By Jade Markus, Commodity News Service Canada
WINNIPEG, August 9 – ICE Canada canola contracts were stronger in early activity on Tuesday, propped up by concerns about excess wetness in Western Canada.
Some fields in the Prairies are too wet, traders say, which increases disease pressure. Forecasters expect rain to continue throughout August.
Overnight advances in the Malaysian palm oil market were also supportive for canola.
However, strength in the Canadian dollar against its US counterpart limited canola’s upside on Tuesday. The loonie advanced with gains in crude oil futures.
Weakness in Chicago Board of Trade soybeans added downward pressure to canola.
About 1,768 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:49 CDT:
