By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 21 (MarketsFarm) – ICE Futures canola contracts were stronger Tuesday morning, taking some direction from Chicago Board of Trade soybeans.
Soybeans were higher on Monday, when the canola market was closed for Victoria Day, and were seeing some follow-through buying interest on Tuesday. Midwestern seeding delays accounted for much of the strength in soybeans, with only 19 per cent of intended acres in the ground as of this past Sunday.
A lack of significant farmer selling, as producers remain focused on spring seeding and other fieldwork, also supported canola.
However, large old crop supplies and continued concerns over trade relations with China kept a lid on the upside.
A firmer tone in the Canadian dollar and slight declines in CBOT soyoil also weighed on values.
About 5,000 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric ton at 8:38 CDT:
Price Change
Canola Jul 447.60 up 4.40
Nov 460.10 up 4.90
Jan 466.10 up 5.30
Mar 471.40 up 5.20
