By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 22 (MarketsFarm) – ICE Futures canola contracts were stronger Wednesday morning, after trading to both sides of unchanged in overnight activity.
Gains in the Chicago Board of Trade soy complex accounted for some of the spillover buying interest in canola, as beans recovered after Tuesday’s declines.
A lack of significant farmer selling, supportive technical signals, and dryness concerns in parts of Western Canada also provided support.
However, large old crop supplies and continued concerns over trade relations with China kept a lid on the upside. The Canadian dollar was also firmer in early activity.
About 3,200 canola contracts had traded as of 8:55 CDT.
Prices in Canadian dollars per metric ton at 8:55 CDT:
Price Change
Canola Jul 445.90 up 3.50
Nov 458.60 up 3.90
Jan 464.30 up 3.80
Mar 469.80 up 3.80
