By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 8 (CNS Canada) – ICE Futures Canada canola contracts were stronger Tuesday morning, as gains in Chicago Board of Trade soybeans and weakness in the Canadian dollar provided support.
The currency was down by roughly half a cent relative to its United States counterpart, which underpins crush margins and makes canola exports more attractive to international buyers.
Uncertain production prospects ahead of the growing season also provided support, although reports that farmers were making good seeding progress in many areas tempered the upside.
Industry participants still generally expect to see record large canola plantings this year, while old crop supplies are also thought to be large.
About 2,000 canola contracts had traded as of 8:52 CDT.
