By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 5 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Wednesday, as gains in Chicago Board of Trade soybeans and soyoil provided support.
Speculative buying interest contributed to the firmer tone in canola, as the Canadian oilseed appears to have found some chart support at nearby lows.
A softer tone in the Canadian dollar, tightening old crop supplies, and a lack of significant farmer selling all added to the move higher in canola, according to participants.
However, the large South American soybean crop and expectations for big North American oilseed acres this spring limited the advances.
About 7,000 canola contracts had traded as of 10:57 CDT, with inter-month spreading a feature.
Milling wheat, durum, and barley futures were all untraded and unchanged.
