By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 5 (CNS Canada) – ICE Canada canola contracts were stronger Friday morning, as stocks data released by Statistics Canada was seen as supportive.
The government agency pegged canola supplies in the country (both on farm and in commercial hands) at 6.567 million tonnes, which was about two million tonnes below the level seen at the same point the previous year and slightly below average trade guesses.
In addition to the need to ration some demand going forward, the amount of canola still unharvested from 2016 remains unclear and actual supplies may be tighter still.
Continued weakness in the Canadian dollar and early strength in the Chicago Board of Trade soy complex contributed to the gains in canola, according to participants.
About 2,300 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded.
