By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 1 (CNS Canada) – ICE Canada canola contracts were steady to higher Monday morning, with the largest gains in the new crop months.
Gains in Chicago Board of Trade soybeans and soyoil provided some spillover support for canola, according to participants. Wheat futures were leading to the upside in the US, as cold and snow hit the winter wheat belt over the weekend.
Canadian weather conditions also remained less than ideal in some parts of Alberta and Saskatchewan, although warm temperatures in Manitoba helped fields dry out over the weekend while the forecasts look relatively favourable across the bulk of the Prairies over the next week.
Solid end user demand, tight old crop supplies, and recent weakness in the Canadian dollar were all supportive for prices.
About 3,000 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded.
