By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, July 18 (CNS Canada) – ICE Canada canola contracts were stronger Tuesday morning, as solid gains in the Chicago Board of Trade soy complex provided spillover support.
Declining condition ratings for the US soybean crop in the latest weekly report had soybeans pointed higher. There are also still more than enough production worries across Western Canada, despite improving conditions in many areas.
While attention is focused on the new crop, tight old crop supplies also remained supportive for canola, according to participants.
However, the Canadian dollar was up sharply relative to its US counterpart, trading well above 79 US cents, which limited the upside in canola.
Bearish technical signals were also said to be weighing on values.
About 3,100 canola contracts had traded as of 8:58 CDT.
Milling wheat, durum, and barley futures were all untraded.
