By Jade Markus, Commodity News Service Canada
WINNIPEG, May 25 – ICE Canada canola contracts were stronger in early activity on Wednesday, gathering spillover buying from Chicago Board of Trade soybeans.
CBOT soybeans gained back ground Wednesday morning as concerns about crop-loss in Argentina re-entered the market as the country heads into harvest.
Commercial buying is strong, market watchers say, which also provided underlying support to canola.
Malaysian palm oil closed mostly stronger overnight, while CBOT soy oil was stronger in early activity, which is bullish for canola.
However, yesterday’s losses could cause traders to participate in technical selling, which would limit gains throughout the day.
About 1,087 canola contracts had traded as of 8:34 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:34 CDT:
