By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 10 (CNS Canada) – ICE Canada canola contracts were up Tuesday morning, with chart-based fund buying a feature as the technical signals remain pointed higher.
Gains in the Chicago Board of Trade soy complex provided some spillover support for canola, but the Canadian oilseed was outpacing its US counterpart to the upside given the uncertain crop conditions across the Prairies. While many dry areas are receiving rain, the moisture was bypassing some regions and deemed as excessive in others.
The Canadian dollar was firmer in early activity, which tempered the upside potential in canola. Profit-taking was also coming forward as the July canola contract traded right below its contract high.
About 10,000 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded.
Prices in Canadian dollars per metric ton at 8:55 CDT:
