By Jade Markus, Commodity News Service Canada
WINNIPEG, October 17 – ICE Canada canola contracts were stronger in early activity on Monday, tracking advances in Chicago Board of Trade soybeans.
CBOT soybeans were underpinned by technical buying and strong demand.
Concerns about crop damage and harvest delays from rain and snow in Western Canada added to canola’s advances.
Market watchers say canola could have further upside, as the charts look technically bullish.
However, gains in the Canadian dollar against its US counterpart capped gains on Monday.
A slightly stronger loonie makes canola less appealing to international buyers.
About 6,072 canola contracts had traded as of 8:35 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
