By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 8 (MarketsFarm) – ICE Futures canola contracts were stronger Wednesday morning, seeing some follow-through buying interest after Tuesday’s rally as the market continued to correct off of nearby lows.
Canada called on China at the World Trade Organization in Geneva to provide evidence of contaminated Canadian canola shipments on Tuesday. China has so far not responded to Canadian requests to send experts to the country.
While the WTO developments were somewhat supportive, the continued lack of nearby export demand tempered the upside.
Early losses in Chicago Board of Trade soyoil and a firmer tone in the Canadian dollar also put some pressure on canola, according to participants.
About 4,000 canola contracts had traded as of 8:54 CDT.
Prices in Canadian dollars per metric ton at 8:54 CDT:
Price Change
Canola Jul 439.30 up 1.00
Nov 452.70 up 1.30
Jan 459.60 up 1.80
Mar 465.50 up 1.90
