By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 25 (CNS Canada) – ICE Futures Canada canola contracts were mostly stronger at midday Tuesday, as weakness in the Canadian dollar helped counter the bearish influence of the declining Chicago Board of Trade soy complex.
Concerns over tightening old crop supplies contributed to the gains in canola, especially as wet and cool conditions across much of Western Canada continue to raise concerns over delayed new crop seedings.
Intermonth spreading was a feature, with the old/new crop spread narrowing in.
Large South American soybean crop projections, ideas that wet Midwestern weather will see more US area shift out of corn and into soybeans, and speculative profit-taking at the highs all served to limit the advances in canola.
About 17,500 canola contracts had traded as of 10:47 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
