By Dave Sims, Commodity News Service Canada
WINNIPEG, June 6 – Canola contracts on the ICE Futures Canada platform were higher in follow-through buying Tuesday morning.
Canola took strength from gains in the US soy complex and vegetable oil markets.
Visible stocks in commercial hands are at their lowest point in roughly three years, according to the Canadian Grain Commission.
Planting efforts in portions of the Prairies continue to be delayed.
However, the Canadian dollar was slightly stronger relative to its US counterpart, which made canola less attractive to out-of-country buyers.
There are some ideas the buying was overdone, setting the stage for a potential quick descent.
Commercial demand for canola seems to be waning.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:58 CDT:
