Canola contracts on the ICE Futures Canada platform were higher Tuesday morning, in follow-through buying after yesterday’s advances.
The market received a solid boost from gains in the US soy complex, crude oil and the vegetable oil market.
Recent rains have raised some concerns among crop watchers in Western Canada.
There are ideas the canola market is relatively cheap compared to other vegetable oils.
However, the Canadian dollar was higher relative to its US counterpart which made canola less desirable to international buyers.
Most traders expect this week’s acreage report by Statistics Canada will show increased plantings, a report said.
Britain’s decision to exit the European Union continues to play havoc with markets.
About 7,700 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
