By Jade Markus, Commodity News Service Canada
WINNIPEG, January 17 – ICE Canada canola contracts were higher in early activity on Tuesday, following advances in the US soy complex.
Chicago Board of Trade soybeans, soy meal, and soy oil advanced in the markets’ first trading day of the week. US markets were closed on Monday for Martin Luther King Jr. Day.
The US soy complex was higher with reports of rain in already wet Argentinian growing areas.
A stronger technical bias added to canola’s upside.
However, strength in the Canadian dollar against its US counterpart limited advances on Tuesday. Gains in the loonie make canola less appealing to international buyers.
About 6,468 canola contracts had traded as of 8:50 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:50 CST:
