By Jade Markus, Commodity News Service Canada
WINNIPEG, April 18 – ICE Canada canola contracts were stronger in early activity on Monday, propped up by spillover buying in other vegetable oil markets.
Chicago Board of Trade (CBOT) soy oil was higher in early activity, and Malaysian palm oil closed stronger, which propped up canola prices.
Traders are adding a weather premium into the market ahead of Canada’s seeding, which further supported prices.
The Canadian dollar was stronger against its US counterpart in early activity on Monday, which is bearish as it makes canola less appealing to international buyers.
However, sharp losses in crude oil could pile pressure onto the loonie throughout the day.
About 3,035 canola contracts had traded as of 8:18 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:18 CDT:
