By Jade Markus, Commodity News Service Canada
WINNIPEG, May 16 – ICE Canada canola contracts were higher at midday on Tuesday.
The market gathered support from advances in the Chicago Board of Trade soy complex, though canola has its own bullish features.
“Canola has started to show a little bit of independent strength,” said one Winnipeg-based trader.
Tight supplies of the commodity and a slightly slower seeding pace are underpinning canola, he added.
“But overall, the canola has been pretty subdued,” the trader said.
“We’re just sort of watching and waiting as we get into the growing season.”
The Canadian dollar was stronger against its US counterpart on Tuesday, which limited canola’s upside.
Advances in the loonie make Canadian commodities less appealing to international buyers.
About 5,595 contracts had traded as of 10:47 a.m. CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:47 a.m. CDT:
