By Jade Markus, Commodity News Service Canada
WINNIPEG, June 19 – The ICE Canada canola market was stronger in early activity on Monday, as US soybeans and soy oil advanced.
Canola was tracking Chicago Board of Trade oilseed markets to the upside to start the week, as those prices were buoyed by ideas that US production could be lower due to hot weather.
The canola market was also underpinned by a weaker Canadian dollar, which is bullish, as it makes the country’s commodities more affordable for international buyers.
Tight canola stocks added to the upside.
However, recent rainfall in Western Canada has improved the crop outlook, which limited some of the market’s strength.
Market watchers say canola is susceptible to technical selling today, which could pressure values throughout the day.
About 3,705 canola contracts had traded as of 9:01 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 9:01 CDT:
