By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 17 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Tuesday, taking some direction from gains in Chicago Board of Trade soybeans.
Supportive technical signals contributed to the gains, while talk of possible increased export demand from China also underpinned the futures, according to participants.
Persistent winter weather in parts of Alberta and Saskatchewan has raised some concerns over late seeding, although a broker noted that it’s still early and there is plenty of time for the ground to warm up.
About 13,000 canola contracts had traded as of 10:31 CDT, with intermonth spreading a feature as fund traders rolled their positions out of the May contract and into July.
