By Jade Markus, Commodity News Service Canada
WINNIPEG, December 6 – ICE Canada canola contracts were stronger in early activity on Tuesday, propped up by advances in the Chicago Board of Trade soy complex.
CBOT soybeans, soy meal, and soy oil gained ground Tuesday morning, underpinned by ideas that US export demand will pick up.
Overnight strength in the Malaysian palm oil market also provided spillover support to canola.
Statistics Canada expects canola production reached about 18.4 million tonnes this year, which was in the mid-range of analyst expectations.
However, traders largely brushed off the number in early activity, as the data was collected between October 21 and November 13, before warm weather allowed for a final stretch of harvest activity in Western Canada.
The Canadian dollar was weaker against its US counterpart Tuesday morning—which also lent the oilseed some support.
About 9,565 canola contracts had traded as of 8:47 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
