By Jade Markus, Commodity News Service Canada
WINNIPEG, Sept. 26 – ICE Canada canola contracts were mixed Monday morning, propped up by advances in the Chicago Board of Trade soy oil market.
However, the ongoing Canadian harvest limited upside potential, and could pressure the market throughout the day.
CBOT soy oil advanced in early activity, following strength in the Malaysian palm oil market.
Weakness in the Canadian dollar was another supportive feature for canola. Losses in the loonie make canola more appealing to international buyers.
Market watchers say canola’s technical bias is to the upside, which further underpinned prices.
About 3,095 canola contracts had traded as of 8:39 CDT.
Milling wheat, durum, and barley futures were all untraded.
