By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 9 (CNS Canada) – ICE Futures Canada canola contracts were stronger Wednesday morning, although activity was thin and choppy.
Gains in Chicago Board of Trade soyoil provided some support for canola, as world vegetable oil markets reacted to a rally in crude oil.
Dryness concerns in parts of Western Canada added to the firmer tone, although the good seeding progress tempered the upside potential.
The United States Department of Agriculture releases its latest supply/demand estimates on Thursday, and positioning ahead of the report is expected to be a feature in the North American grains and oilseeds.
The Canadian dollar was stronger in early activity, which put some pressure on canola.
About 4,000 canola contracts had traded as of 8:55 CDT.
