By Jade Markus, Commodity News Service Canada
WINNIPEG, May 3 – ICE Canada canola contracts were stronger in early activity on Tuesday, propped up by losses in the Canadian dollar.
The loonie weakened against its US counterpart Tuesday morning as crude oil futures nose-dived on supply concerns.
Strength in Chicago Board of Trade soybeans and European rapeseed also supported the market.
Canola’s technical bias is to the upside, market watchers say, and if prices are able to move further past key levels, buying could become even stronger.
Malaysian palm oil closed mixed, which limited gains in canola, as did losses in CBOT soy oil.
About 2,841 canola contracts had traded as of 8:38 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:38 CDT:
