By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 9 (CNS Canada) – ICE Canada canola contracts were mostly stronger Monday morning, as the nearby technical bias remains pointed higher.
Canola futures were initially lower in overnight activity, as profit-taking came forward after prices hit their highest levels in nine months on Friday. However, the selling pressure was short-lived, and values recovered to continue their upward trend in morning activity.
A weaker tone in the Canadian dollar contributed to the strength in canola, according to participants. Ongoing dryness concerns in parts of Western Canada were also supportive.
On the other side, losses in CBOT soyoil helped limit the upside potential in canola. The large South American soybean crop and relatively favourable conditions for seeding soybeans in the US were also bearish influences in the background.
About 4,000 canola contracts had traded as of 8:47 CDT.
Milling wheat, durum, and barley futures were all untraded.
