By Jade Markus, Commodity News Service Canada
WINNIPEG, October 24 – ICE Canada canola contracts were higher in early activity on Monday, following advances in other vegetable oil markets.
Chicago Board of Trade soy oil gained Monday morning, while Malaysian palm oil saw overnight strength, which is bullish.
A slightly weaker Canadian dollar against its US counterpart also advanced the market, as a lower loonie makes the commodity more appealing to international buyers.
A strong technical bias added to the upside.
However, the expectation for more favourable harvesting weather moving into the week capped gains.
About 7,350 canola contracts had traded as of 8:46 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:46 CDT:
