By Dave Sims, Commodity News Service Canada
WINNIPEG, May 17 – Canola contracts on the ICE Futures Canada platform were higher at 8:55 CDT on Tuesday, tracking gains in the US soy complex.
The Canadian dollar was lower relative to its US counterpart, which made canola more attractive to out-of-country buyers.
Gains in crude oil were supportive. As well, demand for Malaysian palm oil ahead of Ramadan helped underpin canola.
There has been some talk of mild frost damage to some canola in Manitoba and possibly Alberta, which offered some support.
However, beneficial rainfall in Saskatchewan and Manitoba limited the gains while forecasters were expecting rain to fall in Alberta later this week.
The US soybean crop is off to a good start and more farmers are expected to swap out some of their corn acres to soybeans.
About 2,300 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CDT:
