By Terryn Shiells, Commodity News Service Canada
Winnipeg, May 26 – The ICE Futures Canada canola market was stronger at midday Tuesday, following the gains seen in Chicago soyoil futures, analysts said.
Concerns about tight Canadian canola supplies also underpinned values, as did uncertainty about how many acres will be planted.
Further support came from worries about dry weather harming canola crops in some parts of Western Canada, while other areas are reported as being too wet.
Slow farmer selling, as they continue to focus on seeding operations in most parts of the Canadian Prairies, added to the bullish tone.
However, weakness in Chicago soybean futures limited the advances, as did the large global oilseed supply situation. U.S. crop futures are under pressured because of a rising American dollar.
Canola was also nearing key resistance on the charts, with the July contract climbing up towards the C$470 per tonne level.
As of 10:45 CDT Tuesday, about 11,065 contracts traded.
Milling wheat, durum and barley futures were untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
