By Jade Markus, Commodity News Service Canada
WINNIPEG, May 15 – ICE Canada canola contracts were slightly higher at midday on Monday.
Spillover support from outside vegetable oil markets provided some strength, while advances in the Canadian dollar limited the upside.
Chicago Board of Trade soy oil was higher Monday morning, while Malaysian palm oil advanced overnight.
“So that’s bringing some underlying support,” said one Winnipeg-based trader.
He added that concern about wet conditions in key canola growing areas was also bullish.
“Continued forecasts for rain are coming along, so weather is supportive on its own,” he said.
However, the Canadian dollar was stronger against its US counterpart on Monday, which limited canola upside.
A stronger loonie makes Canadian commodities less appealing to international buyers.
About 3,660 contracts had traded as of 10:28 a.m. CDT.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric tonne at 10:28 a.m. CDT:
