By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 17 (CNS Canada) – ICE Canada canola contracts were stronger Monday morning, as activity resumed following the Easter long weekend.
Speculative buying was a feature, as the most active July contract moved back above the psychological C$500 per tonne mark and triggered additional chart-based demand.
Concerns over tightening old crop supplies, together with ideas that wet field conditions may delay spring seeding, contributed to the early strength in canola, according to participants.
Gains in Chicago Board of Trade soyoil futures were also supportive. However, soybeans were mixed in early activity.
The Canadian dollar was firmer Monday morning, which also put some pressure on canola.
European and South American markets remain closed for Easter Monday, limiting the volumes in the Canadian market.
About 2,800 canola contracts had traded as of 8:51 CDT.
Milling wheat, durum, and barley futures were all untraded.
