By Jade Markus, Commodity News Service Canada
WINNIPEG, April 19 – ICE Canada canola contracts were stronger in early activity on Tuesday, propped up by strength in outside markets and trader-positioning ahead of Statistics Canada data.
Chicago Board of Trade soy oil was stronger in early activity, and Malaysian palm oil closed stronger overnight, which provided spill over support to canola.
Investors were squaring positions ahead of a seeding intentions report from Statistics Canada, due out Thursday, April 21.
Trade estimates of canola’s seeded area collected by CNS Canada range from 19.7 to 21.0 million acres, compared with 20.1 million acres last year.
However, strength in the Canadian dollar against its US counterpart limited gains Tuesday morning by making canola less appealing to international buyers.
About 2,998 canola contracts had traded as of 8:32 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:32 CDT:
