By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 23 (CNS Canada) – ICE Canada canola contracts were stronger Tuesday morning, as activity resumed following the Victoria Day long weekend.
Gains in the Chicago Board of Trade soy complex on Monday, while Canadian markets were closed, provided some early support for canola. However, soybeans and soyoil were holding closer to unchanged Tuesday morning, taking away some of that supportive influence.
Tight old crop canola supplies and concerns about persistent seeding delays in some areas for the new crop added to the firmer tone, according to participants.
On the other side, the Canadian dollar was trading back above 74 US cents on Tuesday, which put some pressure on canola.
About 2,000 canola contracts had traded as of 8:42 CDT.
Milling wheat, durum, and barley futures were all untraded.
