By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 5 (CNS Canada) – ICE Futures Canada canola contracts were posting small gains Monday morning, after trading to both sides of unchanged in overnight activity.
Early weakness in the Canadian dollar provided underlying support for canola. Gains in Chicago Board of Trade soyoil futures were also supportive.
However, soybeans were a bit weaker to start the day, which tempered the upside potential in canola.
Total Canadian canola stocks as of Dec. 31, 2017, were pegged at 14.146 million tonnes by Statistics Canada in a report released Monday morning. The stocks compare to the 13.384 million tonnes on hand at the same point the previous year, and mark a new record of canola stocks for the end of December.
About 3,500 canola contracts had traded as of 8:54 CST.
