By Jade Markus, Commodity News Service Canada
WINNIPEG, August 8 – ICE Canada canola contracts were stronger in early activity on Monday, following advances made in the Chicago Board of Trade soy complex.
CBOT soybeans, soy oil, and soy meal advanced as strong export demand underpinned the market.
Canola is holding above key support levels, analysts say, which further propped up prices.
Parts of Western Canada are too wet, market watchers say, adding a weather premium to the market.
However, advances in the Canadian dollar against its US counterpart limited gains on Monday.
The loonie strengthened alongside crude oil futures in early activity, which is bearish for canola.
About 3,000 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
