By Jade Markus, Commodity News Service Canada
WINNIPEG, April 11 – ICE Canada canola contracts were mixed in choppy trading Monday morning, as gains in the Canadian dollar balanced advances in soybeans.
The Canadian dollar was stronger against its US counterpart in early activity on Monday, which pressured canola by making it less appealing to foreign buyers.
Chicago Board of Trade (CBOT) soy oil was lower in early activity, and Malaysian palm oil closed mixed, which further pressured canola.
However gains in CBOT soybeans limited some losses.
Traders have added a weather premium into the market, and canola’s bias is to the upside, which also capped declines.
About 1,911 canola contracts had traded as of 8:33 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:33 CDT