By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Aug. 22 (CNS Canada) – ICE Canada canola contracts were posting small gains Tuesday morning, after bouncing around both sides of unchanged in overnight activity.
Gains in the Chicago Board of Trade soy complex and a softer tone in the Canadian dollar contributed to the early strength in canola, according to participants.
Ongoing concerns over tight old crop supplies and the need to ration demand, given the uncertain new crop production prospects, added to the firmer tone.
However, the nearby technical signals are looking slightly bearish, which tempered the gains. Ideas that canola is looking overpriced compared to other oilseeds also put some pressure on values.
About 3,500 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded.