By Dave Sims, Commodity News Service Canada
WINNIPEG, May 23 – Canola contracts on the ICE Futures Canada platform were higher at 10:43 CDT on Tuesday, showing independent strength in the face of slumping US soy values.
Rainy weather forecasts in parts of Western Canada were bullish for values, said a trader in Winnipeg.
“Some areas are going to get a solid rain that will knock planting back,” he said, adding some portions of northeast Saskatchewan and central-north Alberta had barely started seeding.
The downturn in commercial stocks of Canadian canola underpinned the market. At last word stocks had fallen below a million tonne, which was considered tight.
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Monday’s gains in US soybeans, when the Canadian market was closed for Victoria Day, provided some lagging support for canola.
However, losses in the US soy complex today limited the gains.
The Canadian dollar was slightly higher compared to its US counterpart, which was bearish for the market.
About 5,200 canola contracts had traded as of 10:43 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:43 CDT:
