By Dave Sims, Commodity News Service Canada
WINNIPEG, February 22 – ICE Canada canola contracts were higher Monday morning, taking strength from gains in the Chicago Board of Trade soy complex.
Advances in crude oil were bullish for canola.
Steady commercial demand provided support to values which looked under-priced compared to other oilseeds, an analyst said.
Canola appears to have found support on the charts, according to a report.
However, on the other side of the coin, the Canadian dollar was higher relative to its US counterpart, which made canola less attractive on the international market.
Malaysian palm oil fell to a one-week low Monday, which was bearish for prices.
Large supplies of South American soybeans are beginning to make their way to market, which also put pressure on the canola market.
About 10,000 canola contracts had traded as of 8:55 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CST:
