By Jade Markus, Commodity News Service Canada
WINNIPEG, February 8 – ICE Canada canola contracts were higher with bullish influences from outside oilseed markets.
The US soy complex advanced in early activity on Wednesday, which lent spillover support to canola.
Chicago Board of Trade soybeans, soyoil, and soymeal were propped up by South American weather and positioning ahead of key data from the United States Department of Agriculture (USDA).
Overnight strength in the Malaysian palm oil market added to canola’s upside.
The Canadian dollar was stronger against its US counterpart Wednesday morning, which limited canola’s strength.
Analysts say the market could see profit-taking, further limiting advances throughout the day.
About 11,568 canola contracts had traded as of 8:48 a.m. CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:48 a.m. CST:
