By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 24 (CNS Canada) – ICE Canada canola contracts were stronger Wednesday morning, as persistent seeding delays in parts of Western Canada and tightening old crop supplies remained supportive.
Seeding is nearing completion in Manitoba, according to that province’s latest report. However, wetter weather in parts of northern Alberta and Saskatchewan continues to cause problems for farmers trying to get on their fields.
A firmer tone in soybeans and soyoil at the Chicago Board of Trade provided some spillover support for canola as well.
However, expectations for a large US soybean crop overall did temper the upside.
The Bank of Canada is set to make an announcement on interest rates later in the day, and any activity in the Canadian dollar could sway the futures.
About 1,400 canola contracts had traded as of 8:53 CDT.
