By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, May 23 (CNS Canada) – ICE Futures Canada canola contracts were stronger Wednesday morning, finding some support from a downturn in the Canadian dollar.
Gains in Chicago Board of Trade soybeans and soyoil added to the firmer tone in canola, according to participants. Ongoing concerns over dryness in parts of Western Canada were also supportive, with many areas in need of rain.
However, canola is nearing the upper edge of its long-term trading range and ideas that the commodity is looking expensive compared to other oilseeds tempered the advances. Large old crop supplies also remain a bearish influence in the background.
About 4,000 canola contracts had traded as of 8:55 CDT.
