By Jade Markus, Commodity News Service Canada
WINNIPEG, January 19 – ICE Canada canola contracts were higher in early activity on Thursday, underpinned by currency-related strength and spillover support from outside oilseed markets.
The Canadian dollar continued to lose ground against its US counterpart Thursday morning, which is bullish for canola, as it makes the commodity more affordable for international buyers.
The Chicago Board of Trade soy oil market was higher, which was also supportive for prices.
Canola’s technical bias is to the upside, market watchers say, which added to the advances.
While there are areas of concern in South America, Brazil and Argentina are expected to see improving weather conditions moving forward, which will support oilseed crops.
That better weather kept a lid on canola prices.
About 4,824 canola contracts had traded as of 9:00 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
