By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 2 (CNS Canada) – ICE Canada canola contracts were posting gains Tuesday morning, seeing some follow-through buying interest after Monday’s firmer close as gains in Chicago Board of Trade soyoil provided spillover support.
Malaysian palm oil was also higher in overnight activity, while the Canadian dollar dipped below 73 US cents.
Tightening old crop canola supplies added to the firmer tone in the market, especially as adverse weather conditions in parts of Western Canada has traders anticipating seeding delays.
However, forecasts are turning more favourable, which kept a lid on the market.
About 2,500 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded.
