By Jade Markus, Commodity News Service Canada
WINNIPEG, January 19 – ICE Canada canola contracts were stronger Tuesday morning, supported by strength in Chicago Board of Trade soy oil and Malaysian palm oil.
CBOT soy oil was stronger in early activity, which provided support to canola futures on Tuesday.
Hot and dry weather in Brazil’s soy producing regions could also support CBOT soy prices throughout the day, and spill over to canola, market watchers says.
The expectation that palm oil production will slow in 2016 supported Malaysian palm oil futures, which canola was tracking on Tuesday.
On Monday canola closed higher, which keeps the technical bias to the upside, analysts say, which is also supportive.
The Canadian dollar gained ground against its US counterpart Tuesday morning, which limited gains.
About 4,199 canola contracts had traded as of 8:48 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 8:48 CST:
