By Jade Markus, Commodity News Service Canada
WINNIPEG, April 24 – ICE Canada canola contracts started the week off on a high note, underpinned by weekend snow.
Snow in areas of Western Canada over the weekend, and forecasts for more to come, further hinders producer-ability to get into fields to harvest last year’s crops, which is bullish.
Strength in the US soy complex also supported canola prices.
Chicago Board of Trade soybeans, soy meal and soy oil were stronger on Monday as rain in Argentina is expected to have stalled the country’s harvest.
However, the Canadian dollar was stronger against its US counterpart in early activity on Monday, which capped some of canola’s strength.
A stronger loonie makes Canadian commodities less appealing to international buyers.
About 3,217 canola contracts had traded as of 8:40 CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
