By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, April 23 (CNS Canada) – ICE Futures Canada canola contracts were stronger Monday morning, recovering from overnight declines as weakness in the Canadian dollar provided support.
Short-covering in the nearby May contract was also supportive, helping pull the more deferred positions up with it as traders exit the front month.
However, a softer tone in the Chicago Board of Trade soy complex put some pressure on canola. Improving weather conditions in Western Canada and expectations for record large canola seedings this spring also weighed on values. Ideas that canola is looking expensive compared to other oilseeds also kept some caution in the market.
About 5,000 canola contracts had traded as of 9:02 CDT.
