By Jade Markus, Commodity News Service Canada
WINNIPEG, April 26 – ICE Canada canola contracts were slightly stronger in early activity on Wednesday.
The Canadian dollar stayed near the 14-month-low it closed at on Tuesday, which is bullish for canola. A weaker loonie makes canola more affordable internationally.
Wet weather in Western Canada is also keeping support in the market, as it throws harvest – last year’s crops are still in fields in some areas – and seeding progress into question.
Strength in the Chicago Board of Trade soy oil market has a spill-over bullish effect on canola.
However, from a chart-based perspective, canola has room to the downside, which capped gains.
About 3,241 canola contracts had traded as of 8:53 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
