By Jade Markus, Commodity News Service Canada
WINNIPEG, May 2 – ICE Canada canola contracts were mixed, but mostly stronger, in early activity on Monday, seeing independent strength despite bearish influence from outside markets.
Canola has moved above key resistance levels, which is providing support to the market.
Traders continue to keep a weather premium in the market, which also buoyed prices.
Soy oil was mostly unchanged in early activity.
Malaysian palm oil and soybeans were weaker Monday morning, which pressured the market.
The Canadian dollar was stronger in early activity, which is also bearish as it makes the commodity less appealing to international buyers.
About 1,884 canola contracts had traded as of 8:28 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:28 CDT:
