By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 26 (CNS Canada) – ICE Futures Canada canola contracts were stronger at midday Wednesday, as persistent weather concerns in Western Canada and advances in Chicago Board of Trade soyoil provided support.
More snow in parts of Alberta and Saskatchewan has traders adding to the weather premiums in the market, amid ideas that the cool and wet conditions will delay new crop seedings and limit how much of the old crop left to overwinter will be harvested.
While CBOT soybeans were narrowly mixed, soyoil was up in Chicago which helped underpin Canadian crush margins.
Speculative short-covering and spread readjustment were features of the activity, according to a broker.
About 12,000 canola contracts had traded as of 10:53 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
