By Jade Markus, Commodity News Service Canada
WINNIPEG, May 10 – ICE Canada canola contracts were stronger in early activity on Tuesday, following Chicago Board of Trade soy contracts higher.
CBOT soybeans were higher in pre-report positioning, ahead of supply and demand data from the United States Department of Agriculture.
Market-talk that export business is strong further supported canola prices, according to one Winnipeg-based trader.
The November contract hit new contract highs, he said, which acted as a technically-supportive feature.
“The currency is not hurting us, it’s been up and down a couple times,” he said.
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The Canadian dollar was mostly unchanged against its US counterpart at midday on Tuesday.
“And weather concerns continue in Alberta,” the trader added.
Dryness in northern and central regions of the province continue to underpin the market, the trader said.
But more favorable conditions in Saskatchewan and Manitoba limited gains on Tuesday.
Increased farmer selling due to stronger prices also capped advances.
About 14,841 contracts had traded as of 10:24 CDT.
Milling wheat, durum and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric tonne at 10:24 CDT:
