By Jade Markus, Commodity News Service Canada
WINNIPEG, March 20 – ICE Canada canola contracts were stronger in early activity on Monday, underpinned by a number of bullish factors.
The US soy complex was stronger Monday morning, which brought spill-over support to canola.
Chicago Board of Trade soybeans, soy meal and soy oil advanced with ideas that US prices are competitive internationally, which could boost demand.
The commodity-linked Canadian dollar declined with losses in crude oil on Monday, which is bullish for canola, as it makes the commodity more affordable for international buyers.
Ideas that stocks of canola could be tight moving into the spring further supported prices.
The canola market is due for a technical bounce, market watchers say, which added to the upside.
About 2,692 canola contracts had traded as of 8:50 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CDT:
