By Dave Sims, Commodity News Service Canada
WINNIPEG, May 2 – Canola contracts on the ICE Futures Canada platform were higher at 10:40 CDT on Tuesday, pushed higher by gains in vegetable oil.
The Canadian dollar was about a third of a cent weaker relative to its US counterpart, which made canola more enticing to international buyers.
Wet weather across the Prairies has prevented many producers from getting on the field, while ideas that canola supplies are tightening also boosted the market.
Gains in Chicago Board of Trade soybeans were supportive for canola.
The crush margins against the July futures are up five dollars today, according to a trader.
However, big expectations for this year’s oilseed acreage in North America, dampened prices.
Weather conditions are expected to turn drier, according to a report.
About 8,000 canola contracts had traded as of 10:40 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:40 CDT:
