By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 24 (CNS Canada) – ICE Futures canola contracts were stronger at midday Tuesday, taking some direction from gains in Chicago Board of Trade soybeans.
While international trade uncertainty remains a factor in the background of the soybean market, a trader said those concerns had subsided somewhat allowing for a recovery in the oversold futures.
Persistent weather worries in parts of Western Canada were also supportive, with many dry areas missing out on the latest rainfall.
However, North American crop conditions are thought to be relatively favourable overall. Ideas that canola looks expensive compared to other oilseeds also tempered the upside.
About 6,500 canola contracts had traded as of 10:50 CDT.
