By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 31 (CNS Canada) – ICE Futures canola contracts were stronger Tuesday morning, taking some direction from gains in Chicago Board of Trade soybeans.
Chart-based speculative buying contributed to the gains, with the November contract re-testing the C$500 per tonne level for the first time in three weeks.
Persistent dryness concerns in parts of Western Canada also underpinned the futures, although conditions remain relatively favourable for crop development overall.
Volumes showed a marked improvement from Monday, when the shift from trading out of Winnipeg to New York ran into some technical difficulties.
About 5,200 canola contracts had traded as of 9:04 CDT.
