By Dave Sims, Commodity News Service Canada
WINNIPEG, January 29 (CNS) – Canola contracts on the ICE Futures Canada platform were higher Monday morning, taking strength from gains in the U.S. soy complex.
The Canadian dollar was slightly weaker relative to its U.S. counterpart, which made canola more attractive to out-of-country buyers.
A lack of snow cover in parts of Saskatchewan and Alberta has raised concerns about ground-soil moisture levels in the spring.
There are ideas canola carved out a bottom for itself last week and could move higher.
However, technical resistance weighed on contracts.
Canola acreage is expected to be large this year, which was bearish.
Prices in Canadian dollars per metric ton at 8:55 CST:
