By Dave Sims, Commodity News Service Canada
WINNIPEG, June 6 – Canola contracts on the ICE Futures Canada platform were higher at 8:55 CDT on Monday, taking strength from gains in US soy and some speculative trading.
Malaysian palm oil was slightly weaker but stocks are said to be at their lowest levels in five years which was supportive for oilseeds like canola, according to a report.
The market may also have been undergoing a slight correction in the wake of Friday’s losses, a trader said.
On the other side, wet weather in Western Canada has eased concerns about excessive dryness.
The Canadian dollar was higher relative to its US counterpart, which made canola less desirable on the international market.
The US soy crop is off to a good start, according to reports.
About 7,700 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:
