By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 2 (CNS Canada) – ICE Canada canola contracts were stronger Thursday morning, seeing some follow-through buying interest after Wednesday’s rally.
Gains in CBOT soybeans and soyoil, along with a weaker tone in the Canadian dollar to start the day, contributed to the early gains in canola, according to participants.
Malaysian palm oil and European rapeseed futures were also up in overnight activity.
Solid end user demand, from both exporters and domestic crushers, and expectations for tightening stocks remained supportive as well.
On the other side, scale-up farmer selling, as crop conditions are looking relatively favourable across most of North America, tempered the advances.
About 5,500 canola contracts had traded as of 8:46 CDT.
Milling wheat, durum, and barley futures were all untraded.
