By Dave Sims, Commodity News Service Canada
WINNIPEG, April 4 – ICE Canada canola contracts were higher Monday morning, taking strength from gains in vegetable oil.
The US soy complex was higher which added to the upside.
The Canadian dollar continues to show weakness relative to its American counterpart, which made canola more attractive to domestic crushers and out-of-country buyers.
Some parts of Western Canada are still too dry which was supportive.
However, large supplies of soybeans from South America continue to cast a bearish tone over the market.
Farmer selling is steady as producers take advantage of higher prices and the technical bias is to the upside.
About 4,294 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CDT:
