By Dave Sims, Commodity News Service Canada
WINNIPEG, May 19 – Canola contracts on the ICE Futures Canada platform were stronger at 10:45 CDT Tuesday, as the sharply lower Canadian dollar pushed values higher. Canadian markets were closed Monday for the Victoria Day holiday.
European rapeseed futures were higher which also supported prices.
Cold, wet weather rolled across potions of the Prairies over the weekend, but at least one trader said he didn’t think that would impact conditions much. In fact, he said dryness was the real concern.
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“Way more worried (about dryness). There are some key canola areas on the prairies that are very dry and are going to need some rain for germination,” the trader said.
Farmer selling was slow as producers focused on seeding and field-work.
However, weakness in the US soy complex limited the gains.
Canola could see spillover selling today from Malaysian palm oil and US soy, according to a report.
Huge supplies of soybeans overhung the market, said an analyst.
Around 10,500 contracts had traded as of 10:45 CDT, Tuesday.
Milling wheat, durum and barley were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:45 CDT:
