By Jade Markus, Commodity News Service Canada
WINNIPEG, March 21 – ICE Canada canola contracts were mixed but mostly stronger on Monday morning, supported by losses in the Canadian dollar.
Weakness in the Canadian dollar makes canola more appealing to foreign buyers.
Traders will likely put a weather premium into the market, analysts say, as the northern hemisphere starts seeding soon.
Friday’s strong close indicates canola may have found technical support, which is also bullish for the market.
Malaysian palm oil closed stronger overnight, which further supported canola prices.
However, losses in Chicago Board of Trade (CBOT) soy oil limited canola’s gains.
Soy oil contracts were under pressure as South America’s soybean crop will be on the market soon, which caused spill over weakness in canola in early activity.
About 804 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:
