By Jade Markus, Commodity News Service Canada
WINNIPEG, May 8 – ICE Canada canola contracts were stronger on Monday, underpinned by weather-related concerns.
Rain in key growing areas of Western Canada will likely slow field-work, which is bullish.
There are still areas of unharvested canola in the Prairies.
Strength in Chicago Board of Trade soy oil and overnight advances in Malaysian palm oil provided spill-over support.
The Canadian dollar was weaker against its US counterpart in early activity on Monday, which further underpinned canola.
Losses in the loonie are bullish for canola, as it makes the commodity more affordable for international buyers.
About 1,739 canola contracts had traded as of 8:49 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
