By Dave Sims, Commodity News Service Canada
Canola contracts on the ICE Futures Canada platform were higher at 8:55 CDT on Monday, due to action in the Canadian currency.
The Canadian dollar was lower relative to its US counterpart, which made canola more attractive to domestic crushers and foreign buyers.
Light volumes exaggerated the gains as US markets were closed for Memorial Day.
Concerns over dryness in Alberta have eased with parts of the province receiving 30 mm (1 inch) of rain since May 13, according to a report.
US farmers continue to swap out corn acres in favour of soybeans, which was bearish.
On the other side, gains in Malaysian palm oil and European rapeseed futures were supportive for canola.
About 1,100 canola contracts had traded as of 8:55 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:55 CDT:
