ICE canola up while U.S. markets closed

By Ashley Robinson, Commodity News Service Canada
WINNIPEG, MB, Jan. 21, 2019 (CNS Canada) – ICE Futures canola contracts are mostly stronger Monday morning.
United States markets are closed today for Martin Luther King Jr. Day, so trading could be choppy and quieter for the canola market. Soybean and corn markets did finish Friday stronger, which is still lending support to the canola market.
The Canadian dollar is weaker this morning, which is supportive for canola.
Western Canada is still experiencing cold temperatures, which could slow down farmer deliveries.
Reports of hot and dry weather continue to filter out of Brazil. Many analysts have lowered their estimates for Brazil’s soy crop.
About 1,600 canola contracts had traded as of 8:39 CST Monday morning.

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