By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, June 27 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Tuesday, as gains in Chicago Board of Trade soybeans and soyoil provided spillover support.
Speculators covering some of their large short positions were said to be behind some of the buying interest.
Longer range forecasts calling for hotter weather across the Prairies were also somewhat supportive, according to a broker. However, he added that some heat would likely be welcomed in many areas.
The Canadian dollar was stronger at midday Tuesday, which limited the upside in canola. The general technical bias also still remains pointed lower.
Statistics Canada releases its updated acreage estimates on Thursday, June 29, while the USDA’s acreage numbers will be out on Friday, June 30. Positioning ahead of the two reports could lead to some volatility in the futures over the next few days.
About 9,300 canola contracts had traded as of 10:33 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
