By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 19 (CNS Canada) – ICE Canada canola contracts were stronger Wednesday morning, taking some direction from the early advances in the Chicago Board of Trade soy complex.
Weakness in the Canadian dollar, which was down about a third of a cent relative to its US counterpart, added to the firmer tone in canola, according to participants.
Solid end user demand, concerns over tightening old crop supplies, and ideas that wet field conditions may delay spring seeding were also supportive.
Positioning ahead of Friday’s Statistics Canada acreage report accounted for some of the activity as well, with industry participants generally expecting an increase in canola acres on the year.
About 2,600 canola contracts had traded as of 8:56 CDT.
Milling wheat, durum, and barley futures were all untraded, although there were bids and asks in barley.
