By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 24 (CNS Canada) – ICE Futures Canada canola contracts were stronger Thursday morning, as gains in the Chicago soy complex and weakness in the Canadian dollar provided support.
Ongoing concerns over dryness in parts of Western Canada were also supportive, with many areas in need of rain.
However, canola is looking expensive compared to other oilseeds, and chart-resistance tempered the upside. The nearby July contract is trading right below the psychological C$540 per tonne level.
Large old crop supplies also remain a bearish influence in the background.
About 6,500 canola contracts had traded as of 8:59 CDT.
