a month with speculative short-covering contributing to the gains.
Exporters and domestic crushers were also extending some of their coverage, according to a broker. The need to keep some weather premiums in the market ahead of spring seeding was another supportive influence.
Scale-up farmer selling on the other side did limit the advances to some extent. A firmer tone in the Canadian dollar, which was up by about a quarter of a cent relative to its US counterpart, also put some pressure on values.
About 14,000 canola contracts had traded as of 10:51 CST.
Milling wheat, durum, and barley futures were all untraded.
