By Marlo Glass, MarketsFarm

WINNIPEG, Jan. 20 (MarketsFarm) – The ICE Futures canola market was slightly higher to start the week, taking direction from a stronger tone for Malaysian palm oil and European rapeseed.

United States markets are closed for Martin Luther King Jr. Day, so there is no activity on the Chicago Board of Trade to influence canola.

The Canadian dollar was steady on Monday, providing further support to canola values. The dollar was around 76.56 U.S. cents on Monday morning.

About 1,600 canola contracts had traded as of 8:40 CST.

Prices in Canadian dollars per metric ton at 8:40 CST:

Price Change
Canola Mar 482.90 up 1.90
May 491.40 up 1.70
Jul 496.20 up 1.50
Nov 498.70 up 0.90