By Dave Sims, Commodity News Service Canada
WINNIPEG, April 2 (CNS) – Canola contracts on the ICE Futures Canada platform were higher on Monday, taking strength from gains in U.S. soybeans and vegetable oil markets.
The market continues to take support from Thursday’s USDA report, which surprisingly pegged soybean acreage below 90 million acres.
Speculative buying was a feature of the morning’s activity.
However, the Canadian dollar was slightly stronger relative to its U.S. counterpart, which made canola less attractive to global buyers.
As spring road bans near, farmer selling is ramping up, according to a report.
Prices in Canadian dollars per metric ton at 9:00 CDT:
