By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 16 (CNS Canada) – ICE Canada canola contracts were stronger Friday morning, seeing some follow-through buying after Thursday’s bounce to start the session.
Tight old crop supplies and persistent weather concerns in parts of Western Canada added to the firmer tone, according to participants. Ideas that the losses posted earlier in the week were also supportive.
However, weather conditions are showing some improvement, with some dry areas receiving much needed moisture this week. A softer tone in the Chicago Board of Trade soy complex and early strength in the Canadian dollar also served to temper the upside for canola.
About 3,500 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded.