By Jade Markus, Commodity News Service Canada
WINNIPEG, November 15 – ICE Canada canola contracts were slightly stronger in early activity on Tuesday, underpinned by US soy markets.
Chicago Board of Trade soymeal and soy oil advanced Tuesday morning, while soybeans were mostly higher in choppy trade, which supported canola.
Traders say the market has strong underlying support, which added to the gains.
However, the Canadian dollar advanced against its US counterpart in early activity, which capped canola’s strength.
Malaysian palm oil closed weaker overnight, which further limited the market’s upside.
About 1,233 canola contracts had traded as of 8:47 CST.
Milling wheat, durum, and barley futures were all untraded.
