By Jade Markus, Commodity News Service Canada
WINNIPEG, June 6 – ICE Canada canola contracts were stronger at midday on Tuesday, following the US oilseed complex to the upside.
Chicago Board of Trade soybeans, soy meal, and soy oil were all higher on Tuesday, underpinned by reports of dryness in key growing areas.
While still supported by US markets, canola moved away from earlier highs as commercial and spec traders exit long positions, one Winnipeg-based analyst said.
“There’s a little bit of pressure coming back into the July/November spread,” he said.
Weather is also a focus for traders, as crops in Canada could use beneficial moisture.
“Just kind of a bias to the upside, as traders watch the Canadian and US weather.”
About 11,091 contracts had traded as of 11:08 a.m. CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 11:08 a.m. CDT:
