By Jade Markus, Commodity News Service Canada
WINNIPEG, January 16, 2017 – ICE Canada canola contracts were higher in early activity on Monday, propped up by losses in the Canadian dollar.
The loonie lost ground against its US counterpart at the start of the week, moving below the psychologically important 76 US cent level.
Losses in the Canadian dollar are bullish for canola, as it makes the commodity more affordable to international buyers.
Overnight advances in the Malaysian palm oil market also underpinned prices.
Market watchers say the canola market is holding above key support levels, and traders may try to move higher while US markets are closed, which could support canola throughout the session.
US markets are closed on Monday for Martin Luther King Jr. Day.
About 1,141 canola contracts had traded as of 8:51 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
