By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Dec. 1 – ICE Canada canola contracts were stronger Tuesday morning, with supportive chart signals and a softer tone in the Canadian dollar helping underpin the market in early activity.
Advances in CBOT soybeans provided some spillover support as well, although soyoil was lower in the US.
Steady exporter and domestic crusher demand contributed to the gains, as canola crush margins have shown some improvement over the past month, traders added.
However, the relatively favourable South American crop prospects did weigh somewhat on values. Canada’s large crop is also still overhanging the market, with expectations for upward revisions to the Statistics Canada production when the latest numbers are released on December 4.
About 6,000 canola contracts had traded as of 8:48 CST.
Milling wheat, durum, and barley futures were all untraded.
