By Jade Markus, Commodity News Service Canada
WINNIPEG, December 5 – ICE Canada canola contracts were higher in early activity on Monday, gathering spill over support from other vegetable oil markets.
Malaysian palm oil and Chicago Board of Trade soy oil were stronger, which was bullish for canola.
Traders are likely keeping a weather premium in the CBOT soybean market as South American producers seed the crop, which further underpinned canola.
However, investors are looking to an upcoming Statistics Canada report due out on Tuesday, which could pressure the market throughout the day.
Traders may take profits ahead of close, as industry estimates peg production at higher levels than previous projections.
The Canadian dollar was stronger against its US counterpart in early activity on Monday, limiting canola’s upside.
About 5,171 canola contracts had traded as of 8:45 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
