Canola futures were stronger on Monday, amid gains in the Chicago soy complex and a weaker Canadian dollar.
The entire soy complex saw good gains with soymeal leading the way on ideas the slowing U.S. ethanol industry will mean the production of fewer dried distillers grains and increased demand for soymeal as a livestock feed as a result. Potential shipping delays due to covid-19 in Argentina – the world’s largest soymeal exporter – also offered support.
Weakness in the loonie also boosted canola, as the dollar fell below 69 cents US.
May canola was up $5.60 at $467.50, July was $6.10 higher at $475.60 and November added $5.30 to $483.
Source: DePutter Publishing Ltd.
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