By Dave Sims, Commodity News Service Canada
WINNIPEG, March 16 – ICE Canada canola contracts were higher Monday morning, correcting off Friday’s losses with some strength coming from US soybeans and soymeal.
Steady commercial demand also boosted values, according to a trader, while spring road bans in Western Canada also limited canola movement.
There is growing speculation dry conditions could be coming to parts of Western Canada, which was supportive for values.
However, losses in Malaysian palm oil and soyoil limited the gains.
The Canadian dollar was slightly stronger against its US counterpart which also pressured prices.
The large crop in South America was also bearish, said a trader.
About 1,900 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:40 CDT:
