By Jade Markus, Commodity News Service Canada
WINNIPEG, February 6 – ICE Canada canola contracts were higher in early activity on Monday, gathering support from a stronger US soy complex and a weaker Canadian dollar.
Chicago Board of Trade soybeans, soymeal and soyoil were all stronger Monday morning, propped up by South American weather.
Rainfall in parts of Brazil is expected to delay harvest, which is bullish.
The Canadian dollar lost ground against its US counterpart in early activity, which further underpinned canola.
A weaker loonie makes Canadian commodities more appealing to international buyers.
Canola’s technical bias is to the downside, market watchers say, which could cap gains throughout the day.
About 3,970 canola contracts had traded as of 8:50 a.m. CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
