By Dave Sims, Commodity News Service Canada
WINNIPEG, May 9 – Canola contracts on the ICE Futures Canada platform were higher Tuesday morning, pushed upward by gains in the US soy complex.
Wet weather in parts of Western Canada as well as certain portions of the US has slowed down planting efforts of canola and soybeans, according to various reports.
Tightening canola stocks across the Prairies helped to prop up prices.
Gains in Malaysian palm oil were also supportive for canola.
However, the steady stream of soybean exports coming out of South America was bearish for values.
There are ideas some US farmers will switch out acres intended for corn and plant soybeans instead, which undermined prices.
Milling wheat, barley and durum were untraded.
Prices in Canadian dollars per metric ton at 8:59 CDT:
