By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 31 (CNS Canada) – ICE Canada canola contracts were stronger Tuesday morning, in rather quiet activity.
Advances in CBOT soybeans and soyoil provided some spillover support for canola to start the day, as the US markets reopened after the Memorial Day long weekend.
A softer tone in the Canadian dollar was also underpinning the futures. In addition, while recent rainfall has alleviated some weather concerns across the Prairies, there is still a long growing season ahead and traders were keeping some premiums in the market.
Scale-up farmer selling tempered the advances, according to participants. The nearby technical bias has also shifted to the downside, which put some pressure on values.
About 2,200 canola contracts had traded as of 8:39 CDT.
Milling wheat, durum, and barley futures were all untraded.
