By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 22 (CNS Canada) – ICE Futures Canada canola contracts were stronger Tuesday morning, taking some direction from the Chicago Board of Trade soy complex.
Soybeans posted solid gains on Monday, when Canadian markets were closed for Victoria Day, and remained pointed higher on Tuesday.
Ongoing concerns over dryness in parts of Western Canada were also supportive, with many areas in need of rain.
However, strength in the Canadian dollar put some pressure on values, as the currency moved back above 78 U.S. cents.
About 3,800 canola contracts had traded as of 8:53 CDT.
